N.Y. Revs Up Captive Domicile Promotion
The New York State Insurance Department, in a stepped-up effort to attract captive insurers to its domicile, announced last week that it has launched a special captive Web site and created a special staff unit that businesses can contact directly.
The initiative, said Joanna Rose, spokesperson for the department, is a “refocusing, so to speak.” She said members of the group already were employed by the department, but “we've now formed a dedicated group redefining whose responsibilities are where and making sure they are completely accessible to any businesses that want to form captives here.”
The state, she said, is striving to be more accessible to the business community. “We wanted to make sure that New York's businesses were aware of all the options available to them,” she said.
Interest in captives has recently stepped up, she said. “We definitely have more businesses coming to us trying to find out if these are viable options.”
To date, the state has five licensed captives, and “several are in the process,” she said.
The state adopted captive legislation in 1997.
Superintendent of Insurance Gregory V. Serio said in a statement that the Web site will provide businesses with all the information they need to become licensed as captive insurers, and that “the new group will be available to provide assistance and guidance through each step of the formation process.”
Chairing the group is Peter Molinaro, senior deputy superintendent of insurance. Other members of the group are Michael Moriarty, captives capital markets advisor; Joseph Scala, counsel to the captives group; and Jody Wald, captive insurance coordinator.
The group includes representatives from the department's Capital Markets Bureau, Property Bureau and Office of General Counsel.
The domicile's new Web site, www.nycaptives.com, includes all forms necessary to form a captive in New York, as well as information on formation, the benefits of creation, updated news and e-mail address links of captive group members.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, January 27, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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