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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

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

Protected insurance cells must certify startup funding

Beginning July 1, 2026, each protected insurance cell must file a sworn funding statement with Vermont’s Commissioner. It is due within 30 days after starting business. The statement must confirm that required funding, including collateral required by the approved operating plan, existed before business began. For an unincorporated cell, the sponsoring captive insurer’s president and secretary must sign; an incorporated cell uses its own president and secretary. Cells formed as LLCs or reciprocal insurers need signatures from two people authorized by their governing board.

Risk retention groups face member lending limits

Beginning July 1, 2026, Vermont risk retention groups cannot lend to or invest in their members or members’ affiliates. Loans and investments already in effect before January 1, 2026, are exempt.

Stricter financial reporting for Vermont captive insurers

Beginning July 1, 2026, Vermont captive insurers must follow standardized financial reporting rules. Annual financial reports are generally due before March 1. Pure, association, sponsored, industrial insured, and agency captives must file before March 15. Two executive officers must verify the report under oath; LLCs and reciprocal insurers use two people authorized by their governing board. Reports must use generally accepted accounting principles, NAIC statutory accounting rules, or international financial reporting standards, unless the Commissioner approves or requires another method. Insurers must select and explain their accounting method when admitted, and get advance approval to change it. Risk retention groups must also file annual statements with the National Association of Insurance Commissioners (NAIC) by March 1. These filings must include a signed oath page, actuarial certification, and other required documents. Quarterly statements for periods ending March 31, June 30, and September 30 are due May 15, August 15, and November 15, respectively. A quarterly deadline on a non-business day moves to the preceding business day. Annual and quarterly NAIC statements must be electronic; quarterly filings need oath pages, and amendments and addenda must also be filed. Captives with an approved alternative fiscal year must file annual reports within 75 days after year-end. They must still file the calendar-year premium schedule before March 15 to support their premium tax return. The Commissioner sets reporting forms for pure, association, sponsored, and industrial insured captives and may require additional risk retention group filings. The law does not change premium tax rates.

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

    3/25/2026House

  2. Signed by Governor on March 24, 2026

    3/24/2026House

  3. Delivered to Governor on March 18, 2026

    3/18/2026House

  4. Senate Message: Passed in concurrence

    3/12/2026Senate

  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)Opens in a new window

    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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