Last week the U.S. State of Vermont
announced it was exploring using blockchain for digital recordkeeping in the captive insurance industry. As a first step, it has announced it’s seeking vendors to launch a pilot program to enable captive insurers to register in the state.
Captive insurance involves large companies with many subsidiaries creating a subsidiary which provides insurance to group companies thereby reducing dependence on outside insurers. According to the Vermont announcement, the State claims to be the world leader in terms of premiums written by captive insurers and third in the world by active licenses.
“Vermont has long been known as an international leader in the captive insurance industry with a robust regulatory and professional community and a willingness to embrace innovation,” said Captive Insurance Deputy Commissioner David Provost. “This makes Vermont’s captive insurance industry the ideal place to pilot this blockchain program.”
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