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Lieutenant Governor Phil Scott to present ‘Green Restaurant’ award to the Wayside Restaurant in Montpelier

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first_imgLieutenant Governor Phil Scott will recognize the owners of the Wayside Restaurant in Montpelier in a “green restaurant” award presentation on Tuesday, May 3.Scott will join a representative from the Vermont Small Business Development Center in presenting an award to Wayside owners Brian and Karen Zecchinelli for becoming Vermont’s fifth “green restaurant.” An important part of this designation is the amount of local produce that goes into the menu at the Wayside. In recognition of this fact, a group of Central Vermont farmers will also be on hand at the event, which will run from 5:30 to 6:30 pm. The public is welcome to attend and stay for an a la carte dinner.”I congratulate the Zecchinellis for their commitment to helping their neighbors and reducing their environmental footprint,” Scott said. “The “Buy Local” movement is something I intend to promote as Lt. Governor. In addition to recognizing the Wayside, I also hope this event can kick off a spring and summer “Buy Local Tour” where I’ll be appearing at parades, fairs and farmers’ markets across the state to encourage more Vermonters to shop locally.”Scott entered a “Buy Local” group in the St. Albans Maplefest Parade earlier this month, and representatives of his office will also have a presence in the Rutland Loyalty Day Parade this coming Sunday. At each of these events, Scott has organized a group of local businesspeople to march behind a “Buy Local” banner. Scott intends to continue this theme at parades across the state this spring and summer.Soruce: Scott’s office. 4.28.2011last_img read more

Vermont Captive Insurance licenses exceed 40 for sixth year

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first_imgFor the 6th year Vermont surpassed the 40 new captives licensed mark with 41 new captive insurance companies in 2011 bringing the total number of licenses to 952, according to data released by the Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA).Thirty were single parent captives, with six risk retention groups (RRG), three sponsored, one industrial insured, and one association. 2011’s new captive insurance licensees brings Vermont overall total to 952 with 590 active captive insurance companies.‘One of the most exciting aspects of 2011 and a perennial key to our success is the high quality of companies that we are privileged to work with,’ said David Provost, Vermont’s Deputy Commissioner of Captive Insurance.  ‘We’re also seeing the State’s continued investment in staff helping us continue to provide outstanding customer service.  That’s very much a part of what keeps Vermont the Gold Standard.’Despite the soft market each quarter of 201l had steady growth.  ‘This strong year is testimony to our continued commitment to maintain Vermont’s reputation as the Gold Standard of domiciles,’ said Governor Peter Shumlin.  ‘While other states continue to falter, Vermont’s stability and support has never wavered. We will continue to address the needs of the industry going forward and will not rest on our laurels.’The top industries licensing captives in the past year in Vermont were insurance, hospitals and medical groups and manufacturing.  Vermont was also busy with activity in risk retention groups which continue to be a growth sector.‘Vermont is the leader in RRG’s and that trend has been a constant. Another area of growth has been in redomestications of existing captives from other states and jurisdictions.  We continue to hear that Vermont provides the greatest value for your captive insurance company,’ said Daniel Towle, Director of Financial Services.  As 2012 begins, two new captives have been licensed and there are already four applications pending according to Towle.  ‘The overall market may be soft, but it is also very dynamic and we expect good things to come from 2012.’Captive insurance is a regulated form of self insurance that has been around since the 1960’s, and has been a part of the Vermont insurance industry since 1981, when Vermont passed the Special Insurer Act.  Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk.  Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability.   Growth sectors of the captive insurance industry include securitization, professional medical malpractice coverage for doctors and hospitals, and the continued trend of small and mid-sized companies forming captive insurance companies.Montpelier, VT ‘ January 10, 2012 ‘ www.vermontcaptive.com(link is external)last_img read more

Use the right overdraft provider to do the right thing

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first_img 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jeff Harper Jeffrey Harper brings more than 25 years of industry experience to his position as president of ​BSG Financial Group. ​ where he heads up the Sales and Marketing divisions of the … Web: www.bsgfinancial.com Details I think we can agree that there are consumers who need short-term liquidity options. Among several recent studies, the Brookings Institution reveals that one-third of American households live paycheck to paycheck; and American Banker data cites that 54% of checking account customers are in poor financial health.Financial institutions can provide a valued service by offering a compliant overdraft privilege program to help these individuals manage unexpected, ill-timed expenses. In fact, a recent study by Novantas said that 66% of overdrafts occur when consumers knew they have a low balance, but want the payment to go through anyway.So how does your credit union offer a cost-effective service without encouraging reckless behavior? A good place to start is to review how your third-party overdraft vendor is compensated, which can affect the way the program is viewed by regulators and how it is executed vis-a-vis account holders.In a webinar called “Avoiding ‘OOPS!’ in Your Overdraft Protection Program,” Patti J. Blenden, CRCM, CPA, President, Financial Solutions for Growing Companies, Inc., warned that the practice by some third-party overdraft providers of pricing their overdraft programs based on a percentage of the increase in income the bank will generate is generally inconsistent with promoting the responsible use of these programs. You may have heard of this type of incentive compensation referred to as a “pay for performance,” which essentially rewards the provider with a percentage of the additional fee income generated by the program.Unfortunately, many third-party providers today still price their programs based on this form of incentive compensation. However, when compliance examiners evaluate whether the third-party relationship raises the potential for compliance, operational, financial and reputational risks to the financial institution, they may look harshly on such an arrangement.A third-party provider in this type of an arrangement may encourage practices that boost revenue in the short term, but are detrimental to the customer and the bank in the long run. The preferred pricing methodology is to establish a fixed price for the service that is not tied to program performance.Ms. Blenden made it very clear that neither an institution’s third-party vendor nor its own internal infrastructure should incent the fee income that can be generated by the overdraft service. She drew a comparison to the loan originator compensation that led to mortgage reform restrictions: “If we give people the incentive to make more money, they are going to come up with creative ways to do so and they may not be in the bank’s long-term best interest.”She suggested that institutions not only look at their third-party overdraft arrangement and eliminate incentive compensation, but also at their own institution: Do you incent employees to get more people involved in the program? These activities can be an indicator to a regulator or to an independent reviewer that your institution is focusing on incentivizing employees or the third-party vendor at the expense of the consumer… exactly what you do not want.Ms. Blenden’s final word on the topic (and we couldn’t agree more): “Make sure you’re using the right people to do the right thing.”last_img read more