In this episode, Vermont Captive Insurance Association (VCIA) President Ian Davis joins The Edge of Risk podcast by IRMI to unpack how captive insurance legislation evolves in one of the world's most established domiciles. Mr. Davis explains the core pillars of "captive-friendly legislation," emphasizing clarity, flexibility, and responsiveness as foundational to Vermont's regulatory philosophy. He also reflects on the state's long-standing commitment to aligning oversight with real-world risk, ensuring both innovation and integrity remain central to the captive framework. The conversation explores how Vermont's legislative process is rooted in collaboration among regulators, lawmakers, and industry participants, supported by continuous dialogue, trust, and transparency. Mr. Davis also highlights recent developments, including growth in cell structures and adaptive regulation for emerging risks such as artificial intelligence; environmental, social, and governance; and evolving tax considerations. Finally, he shares how captive owners and service providers can engage with VCIA's advocacy committee to help shape future priorities.