Statement from Commissioner Pieciak: DFR staff continue to work remotely and will do so until further notice. The department is still conducting business, however there may be some temporary delays in DFR services. 

Filing Due Date Checklists

CAPTIVE INSURANCE

TEMPORARY NOTICE DURING WORK FROM HOME RESTRICTIONS:  Notarization on applications, biographical affidavits, forms and other filings
  • Documents requiring a notarized signature will be accepted without a notary, electronic signatures are acceptable, and  notarized documents should be submitted at the first opportunity a notary is available or accessible.  If you are able to obtain a notary by any of these alternate means, no follow-up submissions are required:
  • We will accept e-notarized documents from out of state if that state allows e-notarization. 
  • The Vermont Secretary of State just adopted an emergency rule which allows for notarial acts to happen in Vermont by remote means through a secure audio-­visual communication link, i.e., webcam notarization. The notary and person making the oath are essentially connected and talking face-to-face electronically over a secure link while, for example, the oath is being administered.  There are a number of technology companies that offer end-to-end remote notarization systems. They include, but not limited to:

All filings must be submitted electronically in combined single PDF unsecure format and no Zip files are accepted. 

Timely receipt of filings required by Vermont statues and regulations is essential for effective oversight of Vermont’s captive insurers.  The Captive statutes require certain documents to be filed “on or before” a given date.  

 

(NEW checklists) - The below checklists are for the 2019 year-end and 2020 quarter-ends (updated annually early December):

Domestic AFFILIATED REINSURANCE COMPANIES (ARCs)  

Domestic AGENCY Captive Insurance Companies

Domestic ASSOCIATION Captive Insurance Companies

Domestic BRANCH Captive Insurance Companies

Domestic INDUSTRIAL INSURED Captive Insurance Companies

Domestic PURE Captive Insurance Companies

Domestic RISK RETENTION GROUPS (RRGS) and ASSOCIATION Captives Filing the NAIC Statement

Domestic SPONSORED Captive Insurance Companies

Domestic SPECIAL PURPOSE FINANCIAL INSURANCE COMPANIES (SPFIS)


Filing Guidelines

The department does not accept hard copies of captive financial filings. The address for electronic submission is DFR.Captivefinancialfilings@vermont.gov.

Documents Accepted
  • Vermont Captive Annual Reports (VCARs), including signed and notarized jurat page recommended using black ink;
  • NAIC financial statements (annual and quarterly), including signed and notarized jurat page;
  • NAIC Supplements (as required);
  • Audited Financial Statements (including CPA Letters);
  • Certification of Loss Reserves and Loss Expense Reserves (including Actuarial Opinion Summary);
  • Copy of Vermont premium tax return filed with Vermont Tax Department; and
  • Other required filings related to financial reporting
Filing Format
  • Unsecured pdfs;
  • No zip files

Please note: any documents submitted that do not follow the guidelines as set forth below will be returned. Incomplete filings will not be accepted. If a report in its entirety is not able to be filed by the due date, a filing extension must be requested prior to the due date by submitting to DFR.CaptiveMail@vermont.gov.

Required Documents and Guidelines
Vermont Captive Annual Report (VCAR) and NAIC Statement Filings
  • One email per captive company filing.
  • Full Captive name and license # in subject of email.
  • Unsecured pdf of the report attached to the email. Any secured documents will be returned.
  • Signed and notarized jurat pages are to be combined with the report and sent as one pdf.
  • Any schedules, reports, and supplemental filings must be combined with the report and not sent as a separate pdf.
  • Copy of the filed Vermont premium tax return included in the pdf of the report (December 31 filings only) and not as a separate pdf.
  • Excel file of the report attached to the email (VCAR December 31 filings only).
  • A cover letter is not required, however if included it must be combined with the pdf of the VCAR and include:
  1. company letterhead;
  2. captive name and license number;
  3. date and signature.
Actuarial Filing

New for 12/31/2019 filings, please include submittal form.

  • One email per captive company filings.

  • Captive name and license # in subject of email.

  • Unsecured pdf of the report attached to the email.  Any secured documents will be returned.

  • Audit, actuarial opinion and summary filing, if submitted together, should be combined and sent as one pdf.  New for 12/31/2019 filings, please include submittal form.

  • A cover letter is not required, however if included it must be combined with the pdf of the Actuarial filing and include:

  1. company letterhead;
  2. captive name and license number;
  3. date and signature.
Audit Filing

New for 12/31/2019 filings, please include submittal form.

  • One email per captive company filings.

  • Captive name and license # in subject of email.

  • Unsecured pdf of the report attached to the email.  Any secured documents will be returned.

  • Audit, actuarial opinion and summary filing, if submitted together, should be combined and sent as one pdf.  New for 12/31/2019 filings, please include submittal form.

  • A cover letter is not required, however if included it must be combined with the pdf of the Audit filing and include:

  1. company letterhead;

  2. captive name and license number;

  3. date and signature.

 

Contact Information

Department of Financial Regulation
Consumer Services 
89 Main Street, Montpelier, VT 05620 - 3101

802-828-3301
833-DFR-HOTLINE (toll free)
833-337-4685 (toll free)

Public Information
For public records, media inquiries, and press releases visit our Public Information web page

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