Long-time Captive Insurance Regulator to Retire

first_imgLong-time Captive Insurance Regulator to RetireLeonard Crouse Helped Pave Way for Growth of Industry in VermontMONTPELIER, Vt. Leonard Crouse, Vermont Deputy Commissioner of Captive Insurance and a fixture in the states captive insurance industry for 18 years, has announced his plans to retire effective June 1st of this year.For more than 30 years Crouse has been a nationally recognized leader in insurance regulation and has been credited as a key figure in advancing the captive insurance industry both nationally and in Vermont.We thank Len for his extraordinary and exemplary service to Vermont, and wish him well, said Governor Jim Douglas. Len has been a credit to the state, and has been a tremendous asset and important contributor to our success in the captive industry. He set the bar high for Vermont and we are fortunate to have time to conduct a thorough search for a worthy successor.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.We have the most experienced, credentialed and able captive regulatory staff in the country, if not the world, said BISHCA Commissioner Paulette Thabault. They are equipped to maintain the regulatory continuity and momentum of the Captive Divisions functions as we seek a new Deputy.Thabault said the search is already underway.We are committed to finding a successor for Len who can continue to enhance Vermonts long-established pre-eminence in the field of captive insurance regulation, Thabault said.Crouse has served as Deputy Commissioner of Captive Insurance since May of 2003. Prior to his appointment, he was Vermonts Director of Captive Insurance since May of 1990, and before that was Chief Examiner of the Property and Casualty Division of the Massachusetts Insurance Department.I am very grateful for the opportunity to have served the people of Vermont, said Crouse. As I head toward retirement on June 1, I feel very good about the position of the captive industry in Vermont and its future success. I have worked very happily and very hard in this role for a very long while. Its just time to go. A member of the Society of Financial Examiners and a Certified Financial Examiner, Crouse has served on various committees and working groups representing both Vermont and Massachusetts at the National Association of Insurance Commissioners (NAIC).During Crouses tenure, nearly 600 companies have been licensed in Vermont and he became recognized as a leading authority in the industry. He has written a number of articles for various trade publications, served on several committees of the National Association of Insurance Commissioners and was a frequent presenter at captive insurance events across the country.Last year he was honored for his contributions to advancing the captive insurance industry with the 2007 Distinguished Service Award presented at the Captive Insurance Companies Association International Annual Conference.A captive insurer is a company that is owned or controlled by its policyholders, thereby enhancing the parent company’s ability to control its own insurance costs. Through captives, businesses have access to broader, less expensive insurance markets.Vermont constructed a regulatory system to ensure the solvency of captives while recognizing the special purposes for which they were formed.Vermont is the largest captive insurance domicile in the United States and second largest in the world in terms of gross written premium, with $13 billion in 2007. Vermont is also home to 44 of the companies that make up the Fortune 100, and 19 of the companies that make up the Dow 30 have Vermont captives.Learn more at www.vermontcaptive.com(link is external)-30-last_img

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