09/09/2009
The Vermont Captive Insurance Association (VCIA) has announced that Richard Smith, currently Deputy Commissioner of the State of Vermont's Public Service Department, will take up the role of VCIA president on 15 October 2009.
Michael Bemi, chair of both the VCIA board of directors and the search committee said: "The search attracted a large pool of incredibly talented individuals from around the country and we are confident that we have selected the best of the best in Richard Smith."
“Richard will bring a perfect blend of political savvy, ease in relating to CEOs regarding their complex enterprise management choices and years of significant administrative accomplishments to this very important role."
In a statement the VCIA also said Smith’s extensive experience in state government, including his previous roles as Deputy Commissioner of Economic Development and policy analyst in the Office of the Governor, were crucial to the search committee's decision.
On hearing of his selection Smith said: "I am honoured and excited about this opportunity to work with an outstanding organization that represents such an important sector of the financial services industry.
“VCIA remains an essential institution for captive insurance as well as an integral pillar of Vermont's economy."
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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.
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We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
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