Vermont passes legacy transfer act

The State of Vermont has introduced legislation to enable the transfer of closed books of commercial insurance and reinsurance policies, the first of its kind in the US. The Legacy Insurance Management Act (LIMA), passed by Vermont’s legislature last month and now...

Gov. Shumlin signs first-in-the-nation insurance bill

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...

Vermont passes landmark run-off bill

Vermont has passed a landmark piece of insurance legislation which will pave the way for insurance business in run-off overseas to be relocated to the US state. The new Legacy Insurance Management Act (Lima) was approved by the state’s Senate on January 29, after the...

Vermont to target runoff business for growth

By Rodd Zolkos Vermont Gov. Peter Shumlin is scheduled to sign a measure into law Wednesday that proponents hope could create a new niche insurance industry by providing a vehicle for transferring blocks of nonadmitted commercial insurance and...