NU Online News Service, April 10, 1:01 p.m. EDT
The Missouri Captive Insurance Association is co-hosting the Western Regional Captive Insurance Conference with Utah and Arizona, in September in Salt Lake City, the association says.
“This will be our first annual meeting,” David Dimit, executive director of the association tells NU Online News Service. MOCIA began operating in Nov. 2010.
Dimit adds, “We have association members from six states already. We have a close relationship with the Missouri Dept. of Captive Insurance and manned a booth together at the Captive Insurance Companies Association’s conference in Tucson [in early March]. We think the growth trend will aggressively excel, as more businesses learn about captives and Montana's supportive attitude toward their formation.”
The number of captives domiciled in Missouri doubled during 2010 with premiums exceeding $1.5 billion, Dimit says, noting, “Missouri maintains a flexible, supportive attitude toward companies desiring to base a captive in Missouri. Legislation makes it easy for companies to either form or re-domesticate a captive here. Efficiency and low cost of formation are always a goal.”
John Rehagen, captive program manager for the Missouri captive insurance department told NU Online News Service in March that the state licensed 12 captives in 2010, compared to six on the books in 2009.
Missouri began licensing captives in 2007, and by 2009 premium volume had reached $1 billion according to the Missouri Dept. of Insurance.
Missouri Gov. Jay Nixon signed House Bill 577 in July 2009, simplifying the process of moving offshore captive operations to Missouri. The omnibus insurance bill also removed certain financial and investment restrictions for captive operations relocating to Missouri, and it expanded organizational options for captives.
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