Burlington Standard

State of Vermont issued the following announcement on March 25.

Montpelier, Vt. – Earlier this month at the Captive Insurance Companies Association (CICA) international conference in Tucson, Arizona, Deputy Commissioner David Provost of Captive Insurance, Department of Financial Regulation, received the prestigious Distinguished Service Award, which is presented annually to a single individual or entity that has made a significant contribution to the captive insurance industry.

“Dave Provost has been an active champion of the captive industry and generously shares his knowledge. His contributions have made the captive industry stronger,” Dan Towle, CICA president said.

Deputy Commissioner Provost has over 30 years of experience in captive insurance in both the private and governmental sectors. He joined Vermont’s Department of Insurance in 2001 and has served as Deputy Commissioner since 2008. He is well known for the knowledge he shares, the customer service culture he has cultivated, and his advocacy for the industry during times of need.

Upon receiving the award Provost said, “I appreciate that it’s called a ‘service’ award, because that’s what I feel like this job is about: serving the captive industry. As a state regulator, you have unlimited opportunities to listen, learn, participate, and contribute, and I’ve taken advantage of as many of those as I could fit in one person’s schedule.”

“The entire captive insurance industry has benefited immensely from Dave’s leadership, knowledge, and experience and all of us at the department are proud to see him be recognized for his outsized impact,” said Commissioner Michael Pieciak, Vermont Department of Financial Regulation. “Vermont’s regulatory program continues to be the industry Gold Standard due to Dave’s efforts and the strong team he has built around him. Congratulations to Dave on this well-deserved accomplishment.”    

“Working with Dave for the past 30 years, starting from when Dave was a captive manager and I as a regulator, has been nothing short of outstanding. We’ve worked together in many roles and regardless of the position, Dave is a team player,” said Derick White, Managing Director, Corporate Governance and Compliance of Strategic Risk Solutions. “He is always willing to listen, research all avenues, and partner with all involved to achieve the best result. He takes his position seriously as one that serves the State of Vermont and the captive industry to which we’re all grateful.”

Vermont has a history of collaboration with other domiciles and sharing valuable knowledge to improve the industry as a whole. “His positive influence within the NAIC (National Association of Insurance Commissioners) and governmental agencies were instrumental when they held a spotlight on our industry. Dave is a force to be reckoned with and deserving of this distinguished award,” said White.

“Although CICA picked an individual for the award, it really belongs to the whole department – you can’t do this alone,” added Provost.

Earlier this month as well, Captive Review, a captive media publication, released their “Power 50 list,” which is made up of the 50 most influential leaders in the captive industry, with over 7,000 votes cast by industry professionals in 2022. The publication stated in their Power 50 magazine, “Of all the domiciles worldwide, Vermont is home to the most Power 50 honorees.”

Once again, Sandy Bigglestone, Director of Captive Insurance, made it into the top ten at number nine and remains by far the highest-ranking regulator. The publication commented, “As director of captive insurance for the state of Vermont, Bigglestone is instrumental in the state’s success, ensuring that it is one of the biggest and most respected domiciles in the world.”

Additionally, Vermont’s Captive Insurance Economic Development Director, Brittany Nevins, was voted as “One to Watch,” a list released by Captive Review of up-and-coming captive professionals that are making an impact to keep an eye on. The publication commented, “Since then [after joining the state of Vermont], she has taken the role and made it her own, successfully promoting Vermont in a difficult time.” 

About 20 service providers and captive owners with ties to Vermont were also named in the “Hall of Fame,” “Power 50,” and “Ones to Watch” list this year.

For more information on Vermont’s captive insurance industry, visit www.vermontcaptive.com, call Brittany Nevins at 802-398-5192 or email Brittany.nevins@vermont.

About Vermont Captive Insurance

Captive insurance is a regulated form of self-insurance that has existed since the 1960’s and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are commonly used for corporate lines of insurance such as property, general liability, products liability, or professional liability.

Original source can be found here.