First State Times

The Delaware Department of Insurance today announced a planned leadership transition following an upcoming departure of long-time Captive Bureau Director Steve Kinion. The unique form of insurance regulated by this division contributes millions of dollars to the State of Delaware and City of Wilmington each year. As of year-end 2021, the Bureau had 759 total active licenses.

“Despite challenges, we have pursued some of the nation’s most effective captive innovation efforts, like our conditional licensing program, and are set up success in future endeavors as well,” said Insurance Commissioner Trinidad Navarro. “This transition of leadership will continue our tradition of success, and we wish Steve Kinion the best in his future endeavors.”

While the number of captives nationwide has seen decreases in recent years, Delaware’s long history as a top captive domicile across the globe has continued. Commissioner Navarro and the Bureau created a successful conditional licensing program, improved flexibility in dormancy, and continue to work to generate innovative insurance solutions while reducing taxpayer burden including planning for captive-based corporate Directors & Officers liability coverage.

Accolades for the Bureau during Commissioner Navarro’s years in office include being named a finalist for U.S. Captive Domicile of the Year (2022), a nomination for International Captive Domicile of the Year (2021), finalist for Non-Asian Domicile of the Year (2021), finalist for International Insurance Domicile of the Year (2020), finalist for Non-Asian Domicile of the Year (2019), and nomination for Non-European Union Domicile of the Year (2016).

The Bureau Director position operates via contract, and a recent RFP process resulted in a new awardee. The Department will announce the awardee as soon as a contract is finalized, which the Department hopes will occur in the next few weeks.

Captive insurance companies, which are owned by the entities that they insure, are usually formed by businesses that wish to better manage the cost and administration of their insurance coverage. Delaware is the world’s fifth largest and the third largest U.S. captive domicile. It is one of four domiciles in the world recognized by the International Center for Captive Insurance Education as ICCIE Trained. To learn more, visit captive.delaware.gov.

Original source can be found here.