Vermont Taps NJ Captive Chief for Deputy Commissioner Post
June 25, 2013 by Meg Green
MONTPELIER, Vt. – Vermont has hired Crosby Sherman, the New Jersey chief of captive insurance, to be deputy insurance commissioner in the Green Mountain state, Susan L. Donegan, commissioner of the Vermont Department of Financial Regulation, said. Sherman will join the department on July 8.
The Vermont position has been open since Donegan became commissioner in January 2013. She succeeded Steve Kimbell, who retired, Dale Schaft, information management officer for the Vermont Department of Financial Regulation, said.
The move is a homecoming for Sherman, who grew up in Vermont. He began his career in the Vermont Department of Financial Regulation in the 1980s, where he worked as an insurance examiner of property and casualty, life and captive insurance companies. He also oversaw domestic and captive examinations and played a key regulatory role during the initial stages of Vermont’s captive insurance market, Donegan said in a statement.
He also played a key role in New Jersey’s burgeoning captive market. Sherman was the first chief of captives for the New Jersey, which launched its captive law in 2011, (Best’s News Service, Dec. 1, 2011).
John Talley, New Jersey’s assistant chief of captive insurance, has been named acting chief in the wake of Sherman’s departure, said Marshall McKnight, a spokesman for the department.
(By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com) BN-NJ-06-24-2013 1401 ET #
