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Captive Insurance

The Captive Insurance Division of the Vermont Department of Financial Regulation focuses on maintaining a regulatory system that attracts quality business to Vermont, promotes the state reputation in the industry, and safeguards the solvency of captive insurers while recognizing the special purpose for which they were created. The division pursues its mission by:

  • Attracting and licensing quality programs whose primary purpose is risk management or risk financing;
  • Performing ongoing financial surveillance;                                                                    
  • Performing periodic financial examinations;
  • Implementing and enforcing laws and regulations;
  • Developing effective and reasonable policies and procedures; and
  • Advancing the growth of Vermont’s captive industry.

Quick Links

Captive News & Events The Vermont Statutes Online
Title 8: Banking and Insurance
Captive Laws, Regulations, Bulletins & Guidance


Deputy Commissioner Sandy Bigglestone

As Deputy Commissioner of the Captive Insurance Division of the Vermont Department of Financial Regulation, Sandy Bigglestone oversees an extensive team of examiners, analysts and administrative staff responsible for the administration and regulation of captive insurance companies and risk retention groups. 

Long blonde-haired woman in green blazer, white blouse

Deputy Commissioner Bigglestone transitioned into her current leadership position in September 2022, capping over a quarter century career in the captive insurance industry. A highly regarded regulator among industry peers, Ms. Bigglestone has been part of the DFR Captive Insurance Division since 1997, serving the last 14 years as principal staff member to her predecessor. She holds an Associate Professional in Insurance Regulation designation from the National Association of Insurance Commissioners and is a Certified Public Accountant, Certified Financial Examiner, and Certified Public Manager with the State of Vermont. In 2018, Business Insurance awarded her the Women to Watch Award for her leadership, expertise and accomplishments in the captive insurance industry, and the 2024 Captive Review Power 50, which recognizes professionals having the most influence within the global captive insurance industry, lists her at #1.

Contact Information

Vermont Department of Financial Regulation • Captive Insurance Division

89 Main Street • Montpelier, VT • 05620-3101
802-828-3304 • Main Division Line

Click here to locate and contact individual staff.

Division Emails by Business Purpose

Purpose of Correspondence Email Address
General captive information and inquiries.  Please do not use for named captive inquiries or correspondence.  Public information requests should be submitted to
Captive mail correspondence requiring regulatory approval (including but not limited to change of business plan, 5-yr pro forma, permitted practice, loan, dividend, waiver or extension); or general notifications (including but not limited to change of officer/director, change in service provider)
Captive financial filings (including but not limited to all NAIC and non-NAIC/Vermont domestic related regulatory financial filings, supplemental filings, audited financial statement, actuarial filing, ownership [parent] financials, reinsurer financials)


For Vermont domestic email correspondence - include the Vermont License #/Captive Name in the subject line.
For all Foreign RRGs - include the NAIC#/Captive Name; for Risk Purchasing Groups, indicate company name and assigned #).
For all-related correspondence, please submit all materials in an unsecured PDF. ZIP files are unacceptable.