NU Online News Service, May 9, 3:22 p.m. EDT
An article in The New York Times comparing captive insurance to "the shadow banking system" has Vermont's captive regulator puzzled and frustrated, because while some of the observations are true, they don't add up to a fair representation of the captive industry, he says.
David Provost, deputy commissioner, captive insurance, Banking, Insurance Securities and Health Care Administration in Vermont, who is quoted in the article, says he plans to respond with a letter to the editor of The New York Times. "It's not the sort of thing we can explain in two lines," he notes, adding that he hesitates to "keep a story going that isn't a story."
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