Vermont is the most successful of U. domiciles in the captive industry, licensing over 900 captive companies in its 30 years. Just as Vermont officials are touting the industry milestones with a 30th anniversary celebration, Vermont captive insurance law firm, Paul Frank + Collins’ lawyers are reflecting on their contributions to the industry and their future role.
From the inception of the captive industry in Vermont in 1981, PF+C has been engaged with the legislative process for the captive insurance laws and has been actively involved with the Vermont Captive Insurance Association (VCIA) and the Vermont Insurance Department to create and maintain a firm foundation for the industry. From suggesting conceptual changes to the law to drafting specific statutes, PF+C’s team of seasoned and responsive attorneys led by Alan Port have participated with other captive insurance stakeholders continuously to hone the captive statutory framework.
Alan Port, founder of PF+C’s captive insurance practice area, has been guiding clients through the spectrum of captive formation and maintenance since the early 1980’s. In the spring of 2012, Port plans to retire and is handing off his role of head of the department to attorney Stephanie Mapes. Mapes, a member and past chair of the Legislative Committee of the VCIA and a member of the Government Affairs Committee of the National Risk Retention Association (NRRA), is well positioned to head the team after Alan’s retirement.
‘Stephanie has 23 years of experience as a captive insurance lawyer,’ said Port of PF+C. ‘In addition, the depth and breadth of experience of the lawyer and paralegal team and the other supporting PF+C lawyers allow us to focus on various aspects of the law bearing on captive insurers and on captive insurance issues.’
Vermont’s captive insurance law has been called ‘the gold standard’ by trade press for its consistency in keeping pace with the changing needs of the industry over the past 30 years and it has been used by other domiciles as a model of regulation. Captive insurance is a regulated form of self insurance that has existed since the 1960’s and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Since the beginning, PF+C’s captive insurance attorneys have been devoted to establishing and maintaining Vermont as the world’s premier captive insurance domicile.
PF+C lawyers have served on every VCIA committee and participated in all of the periodic VCIA Critical Issues Forums. PF+C’s team of lawyers also includes a faculty member of the International Center for Captive Insurance Education and a member of the Government Affairs Committee of the National Risk Retention Association.
Vermont is the largest captive insurance domicile in the U.S. and the third largest in the world, with in excess of $25 billion in gross written premium in 2010. Vermont is also home to 42 of the companies that make up the Fortune 100 and 18 of the companies that make up the Dow 30.
About Paul Frank + Collins
Paul Frank + Collins (PF+C), located in Burlington, Vermont, offers diverse practices to meet the dynamic needs of a wide range of clients. PF+C represents individual, corporate, banking, insurance, and institutional clients, including hospitals and colleges. PF+Cs' award-winning business law attorneys are nationally recognized for their high professional ability. Areas of concentration include: Captive Insurance, Employment and Immigration, Estate Planning, Insurance Services, Litigation, Property and Development, and Business Law. Visit Paul Frank + Collins online at www.pfclaw.com or by phone 802.658.2311 and connect via LinkedIn.
PF+C Burlington, VT, June 28, 2011