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NO. R-198. JOINT RESOLUTION commemorating Vermont’s 20th anniversary as a captive insurance domicile.

(J.R.H. 140)

Offered by: Committee on Commerce.

Whereas, in 1981, the General Assembly recognized the potential benefits to Vermont of encouraging captive insurance companies to establish legal domiciles in the state, and

Whereas, to meet this goal, the General Assembly enacted Act No. 28 of 1981, "An Act relating to captive, associated and affiliated insurance companies" which was signed into law by Governor Richard Snelling on April 17, 1981, and

Whereas, the state’s, legislators, regulators, and professionals continue to work cooperatively in order to adequately understand, regulate and support the needs of the captive insurance industry, and

Whereas, the captive insurance industry has developed into an integral part of our state’s economy as evidenced by Vermont’s status as the nation’s largest, and the world’s third largest, captive insurance domicile, and

Whereas, the department of banking, insurance, securities, and health care administration will soon license Vermont’s 500th captive insurance company, and

Whereas, the Vermont Captive Insurance Association is one of the captive insurance industry’s major trade organizations, and annually hosts the world’s largest captive conference each August, and

Whereas, 2001 marks the 20th anniversary of the enactment of Act No. 28 which established Vermont as the leading captive insurance domicile in the United States, now therefore be it

Resolved by the Senate and House of Representatives:

That the General Assembly congratulates the captive insurance industry on this special occasion, and takes note of the industry’s many achievements over the last 20 years, and be it further

Resolved: That the Secretary of State be directed to send a copy of this resolution to the Vermont Captive Insurance Association.