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NO. R-172.  Senate concurrent resolution recognizing the role of former commissioner of banking and insurance George Chaffee in helping to establish the captive insurance industry in Vermont.


By Senators Maynard, Coppenrath, Doyle and Illuzzi,

Whereas, George Chaffee worked for many years as an insurance agent before assuming the position of deputy commissioner of banking and insurance, and

Whereas, his excellent job performance as deputy commissioner led to his promotion to the commissioner’s office, and

Whereas, in accordance with the original legislation that authorized captive insurance companies in Vermont, Act 28 of 1981, a corporation may establish a captive insurance company whose purpose is insuring the risks of the parent and its affiliated companies, and

Whereas, captive insurance companies have provided the state of Vermont with a major economic infusion, as more than 500 U.S. companies, including 42 on the Fortune 100 list, have established these insurance entities in Vermont that, according to a 2006 article in Vermont Business Magazine, have resulted in the creation of 1,400 jobs, and, in 2005, netted $22.7 million in general fund revenue, and

Whereas, although the scope and breadth of the Vermont captive insurance industry has expanded significantly since its original legislative authorization, it would never have been born were it not for the patience and persistence of former Banking and Insurance Commissioner George Chaffee, who can accurately be described as one of its founding fathers, and

Whereas, prior to the adoption of Act 28, captive insurance had been primarily an off-shore enterprise that was often associated with negative ethical connotations, and

Whereas, Commissioner Chaffee worked with local insurance agencies and out-of-state experts to develop a draft law for Vermont that would attract companies nationwide and provide reasonable, respectable, and accessible regulatory framework, and

Whereas, Act 81, and its subsequent amendments, have also benefitted the Vermont tourism industry as annual meetings of the state’s captive insurance companies attract many parent company personnel and their families to the state’s convention and recreation locations, and

Whereas, in reflecting on the history of the Vermont captive insurance, it is most fitting to acknowledge the formative and nurturing role of former Banking and Insurance Commissioner George Chaffee, now therefore be it

Resolved by the Senate and House of Representatives:

That the General Assembly is pleased to recognize the role of former Commissioner of Banking and Insurance George Chaffee in helping to establish the captive insurance industry in Vermont, and be it further

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

Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont