Current News

The new federal Nonadmitted and Reinsurance Reform Act (NRRA), often referred to as the Dodd Frank Act, has no applicability to captive insurance. That is the conclusion of an independent white paper prepared for the Vermont Captive Insurance Association (VCIA) by the law firm of McIntyre and Lemon, PLLC of Washington, DC.
‘Both the language of the legislation itself and the legislative intent are clear that the law was meant to apply only to the surplus lines market ‘ not captive insurance,’ said Dave Provost, Deputy Commissioner of Captive Insurance.
A consortium of the VCIA, the Captive Insurance Companies Association and the National Risk Retention Association agreed with the conclusion of the white paper. ‘There was no intent to have NRRA encompass captive insurance,’ said Rich Smith, President of the Vermont Captive Insurance Association.

A UVM alumnus and his family have pledged $1 million to support scholarships at the University of Vermont and are challenging others to join them in continuing to build a tradition of giving at UVM.
Donald "Don" H. McCree, UVM class of 1983 and his wife, Gabrielle "Gabby" McCree, started their own family’s tradition in 2006 when they established the McCree Family Scholarship Fund with a half-million-dollar gift. The fund provides annual scholarships based on financial need, academic achievement, and involvement in community service. Their goal, they said then, was to "provide an opportunity to students to attend The University of Vermont to receive an educational experience that prepares them to be leaders in their professional pursuits as well as in their communities."

There were 810 new regular benefit claims for Unemployment Insurance last week. This is an increase of 238 from the week before, as new claims increased for the first time since the aftermath of Tropical Storm Irene. The week prior to the storm saw a seasonal low of fewer than 500 claims. Altogether 5,80 new and continuing claims were filed, an increase of 103 from a week ago and 1,570 fewer than a year earlier. The Department also processed 1,394 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 18 fewer than a week ago. In addition, there were 739 Second Tier claims for benefits processed under the EUC08 program, which is 17 more than the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

State Auditor Tom Salmon, CPA, would like to remind municipalities, schools and non-profit organizations who may be eligible for FEMA assistance that the one-page ‘Request for Public Assistance’ form (Form 90-49) must be submitted by the close of business Monday, October 17. This a simple one page form that must be submitted, even if you don't know your DUNs number.
The Request for Public Assistance Form (RPA) may be found at: http://www.fema.gov/library/viewRecord.do?id=2690 and should be submitted to Alec Portalupi at the Vermont Agency of Transportation. He can be contacted by phone at 802-828-3889 or by e-mail at [email protected]. You may fax the form to 802-828-2848.

Larry Sudbay, President and Chief Executive Officer of SymQuest Group, the region’s leading provider of network and document technology solutions and services, announced that SymQuest’s sixteenth annual golf tournament raised $3,900 for The Stern Center. The tournament was held at the Rutland Country Club on Tuesday, September 27, 2011.
Originally slated to be held in Woodstock, the venue had to change due to course damage sustained in hurricane Irene. Rutland Country Club was able to host the event and SymQuest determined that they could use their event to honor The Stern Center and help the area of Rutland County at the same time.

The Vermont Superior Court, Chittenden Unit, ordered former junkyard owner Gilbert Rhoades to clean-up the Milton site following its finding of environmental violations earlier this year, including removal of all tires at the site within 90 days. The Court ordered Rhoades to pay $20,000 in civil penalties and Rhoades and his wife, Blanche Rhoades, to reimburse the State $24,857.58 for past investigative costs. The Court’s ruling follows a May 11th hearing in an environmental enforcement action brought by the Attorney General’s Office based on inspections by the Vermont Agency of Natural Resources.
‘This ruling sends a strong message that, although salvage yards can provide valuable services to the community, owners of such operations must follow Vermont’s environmental laws and operate in a safe manner,’ said Attorney General William H Sorrell.
In addition to ordering the removal of all tires at the site within 90 days, the Court ordered:

Golfers participating in the 10th Annual CVMC Fall Foliage Charity Golf Classic were treated to a spectacular fall day at the Country Club of Vermont in Waterbury. The tournament raised close to $15,000 for cancer care services at Central Vermont Medical Center.
With the opening of the National Life Cancer Treatment Center in the fall of 2009, this addition of radiation therapy to all of our existing diagnostic, surgical and medical oncology services means that cancer patients in central Vermont now have access to comprehensive cancer care’including many critical patient support services’right here in their own community.

Champlain Valley Office of Economic Opportunity (CVOEO) announced today the launch of a new program that will provide financial coaching and education, along with access to a secured credit card, to Northwest and Central Vermont-area microentrepreneurs whose credit profiles need strengthening to qualify for business financing. The program is part of the Asset Building Through Credit pilot program, a research effort by the Aspen Institute that will study a multidimensional approach for building credit and financial opportunities for aspiring low-income entrepreneurs in five markets nationwide. Central Vermont Community Action Council (CVCAC) will be partnering with CVOEO to provide program services in Central Vermont counties.

Coldwell Banker Hickok & Boardman Realty has released a real estate market report for Chittenden, Franklin, Grand Isle, and Addison counties reflecting home sales for the summer real estate season, May through August, as well as a year to date comparison. The report analyzes the data for each county, town, and within Chittenden County provides a unique analysis by school district.
"As a Realtor," said Tom Shampnois, "I often say real estate is a local business with trends varying by town and within each community. With that in mind, we have formatted this report and presented the data in a similar way that a home buyer may search for a home- by property type, location, or within a specific school district. In addition, the report summarizes trends in northwest Vermont's luxury market, as well as multi-family investment properties."

Mount Snow employed a helicopter earlier this month to fly-in the 25 lift towers for its new six passenger bubble chairlift. A Sikorsky construction helicopter was used to fly twenty-five 8,500+ pound lift towers from the base of Mount Snow up the mountain, placing the galvanized steel towers on bolts the size of wiffleball bats from almost 100-feet in the air.
This is the most significant part of the installation process for Mount Snow’s new $8.5 million lift.

Vermont HITEC, Inc, a nonprofit organization dedicated to high-quality workforce development, today announced an education and apprenticeship program that will bring 30 high-tech jobs to Vermont over the next several months.
The newly developed program is a partnership between Vermont HITEC and Allscripts, the leading global provider of Electronic Health Records and other technologies essential to creating a Connected Community of Healthâ ¢. It provides free education and on-site apprenticeship training at Allscripts South Burlington, Vermont, location. The program is designed for unemployed and underemployed Vermont residents. Successful completion of the program will lead directly to full-time employment as an Associate Interface Analyst in the growing field of Electronic Health Records.

Senator Bernie Sanders (I-VT) today announced two grants totaling $165,555 for the Green Mountain Farm Direct and the Northeast Organic Farming Association to expand access to locally-produced food for Vermont seniors, low-income families and others.
‘These worthwhile projects will increase Vermonters’ access to fresh, healthy, locally-produced foods,’ Sanders said.
Green Mountain Farm Direct in Newport, Vt., is slated to receive $97,029 to build a mobile farmers market that will deliver fresh foods to senior meal sites, low-income housing sites, and community centers throughout Essex and Orleans Counties. The mobile market ‘ a big bus equipped with refrigeration and a prep kitchen ‘ will travel to local farms to buy food and make deliveries to senior meal sites, low-income housing facilities, and community centers throughout the region.