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Captive Formations Up in 2009

Some state regulators contend that an uptick in captive formation is a sign of economic recovery. Vermont is poised to process new captive applications in...
January 13, 2010

Some state regulators contend that an uptick in captive formation is a sign of economic recovery. Vermont is poised to process new captive applications in 2010 after an uptick in new licenses in the fourth quarter of 2009. Vermont expected to end the year with 36 to 38 new licenses issued in 2009 vs. 16 in 2008. In Delaware, Insurance Commissioner Karen Weldin Stewart plans to see legislation passed enabling the formation of branch captives for companies with offshore captives.

In South Carolina, Jeff Kehler, program manager of alternative risk transfer services in the South Carolina Department of Insurance, noted that South Carolina issued 11 licenses in 2008 for 10 captives and one special-purpose vehicle. "And we'll do 14 or 15 (in 2009), so that's positive," he said. In Kentucky as the year came to a close, Russell Coy II, captive coordinator in the Kentucky Department of Insurance, said Kentucky will have its 10th anniversary as a captive domicile in 2010, and the state hopes to have 100 captives in time for that anniversary.

Captive Formations Up in 2009 (Business Insurance 1/4/10)

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