04/08/2009
Delaware insurance commissioner Karen Weldin Stewart announced a new captive revenue generating division the day before captive programme administrator William P. White was due to leave the insurance department.
White, who is also the former District of Columbia captive director, was due to leave his post on 31 July after deciding not to renew his contract with the Delaware insurance department.
On 30 July the department announced a new revenue generating division within the Department of Insurance, to be called the Bureau of Captive and Financial Insurance Products.
Commissioner Stewart said in a statement: “We appreciate Bill’s trail blazing efforts in successfully launching the captive programme and wish him well.”
The outgoing administrator has been in the post since August 2006 and is credited with increasing Delaware’s captive count from 5 to 42. Steve Kinion, senior advisor to the commissioner, is slated to be White’s replacement as interim director of the programme.
Commissioner Stewart went on to say: “The mission of the bureau will be to accelerate the formation of all types of new captive insurance companies in Delaware while developing, implementing and growing several other potential revenue streams.”
Stewart said she is confident that investment in personnel captive programme will produce a substantial in the form of Delaware-domiciled captives and the premium taxes they generate.
She believes that the current 2% of Delaware’s General Fund revenues contributed by the department can be increased substantially.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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