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Vermont State Agencies Launch Blockchain Pilot Program for Captive Insurance Industry

“Captive insurance is an alternative form of self-insurance where a parent group creates a licensed insurance company for itself” writes Helen Partz for Two agencies in the state government of Vermont in the United States have jointly launched a blockchain pilot program for captive insurance, according to an official announcement published on Jan. 11.Issued on Jan. 10, the jointly developed Request for Information intends to identify potential collaborators in order to launch a pilot program enabling new captive insurance businesses to register with the Secretary of State using blockchain technology.The captive insurance industry has been increasingly important for the economy of Vermont, with the state ranked the third global leader in the field after Bermuda and the Cayman Islands.In December 2018, U.S. insurance firm State Farm announced the launch of blockchain-powered pilot for auto claims in order to accelerate its claims processes.

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