May 22, 2012
Introducing Delaware’s New Captive Team
By Neil B. Glassman, Marla H. Norton, and GianClaudio Finizio
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With a 122% growth rate in captive licenses during calendar year 2008 and the current total number approaching fifty, Delaware has emerged as an onshore captive domicile of choice. Delaware’s steady growth as a captive domicile has been sparked by the 2005 adoption of revised captive legislation, at a time when only five captives were domiciled in the state, and its subsequent expansion in 2007 to add a new subchapter expressly authorizing the formation of special purpose financial captive insurance companies.
While Delaware has a proven track record in updating statutory schemes to stay abreast of current developments, legislation is not the sole factor driving Delaware’s captive growth. Other factors include the collaboration between government and the private sector; Delaware’s reputation as the forum of choice for corporations; limited liability companies; limited partnerships and statutory trusts; and Delaware’s continued emphasis on sound regulatory oversight and expertise.
Delaware Insurance Commissioner Karen Weldin Stewart has expressed her commitment to continue this growth trend by raising awareness of the benefits that Delaware offers as a captive domicile and by emphasizing the collaboration between government and the private sector. Commissioner Stewart maintains that the Delaware captive domicile is uniquely positioned to provide captive solutions and that many of the benefits Delaware has to offer the captive industry are largely untapped to date.
One of her first public actions in the captive area since becoming Commissioner in January 2009 was to reengineer the former Delaware Captive Division to form the Bureau of Captives and Financial Insurance Products (BCFIP).1
BCFIP is led by Steve Kinion, Senior Advisor to the Commissioner, who has succeeded former Captive Administrator William P. White, who had run the Delaware captive program since 2006. To ensure a seamless transition, both Kinion and White worked closely during the three months leading up to White’s final day as Captive Administrator. Kinion acknowledges that his predecessor’s accomplishments will facilitate Kinion’s efforts in carrying out his captive responsibilities and achieving BCFIP’s overall goals: “We are very thankful to Bill for his expertise, diligence and determination in putting the Delaware captive domicile on the map and in establishing the necessary foundation upon which we now may build. We have every intention of continuing to build upon and improve our regulatory infrastructure in continuing to provide only the highest standards of regulatory oversight. The Commissioner’s establishment of BCFIP and her selection of the BCFIP core team is a significant step in continuing in the right direction.”
Complementing Kinion, the core BCFIP team is rounded out by John Tinsley, Special Deputy for Examinations; Edmond Ianni, Director of Strategic Development; and Mary Jo Lopez, Director, Business Development.
The BCFIP team brings nearly a century of combined insurance, regulatory, business, and legal experience and oversight to the Department of Insurance. The team’s impressive array of expertise and unique blend of perspectives add enormous value for current and prospective captive licensees in Delaware.
Specifically, Kinion holds both a law degree (J.D.) and a Masters Degree in Business Administration (MBA), p
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QUALITY, CONSISTENCY, ACCESSIBILITY, AND GROWTH.
With a 122% growth rate in captive licenses during calendar year 2008 and the current total number approaching fifty, Delaware has emerged as an onshore captive domicile of choice. Delaware’s steady growth as a captive domicile has been sparked by the 2005 adoption of revised captive legislation, at a time when only five captives were domiciled in the state, and its subsequent expansion in 2007 to add a new subchapter expressly authorizing the formation of special purpose financial captive insurance companies.
While Delaware has a proven track record in updating statutory schemes to stay abreast of current developments, legislation is not the sole factor driving Delaware’s captive growth. Other factors include the collaboration between government and the private sector; Delaware’s reputation as the forum of choice for corporations; limited liability companies; limited partnerships and statutory trusts; and Delaware’s continued emphasis on sound regulatory oversight and expertise.
Delaware Insurance Commissioner Karen Weldin Stewart has expressed her commitment to continue this growth trend by raising awareness of the benefits that Delaware offers as a captive domicile and by emphasizing the collaboration between government and the private sector. Commissioner Stewart maintains that the Delaware captive domicile is uniquely positioned to provide captive solutions and that many of the benefits Delaware has to offer the captive industry are largely untapped to date.
One of her first public actions in the captive area since becoming Commissioner in January 2009 was to reengineer the former Delaware Captive Division to form the Bureau of Captives and Financial Insurance Products (BCFIP).1
BCFIP is led by Steve Kinion, Senior Advisor to the Commissioner, who has succeeded former Captive Administrator William P. White, who had run the Delaware captive program since 2006. To ensure a seamless transition, both Kinion and White worked closely during the three months leading up to White’s final day as Captive Administrator. Kinion acknowledges that his predecessor’s accomplishments will facilitate Kinion’s efforts in carrying out his captive responsibilities and achieving BCFIP’s overall goals: “We are very thankful to Bill for his expertise, diligence and determination in putting the Delaware captive domicile on the map and in establishing the necessary foundation upon which we now may build. We have every intention of continuing to build upon and improve our regulatory infrastructure in continuing to provide only the highest standards of regulatory oversight. The Commissioner’s establishment of BCFIP and her selection of the BCFIP core team is a significant step in continuing in the right direction.”
Complementing Kinion, the core BCFIP team is rounded out by John Tinsley, Special Deputy for Examinations; Edmond Ianni, Director of Strategic Development; and Mary Jo Lopez, Director, Business Development.
The BCFIP Team
The BCFIP team brings nearly a century of combined insurance, regulatory, business, and legal experience and oversight to the Department of Insurance. The team’s impressive array of expertise and unique blend of perspectives add enormous value for current and prospective captive licensees in Delaware.
Specifically, Kinion holds both a law degree (J.D.) and a Masters Degree in Business Administration (MBA), p