- Associated Press - Wednesday, February 19, 2014

MONTPELIER, Vt. (AP) - Vermont Gov. Peter Shumlin is going to sign into law a bill designed to create a specialized insurance industry that could generate jobs and millions of dollars in taxes and fees.

Shumlin is planning to sign the Legacy Insurance Management Act at the Statehouse on Wednesday.

During his budget address last month, Shumlin said the law, known as LIMA, creates specialized Vermont-based insurance companies that help other companies consolidate policies and redeploy capital.

Shumlin says LIMA could be the state’s next success in efforts to serve as a specialized global financial services destination.

He says LIMA is patterned after Vermont’s captives insurance industry that would generate tax revenue and well-paying financial jobs.