Vermont Regulator Named To Head State’s Captive Insurance Division

Montpelier, VT  (CompNewsNetwork) -  Vermont  Captive Insurance Division announces David F. Provost, CFE, will become Deputy Commissioner in June.  Provost is currently an Assistant Chief Examiner in the Division.

He has a total of 18 years in the captive insurance field in both the private and regulatory arenas. He has handled client advisory services, accounting, systems management, program development, marketing, captive formation, licensing and regulation. He previously served as Assistant Regional Director for AIG Insurance Management Services, and managed accounts and systems at Sedgewick Management Services (US) Ltd., and Johnson and Higgins Services, Inc. He has served as Treasurer of the Vermont Captive Insurance Association and has been an energetically involved and well-spoken figure in the captive industry.

Under Leonard Crouse’s leadership, Vermont grew to become the premier domicile for captive insurance companies. The Captive Insurance Division is housed in the Vermont Department of Banking, Insurance, Securities & Health Care Administration (BISHCA). The Deputy position oversees the Captive Insurance Division and is responsible for the administration and regulation of captive insurance companies and risk retention groups.

Said BISHCA’s Commissioner Paulette Thabault, “I believe David Provost’s acquired Vermont regulatory know-how, coupled with his private industry experience and contacts, will serve the state well. His strengths should help Vermont build on its long established pre-eminence in the field of captive insurance regulation. He can offer us both continuity and perspective for maintaining responsive regulatory paths, and bring vision for shaping our future.”

A captive insurer is a company that is owned or controlled by its policyholders, thereby enhancing the parent company's ability to control and manage its own insurance costs and risks. Through captives, businesses have access to broader, less expensive insurance markets.

David Provost has an Associate in Science in Accounting from Champlain College, Burlington, Vermont, and graduated Summa Cum Laude in 1985. He also earned a Bachelor of Arts in Geography from the University of Vermont in 1978. He lives in Essex Junction.

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