New Insurance Securitization Legislation In Vt.

Law360, New York (October 18, 2007, 12:00 AM EDT) -- Vermont recently enacted legislation regulating special purpose financial captive insurance companies (the “Vermont SPFC Act”) which became effective on July 1, 2007.

The Vermont SPFC Act was drafted by the Vermont Department of Banking, Insurance, Securities & Health Care Administration (the “Vermont Department of Insurance”) and it adds provisions to Vermont’s existing captive insurance law to allow for a securitization transaction involving a special purpose financial captive insurance company.

Our firm submitted comments on the Vermont SPFC Act to the staff of the Vermont Department of...
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