Vermont recently passed a new law to encourage the formation of domestic insurers to purchase certain blocks of run-off business.  The new law, entitled “The Legacy Insurance Management Act” (LIMA), allows these newly formed entities (“LIMA companies” or “assuming companies”) to purchase and manage closed blocks of non-admitted, commercial property and casualty insurance and reinsurance.  While Vermont officials tout the new law as likely boon for the state’s economy, the potential benefits of the new law for the insurance industry remain less clear.  READ MORE at Legal and Compliance Risk Forum