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The Delaware Captive Insurance Association (DCIA) held its 2014 Fall Forum October 27-28 in downtown Wilmington. The forum allowed a great opportunity to interact with leading captive service providers, captive owners, and Delaware’s captive regulators in an informal setting. The meeting was attended in force by the staff of Delaware’s Bureau of Captive & Financial Insurance Products (the Bureau) including everyone from Director Steve Kinion to the analysts that work to review captive applications. This provided a chance for those of us working with numerous Delaware-domiciled captives to visit with the people reviewing our work.
In the Department of Insurance Regulator Session, Mr. Kinion pointed out that Delaware grew from the 7th largest on-shore captive domicile in 2012 with over $2 billion in premium to the 3rd largest in 2013 with over $6 billion in premium. According to Mr. Kinion, one of the reasons Delaware has become so popular is its practice of going a step above to accommodate businesses, demonstrated in part by the willingness to accept captive applications for the year through midnight on December 31. Mr. Kinion also mentioned Statement of Actuarial Opinion (SAO) instructions for Delaware captives will be available by November 15 this year.
An example of the many valuable sessions was How to Properly Form a Delaware Captive, which was presented by a panel of Jamie Bafundo, the Bureau; Courtney Haltiwanger, Artex Risk Solutions; Kirk Mooneyham, Wilmington Trust; and, David Ginsberg, Oxford Risk Management Group. The session presented many practical considerations in forming a captive in Delaware, drawing from first-hand experiences of the captive managers and the regulator on the panel. Ms. Bafundo also mentioned a new version of the annual report is required for 2014, and will be posted online.
From the educational sessions to the networking opportunities, the DCIA Fall Forum was a successful event and we look forward to participating in future forums.
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