As VCIA gears up for its Washington DC Hill Day advocacy mission next month, we profile Legislative Committee Chair Zaw Win of Downs Rachlin Martin.
We will have much more coverage on VCIA's upcoming March 17-18th DC advocacy mission, including a detailed agenda and then a full report when the event concludes. For now, you can gain more insight on our plans by visiting the VCIA Legislative Events page.
As a director in DRM’s Business Law and Captive Insurance groups, Zaw Win has a diverse practice with a focus on advising captive insurance companies and risk retention groups on matters related to organization, licensing, governance and operations.
VCIA sat down with Zaw prior to the 2025 Legislative Day so he could share how the VCIA legislative committee functions, and why it's important to the overall health of the association.
The VCIA Legislative Committee is comprised of a cross-section of industry experts, including captive insurance attorneys, representatives of captive management companies and audit firms, and representatives of captive insurance companies domiciled in Vermont. As a member, you can choose to join the committee which usually renews in September/October.
What is VCIA’s Legislative Committee and what does it do?
Zaw: The Legislative Committee is made up of around 40 volunteer members who meet monthly to discuss legal and regulatory developments both in Vermont and on a national level. The Committee also works closely with the Vermont Department of Financial Regulation (the “DFR”) on legislation impacting the captive insurance industry and developing legislation for inclusion in Vermont’s annual captive bill and other regulatory matters.
How involved is the Legislative Committee in preparing the captive bill?
Zaw: The Committee plays an active role throughout the legislative process. In coordination with VCIA, the Committee solicits ideas for legislative improvements from captive industry participants. The Committee then shares these ideas, as well as any ideas it has developed on its own over the prior year, with the DFR. Representatives of Committee then meet with the DFR to review these ideas, as well as the DFR’s own legislative initiatives, in a uniquely collaborative process that results in a draft bill for consideration by the Vermont legislature. The bill is rolled out to the legislature as part of VCIA’s annual Captive Insurance Legislative Day at the state capital in Montpelier.
Why is the Legislative Committee important to VCIA and the industry?
Zaw: The Committee provides VCIA with access to leading experts regarding captive insurance law and regulation at a state and national level. The collective knowledge and experience of the Committee’s membership allows the VCIA to take a leadership role in the industry when it comes to promoting appropriate (or preventing inappropriate) changes to laws and regulations impacting captive insurers.
What do you anticipate in the 2025 captive bill?
Zaw: The current iteration of the 2025 captive bill contains a number of proposed amendments intended to clarify and streamline Vermont’s captive insurance law. However, one of my favorite things about working on these bills is that you never know when someone will dream up a great idea for a change to the law and there is enough flexibility in the process to implement those changes very quickly.
