Montpelier, Vt. – Deputy Commissioner of the Captive Insurance Division at the Department of Financial Regulation (DFR), David Provost, has announced his plan to retire at the end of the summer to ensure a smooth transition within the Department to new leadership.
“We wish Dave all the best in his future and we thank him for his immeasurable contribution to Vermonters and businesses around the world,” said Governor Phil Scott. “We are committed to appointing a replacement that will maintain the tone and standard Dave has set in Vermont.”
David Provost has over 30 years of experience in captive insurance in both the private and government sectors. He joined Vermont’s then Department of Banking, Insurance, Securities and Health Care Administration in 2001 and was appointed to the role of Deputy Commissioner of the Captive Insurance Division in 2008 by then Governor James Douglas. Provost is the third to serve in the role in Vermont’s forty-year history.
Former Governor Douglas said, “At the time we charged Dave with maintaining Vermont’s status as a global leader in the industry. We didn’t want to fall behind. Not only did Dave maintain our gold standard, but he’s kept Vermont on a constant upward trajectory as a visible leader and innovator. He’s a true public servant; I’m grateful for his hard work.”
Vermont is known as the “Gold Standard” due to its quality and efficient regulation. In Provost’s time as Deputy Commissioner, Vermont’s regulatory staff increased to 30 staff members, dedicated solely to captive insurance. Provost licensed over 400 captive insurance companies in his time as Deputy Commissioner and had a hand in the formation of many more throughout his career.
“I’ve learned something new or met someone new nearly every day. I’ve thoroughly enjoyed hearing the stories of how a captive has helped the insured organizations survive, thrive, save money, even save lives,” said Provost. “I still look forward to Monday mornings.”
“Vermont has always been very proud of the captive industry and the ways it has met the needs of businesses, while benefiting the Vermont economy at the same time. It is a delicate balance that Dave managed to maintain effortlessly, with grace, charm and humor,” said former Governor Peter Shumlin.
Provost has won multiple awards in recognition of his contribution not just to Vermont, but the broader captive industry. After four years ranked number one in the world in Captive Review’s “Power 50” awards as the most influential professional in the captive industry, Provost was one of the first people to be inducted into the Captive Review “Hall of Fame” in 2017. This year Provost received the “Distinguished Service Award” by the Captive Insurance Companies Association (CICA).
Dan Towle, current president of CICA and former Vermont Director of Financial Services said, “On a professional level, Dave has been an active champion of the captive industry, always advocating for doing the right thing and his influence is going to have a lasting impact. On a personal level, Dave has a great sense of humor, is always happy to share his expertise and he really cares about good outcomes for everyone. His presence will be missed.”
“His positive influence within the National Association of Insurance Commissioners and governmental agencies were instrumental when they held a spotlight on our industry,” said Derick White, Managing Director, Strategic Risk Solutions, and former Director of the Vermont Captive Insurance Division. “The duty of a regulator is to protect the industry, companies, and policyholders. Dave took these duties to heart and showed his dedication to the role through his level headedness and desire to hear out any issue.”
Provost is known for embodying quality customer service and accessibility between businesses and the regulators. “Dave is the ultimate regulator. He is fair and knowledgeable coupled with an openness and wonderful sense of humor that made any transactions with him both helpful and fun – a rare combination in government!” said former president of the Vermont Captive Insurance Association, Rich Smith.
“Dave set the tone throughout the Department to be accessible and helpful, while holding up the high standard of Vermont’s captive regulatory policies. Although Dave will be missed upon his exit, the team he has built around him carries the same purpose and outlook – it really is what makes Vermont the Gold Standard in the captive industry,” said Smith.
“We are grateful to Dave for being an exemplary leader, steering Vermont in the right direction of quality regulatory oversight. We will greatly miss his light-hearted presence and expertise,” said Kevin Gaffney, Interim Commissioner, DFR.
“There’s never really a good time, but the time is right for me. I’m confident that the bench in the Captive Division will support the next deputy’s success,” said Provost.
Provost has section hiked the Long Trail twice, but the first goals in his retirement are to do the whole trail at once, take up painting, and advance his guitar skills. He is also looking forward to spending time with family and hopes to stay involved in the captive industry in smaller ways.
True to who he is, he concludes with a joke: “I plan to become a hermit. I’ve been practicing for years.”
Plans are being made for retirement recognition events, where captive industry professionals can celebrate Dave’s contribution to the industry. An announcement regarding a new appointment to the Deputy Commissioner position will be made in the coming weeks.
For more information on Vermont’s captive insurance industry, visit www.vermontcaptive.com, call Brittany Nevins at 802-398-5192 or email Brittany.firstname.lastname@example.org.