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    “Dormant Status” Now Granted Under Vermont Captives Law

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    On April 15, 2014, legislation was passed in Vermont enhancing the state’s captive law. H.563, known as “An Act Relating To Captive Insurance Laws And Accreditation Standards,” allows a “dormant” captive to maintain licensing status within Vermont. To obtain a certificate of dormancy, a captive must:

    • maintain unimpaired, paid-in capital and surplus of at least $25,000;
    • prior to March 15 of each year, submit a report of its financial condition; and
    • pay license renewal fees.

    Once the status is granted, the dormant captive will not be subject to the premium tax provisions under the captives law.

    To view a copy of the new legislation, click here.

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