Network with Captive Review on LinkedIn

Follow Captive Review on Twitter

RSS

16th of May 2012

Provost agrees Dodd Frank is not for captives

Vicky Beckett 31/10/2011

Vermont captive insurance division believes Dodd Frank does not apply to captives, as a recent whitepaper suggested.

Jim McIntyre of the Vermont Captive Insurance Association (VCIA) recently published a whitepaper stating that the broadness of definitions by Dodd Frank’s Non-admitted and Reinsurance Reform Act (NRRA) raises questions about the Act’s impact on captive insurance.
 
Richard Smith, president of the VCIA, plans to discuss the need for legislative clarification with members of the congress.
 
David Provost, deputy commissioner for the Vermont Captive Insurance Division, has supported the VCIA and said the Dodd Frank Act, ‘really doesn’t apply to captives directly in our opinion.’
 
“It certainly has raised the awareness of the premiums that go into captives. Some states are aggressively looking at that and saying you owe us the self-procurement tax.
 
“Our view is that the federal law did not change the state law at all and if you had a self-procurement tax before you still do. If you had a good reason not to pay it before, you still have that good reason.”

Tags:

Post a comment

Post a comment

Carlee 14/01/2012 5:50pm

I love reading these articles because they're short but infromatvie.

» Report this comment

Captive Insurance Database (CID)is the world's most comprehensive online source of captive market intelligence.

CID gives users instant access to the names of parent companies who currently own a captive. It also provides the names and contact details of captives’ risk managers, as well as the parent or ultimate parent companies’ address, country, CFO, CEO, and exchange.

CID also gives you the captive name, manager, licence and incorporation date and the type of captive the parent company is running.

CID will help you to:

•    Win more business proactively – Search from 5,700 captives and over 3,700 captive owners who you can offer your services to.


•    Increase profit and efficiency – Target specific captive owners and sponsors quicker, saving you time.


•    Build relationships
Access detailed contact information for each decision-maker. 

An annual CID licence costs just £1,195 + VAT.

Already a CID user?Login here.

Order a 2 year subscription and SAVE 25%
The licence includes full online access to CID and a free annual hardcopy of CID (worth £610).To find out more contact Nick Byrne on +44 (0) 20 7029 4027 or
cid@captivereview.com.

more//

Company and Ratings Search

Search A.M. Best's extensive database of life/health, property/casualty and insurance companies worldwide.

more//

Cell Company Guide

WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.

more//

Pellentesque feugiat arcu vitae lacus elementum in ullamcorper diam pulvinar. In odio massa, facilisis sed dignissim vel, vehicula ac diam. Curabitur tempor, quam nec aliquam tempus, dui lorem venenatis arcu

Mauris accumsan orci ut turpis placerat condimentum. Ut sit amet lobortis purus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.

CID