VCIA's Past & Future
Facilitating and serving a dynamic, evolving captive industry
The Vermont Captive Insurance Association provides legislative advocacy and awareness on the state and federal levels for 400+ member organizations and offers best-in-class captive education and networking opportunities, culminating in our flagship annual conference every August. VCIA provides year-round events and educational programming, and is an indispensable community and knowledge institution for the worldwide captive industry.
From VCIA's humble beginnings to becoming a stalwart advocate and leader of the captive industry
The success of VCIA, and Vermont as a captive domicile, has been reached by the work of many hands. Here's a brief timeline of how we got here.
1985
VCIA is formed, 4 years after VT licenses its first captive
It quickly became apparent that an association was needed to represent the rapidly growing list of captives who were redomesticating or domiciling in Vermont. By June of 1985, Vermont had licensed 28 captives and overtaken Colorado as the largest American captive domicile.
1987
VCIA helps shape legislative bill that earmarks portion of captive premium taxes to support captive regulation
Working closely with government officials and captive managers, VCIA played a major role in passing legislation reserving some premium taxes to be used exclusively for captive regulation, which to this day has built Vermont's Gold Standard quality of regulatory oversight and accessibility.
1993
Diane Leach becomes Executive Director of VCIA
An employee since the start of VCIA, Diane Leach assumed the role of Executive Director and provided great leadership. She has seen the growth and evolution of the association from the ground up, having served as ED and also Director of Education, steering the conference task force for many years. Diane's commitment to the industry and VCIA tenure was recognized in 2025 when she was awarded the Industry Service award at VCIA's 40th anniversary conference.
1995
VCIA lobbies NAIC for Vermont RRG accreditation, receives approval
To ensure consistent regulation of RRGs from state to state, the National Association of Insurance Commissioners (NAIC) adds RRGs to the Accreditation Program. With the support of VCIA, Vermont becomes accredited.
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2000
VCIA lobbies US Labor Department on employee benefit risks, gets approval
With the persistence of VCIA, Columbia Energy Group won U.S. Labor Department approval to fund employee benefit risks through its Vermont Branch Captive, setting the stage for other employers to do the same.
2002
VCIA launches the original roadshow program, the first of its kind in the industry
VCIA, in collaboration with the State of Vermont, hosts the first captive insurance roadshow in New York City, extolling the virtues of captive insurance and spreading awareness about its value as an innovative risk management tool. Since 2002, VCIA has hosted more than 60 roadshows throughout America.
2003
VCIA shapes Vermont bill to cap captive premium taxes at $200,000
And despite the meteoric growth of captives, the same cap is still in place today.
2004
VCIA launches ICCIE to be an independent educational platform
The International Center for Captive Insurance Education (ICCIE), created by the VCIA, is officially launched to develop a pool of qualified captive insurance professionals through a comprehensive education program. In 2024, ICCIE celebrated its 20th anniversary at the VCIA Conference, where, with the help of VCIA, fundraised over $60,000 for future initiatives.
2005
VCIA helps fend off IRS
The efforts of the IRS Coalition, led by VCIA and Captive Insurance Companies Association (CICA), helps roll back proposals from the IRS that limited insurance tax treatment of captive insurance companies.
2007
VCIA draws record-breaking 1,400 attendees to its annual conference
2009
Rich Smith becomes President of VCIA
Richard Smith becomes VCIA’s President after a long history of public service to the State of Vermont, including seven years as Vermont’s Deputy Commissioner for the Vermont Department of Economic Development. Smith goes onto have 12 productive years in the role leading VCIA.
2017
VCIA works with state to permit captives to buy Affordable Housing Tax Credits
VCIA supports captives to purchase Vermont Affordable Housing Tax Credits to offset annual premium tax liability, a win for captives and affordable housing in Vermont. VCIA also drives approval for state approval of Agency Captives. Agency Captives are reinsurance companies controlled by an insurance agency or brokerage firm.
2020-21
VCIA hosts 2 successful virtual conferences due to COVID-19
The virtual event brought in over 500 participants and was an important way to keep VCIA viable and prepared to overcome any pandemic challenges.
2021
Vermont licenses its 1200th captive
Thanks to the tremendous partnership between the VCIA, the Vermont Department of Financial Regulation, and the Vermont Department of Economic Development.
2022
VCIA leads international trade mission to Mexico City
And builds relationships with Latin American companies and Latin American insurance associations that are still bearing fruit today.
2025
Ian Davis becomes President of VCIA
President Ian Davis has long been a trusted contributor to VCIA’s mission, having served on its Board of Directors, chaired the association’s Annual Conference, and helped shape its 2025 strategic plan. As he wrote early in his position as President, Ian's focus is "to foster connection, elevate new ideas, and ensure VCIA continues to be a community where every member feels heard, valued, and empowered to lead."
