Originally Published in Risk Retention Reporter - March 2013.
A number of U.S. states are creating captive domiciles to compete with Vermont, South Carolina, Hawaii and other long-established leaders. We interviewed Richard Smith, president of the Vermont Captive Insurance Association, and Kevin Doherty, chairman/president of the Tennessee Captive Insurance Association, to explore the new landscape of captive regulation. Smith held senior positions in Vermont state government before joining VCIA. Doherty is a partner in the Nashville law firm Burr & Forman LLP and helped rewrite the Tennessee captive law in 2011.
RRR: Until recently, Vermont, South Carolina, and Hawaii were the leading U.S. domiciles. In the last few years, more states including Delaware, Kentucky, Montana, Nevada, Tennessee, and Utah have begun competing aggressively for captive business. How has this impacted the quality of captive regulation?
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