Expanding Vermont’s worldwide reputation as an insurance pioneer, Gov. Peter Shumlin today signed the Vermont Legacy Insurance Management Act (LIMA). This law creates specialized Vermont insurance companies that would acquire commercial policies from other companies wishing to get old policies off their books enabling them to use capital reserves for new initiatives.
LIMA will allow companies no longer active in writing a particular type of insurance policy to transfer those policies to a company that specializes in or continues to service those lines. Shumlin said these new companies will also contribute to Vermont’s economy.
“Patterned after Vermont’s captive insurance companies, I believe LIMA will bring new revenues to the state through transaction tax revenues and fees, and will create a wide variety of high-value, skilled, well-paying financial sector job opportunities,” he said. READ MORE at Vermont Governor Peter Shumlin’s press office