Commissioner Stewart Lauds Captive Division’s Success
DOVER, DE – Insurance Commissioner Karen Weldin Stewart is pleased to announce that Steve Kinion, Director of the Delaware Insurance Department’s Bureau of Captive and Financial Insurance Products, has been named as one of the four most influential people in the captive insurance industry. The February 2016 issue of Captive Review magazine lists Kinion as number four on its global list of the “Power 50 in 2015” list. Kinion was also in the top four in 2014.
“The recognition of Steve for two consecutive years is further evidence of the continuing success of Delaware’s captive insurance program,” said Commissioner Stewart. “The people of Delaware thank Steve and his team for creating an environment that fosters sophisticated alternative risk transactions.”
Announcing the 2015 rankings, Captive Review observed: “A true warrior of the industry and unafraid to make his voice heard, Kinion can be relied upon to spot any legislative or NAIC [National Association of Insurance Commissioners] action that could compromise the position of strength of captives in America’s booming captive sector.”
Captive Review also recently named Commissioner Stewart to its first Enterprise Risk Captive Pioneers list.
Captive insurance is a form of self-insurance. Captive insurance companies are owned by entities who wish to better manage the cost and administration of their own risks. In 2005, Delaware updated its laws regarding the formation of captives, thereby positioning the state to become a preferred domicile to the growing number of captive insurance companies being created by companies worldwide. Today Delaware is the third largest captive domicile in the U.S. and the world’s sixth largest. Delaware’s sophisticated corporate laws, financial infrastructure and respected judiciary make it the preeminent jurisdiction for business. These benefits extend to captive insurance companies through Delaware’s Bureau of Captive and Financial Insurance Products.
For more information, please visit http://captive.delawareinsurance.gov/
###Related Topics: captive insurance • Delaware Insurance Commissioner • DOI • Karen Weldin Stewart
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