DFR, Secretary of State to collaborate on Captive Insurance coverage blockchain pilot

Vermont Enterprise Journal On January 9, 2019, the Secretary of State Jim Condos and Division of Monetary Regulation Commissioner Michael Pieciak signed a memorandum of understanding outlining their collaborative efforts to discover rising blockchain expertise and its use within the digital recordkeeping practices of the captive insurance coverage business.

The Secretary of State’s Workplace and Division of Monetary Regulation collectively issued a Request for Data (RFI) on January 10, 2019 to determine distributors that will work with the State to launch a pilot program permitting new captive insurance coverage corporations to register with the Secretary of State utilizing blockchain expertise. The pilot program is designed to check the performance of the rising expertise in state regulatory processes. The pilot may also embrace a evaluate and revision of related statutes, guidelines, laws, and bulletins to ease blockchain implementation.

“Developments in expertise present alternatives for presidency to enhance effectivity and transparency, reduce crimson tape, and enhance providers for Vermonters,” mentioned Secretary Condos. “This pilot will enable us to look at whether or not or not the appliance of blockchain expertise for digital recordkeeping can enhance points of the state regulatory course of.”

“Monetary providers corporations are innovating at lightning velocity and regulators have an obligation to maintain up,” mentioned Commissioner Pieciak. “This partnership with the Secretary of State supplies an awesome alternative for our groups to turn into higher acquainted with distributed ledger expertise and perceive how the state and Vermont companies may profit.”   

Blockchain or comparable digital ledger expertise is designed to create a clear and validated file of transactions, whereas offering elevated effectivity, accuracy, and safety for customers when in comparison with conventional recordkeeping strategies.

Vermont is the world-wide chief in captive insurance coverage by premium written and third on this planet by lively licenses.

“Vermont has lengthy been often known as a world chief within the captive insurance coverage business with a sturdy regulatory {and professional} group and a willingness to embrace innovation,” mentioned Captive Insurance coverage Deputy Commissioner David Provost. “This makes Vermont’s captive insurance coverage business the best place to pilot this blockchain program.”

The pilot program will assist the state determine areas the place using blockchain expertise in regulatory and different authorities enterprise might enhance knowledge safety and scale back prices for residents and people doing enterprise in Vermont.

The adoption of this rising expertise might yield vital advantages resembling extra environment friendly administration of their respective duties whereas maximizing taxpayer worth for Vermont’s residents.

Questions associated to the RFI are due on January 24, 2019 and the RFI is due on February 14, 2019.

Supply: DFR 1.10.2019. Twitter, Fb, and web site.

Supply By https://vermontbiz.com/information/2019/january/10/dfr-secretary-state-collaborate-captive-insurance-blockchain-pilot

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