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News Release – Vermont Department of Financial Regulation
Jan. 9, 2019
Contact:
Stephanie Brackin
802-828-4872
[email protected]
Department of Financial Regulation and Secretary of State Collaborate on Captive Insurance Blockchain Pilot
Montpelier, VT – On January 9, 2019, the Secretary of State Jim Condos and Department of Financial Regulation Commissioner Michael Pieciak signed a memorandum of understanding outlining their collaborative efforts to explore emerging blockchain technology and its use in the digital recordkeeping practices of the captive insurance industry.
The Secretary of State's Office of the Financial Administration, jointly issued with the Request for Information (RFI) on January 10, 2019, to identify the vendors that may work with the State Secretary of State using blockchain technology. The pilot program is designed to test the functionality of the emerging technology in state regulatory processes. The pilot will also includes a review and revision of the relevant statutes, rules, regulations, and bulletins to ease blockchain implementation.
"Developers in technology provide opportunities for government to improve efficiency and transparency, cut red tape, and improve services for Vermonters," said Secretary Condos. "This pilot will allow us to examine whether or not the application of blockchain technology for digital recordkeeping can improve aspects of the state regulatory process."
Commissioner Pieciak said: "Financial services companies are innovating at lightning speed and regulators have an obligation to keep up. "This partnership with the Secretary of State provides a great opportunity for our teams to become better watered with distributed ledger technology and to understand how the state and Vermont businesses might benefit."
Blockchain or similar digital ledger is designed to create a transparent and validated record of transactions, while providing increased efficiency, accuracy, and security for users when compared to traditional recordkeeping methods.
Vermont is the world leader in captive insurance.
Said Captive Insurance Deputy Commissioner David Provost "Vermont has been known as an international leader in the captive insurance industry," said Captive Insurance Deputy Commissioner David Provost. "This makes Vermont's captive insurance industry."
The pilot program will help you in the Vermont region.
While increasing the taxpayer value for Vermont's citizens.
Questions related to the RFI are due on January 24, 2019 and the RFI is due on February 14, 2019.
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