BURLINGTON, VT.–Vermont's captive regulator said he is reluctant to advise risk retention groups domiciled in his state to comply with Massachusetts' requirement that they supply management Social Security numbers and other confidential data.
Leonard Crouse, deputy commissioner, Captive Insurance Division, with the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA), said there is a confidentiality risk in the RRGs disclosing such information and the groups should not be subject to such requests because they are governed by federal law.
Risk retention groups, created by Congress under a 1986 law, are limited to providing liability insurance. RRGs are structured as corporations or limited liability associations that function as captive insurance companies for member-owners.
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