Editor's note: Steven A. Meyerowitz, Esq., is a director of FC&S Legal. FC&S and PC360 are both owned by Summit Professional Networks
Delaware has become the sixth largest captive-insurance domicile. Delaware Insurance Commissioner Karen Weldin Stewart said in a statement that the state grew its number of captive insurers in 2013. In particular, at year-end 2013, there were 298 licensed captives with 266 being active. As of year-end 2012, Delaware had licensed 212 captive insurers with 192 being active.
Commissioner Stewart noted, "Delaware service providers, such as attorneys and accountants, are providing services to the captive industry at a greater rate than at any other time in the department's history. This shows that the captive bureau is meeting, and even exceeding, its statutory mission of expanding economic development."
According to Steve Kinion, director of the captive bureau, the growth resulted from industry's recognition that Delaware is a premier captive domicile. Kinion stated, "In 2012 Delaware was the world's tenth largest and third largest U.S. domicile. While we remain the third largest U.S. domicile, our global reach and presence has significantly increased."
Commissioner Stewart added, "One of the attributes of domiciling in Delaware is that captive insurers can take advantage of Delaware's premier entity laws. No other jurisdiction integrates business and corporate laws with alternative risk transfer like Delaware."
In 2005, the Delaware General Assembly passed House Bill 218, changing Delaware law regarding the formation of captives.
Learn more: http://captive.delawareinsurance.gov/.
Originally published on FC&S Legal: The Insurance Coverage Law Information Center. FC&S Legal is the industry's ONLY single-source, comprehensive portal developed specifically for insurance coverage law professionals. To find out more, visit www.fcandslegal.com. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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