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VermontH.6492025-2026 SessionHouseWALLET

An act relating to captive insurance companies

Sponsored By: Edye Graning (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 0 benefits, 3 costs, 1 mixed.

Protected cells must certify funding

Beginning July 1, 2026, each protected cell must file a sworn statement within 30 days after starting business. The filing must certify the cell had required funding and any required collateral before it began operations. Signatures depend on the cell’s form: unincorporated—president and secretary of the sponsored captive; incorporated—its president and secretary; LLC or reciprocal—two people authorized by the governing board.

Risk retention groups: new NAIC filings

Starting July 1, 2026, each risk retention group must file with the NAIC by March 1 its annual statement, signed jurat page, actuarial certification, and other required items. Any amendments filed with the state must also be filed with the NAIC. Risk retention groups must file quarterly NAIC statements by May 15, August 15, and November 15. All annual and quarterly filings must be electronic. If a due date falls on a nonbusiness day, file on the prior business day. The Commissioner may add filing requirements by rule.

Risk retention groups: no loans to members

Beginning July 1, 2026, risk retention groups cannot lend to or invest in their members or members' affiliates. Deals that were in place before January 1, 2026 can continue under the law's grandfathering rule.

New reporting and accounting rules for captives

Beginning July 1, 2026, captive insurance companies must file a verified annual financial report each year. Most reports are due by March 1; pure, association, sponsored, industrial insured, and agency captives have until March 15. Reports must use GAAP, statutory accounting, or IFRS unless the Commissioner approves another basis. A captive selects its accounting method at admission, and any change needs the Commissioner's prior approval. The Commissioner sets standard reporting forms by rule. Captives may apply to report on a fiscal year; if approved, the annual report is due 75 days after fiscal year-end. All captives must still file the premium schedule by March 15 for each calendar year-end to support the premium tax return.

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Sponsors & Cosponsors

Sponsor

  • Edye Graning

    Democratic • House

Cosponsors

  • Abbey Duke

    Democratic • House

  • Anthony "Tony" Micklus

    Republican • House

  • David "Dave" Bosch

    Republican • House

  • Emily Carris Duncan

    Democratic • House

  • Herb Olson

    Democratic • House

  • Kirk White

    Democratic • House

  • Michael J Marcotte

    Republican • House

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. House message: Governor approved bill on March 24, 2026

    3/25/2026Senate

  2. Signed by Governor on March 24, 2026

    3/24/2026House

  3. Delivered to the Governor on March 18, 2026

    3/18/2026House

  4. Senate Message: Passed in concurrence

    3/12/2026House

  5. Read 3rd time & passed in concurrence

    3/11/2026Senate

  6. New Business/Third Reading

    3/11/2026Senate

  7. Reported favorably by Senator Chittenden for Committee on Finance, read 2nd time and 3rd reading ordered

    3/10/2026Senate

  8. Favorable report by Committee on Finance

    3/10/2026Senate

  9. New Business/Second Reading

    3/10/2026Senate

  10. Favorable report by Committee on Finance

    2/27/2026Senate

  11. Second Reading

    2/27/2026Senate

  12. Entered on Notice Calendar

    2/27/2026Senate

  13. Read 1st time & referred to Committee on Finance

    1/21/2026Senate

  14. Read third time and passed

    1/16/2026House

  15. Action Calendar: Third Reading

    1/16/2026House

  16. Third Reading ordered

    1/15/2026House

  17. Report of Committee on Commerce and Economic Development agreed to

    1/15/2026House

  18. Rep. White of Bethel reported for the Committee on Commerce and Economic Development

    1/15/2026House

  19. Read second time

    1/15/2026House

  20. Action Calendar: Favorable with Amendment

    1/15/2026House

  21. Notice Calendar: Favorable with Amendment

    1/14/2026House

  22. Read first time and referred to the Committee on Commerce and Economic Development

    1/13/2026House

Bill Text

  • As Enacted (ACT 77)

    3/30/2026

    PDF

  • As Passed by Both Chambers

    3/17/2026

    PDF

  • As Passed by Both Chambers (Unofficial)

    3/17/2026

    PDF

  • As Passed by the House

    1/20/2026

    PDF

  • As Passed by the House (Unofficial)

    1/20/2026

    PDF

  • As Introduced

    1/12/2026

    PDF

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