David Provost, deputy commissioner of the captive insurance division at the Vermont Department of Financial Regulation, has announced his plan to retire at the end of the summer to ensure a smooth transition to new leadership.
“We wish Dave all the best in his future and we thank him for his immeasurable contribution to Vermonters and businesses around the world,” said Governor Phil Scott. “We are committed to appointing a replacement that will maintain the tone and standard Dave has set in Vermont.”
Provost has over 30 years' experience in captive insurance in both the private and government sectors. He joined Vermont’s then Department of Banking, Insurance, Securities and Health Care Administration in 2001 and was appointed to his current position in 2008 by Governor James Douglas. In Provost’s time as deputy commissioner, Vermont’s regulatory staff increased to 30 staff members, dedicated solely to captive insurance. The department licensed over 400 captive insurance companies during his tenure.
Provost has won multiple awards in recognition of his contributions not just to Vermont but to the broader captive industry. After four years ranked No. 1 in the world in Captive Review’s Power 50 awards as the most influential professional in the captive industry, Provost was one of the first people to be inducted into the Captive Review Hall of Fame, in 2017. This year, Provost received the Distinguished Service Award by the Captive Insurance Companies Association.