Vermont State Government Launching Blockchain Insurance Pilot
Vermont has launched a block-chain pilot project for the captive insurance industry.
The state government announced that the Vermont Secretary and the Vermont Financial Control Bureau have signed a Memorandum of Understanding to conduct a pilot to investigate the potential of technology in the digital record management, registration and regulatory process.
The pilot program provides its own insurance to captive insurers (licensed insurance companies consisting of one or more higher entities) to provide the option of submitting registration and reporting documents using personal block-chain technology. The state government currently keeps documents and digital copies.
Vermont aims to create "transparent and proven" transaction records through block chains, as well as to reduce costs compared to traditional record keeping methods.
Jim Condors, Vermont Secretary, said in a statement:
"With this pilot we can examine whether the application of block-chain technology for digital record retention can improve aspects of the national regulatory process."
The government has already begun the process of identifying vendors with technical and consulting expertise in pilot programs through a Request for Information (RFI) process.
Vermont is one of the major markets for US captive insurance, and the state registers 20-40 new companies each year under the RFI.
The provincial government has launched several block-chain initiatives in the past, including signing a bill that opened the way for the establishment of a Blockchain-based limited liability company in May. And in January 2018, the South Burlington City government partnered with Proxy, a block-chain founder, to use the technology to test land registration systems.
Image of Vermont State Capitol through Shutterstock
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