HONOLULU - September 6, 2006 - Craig Watanabe, head of the Captive
Branch in the Insurance Division, Department of Commerce and Consumer
Affairs (DCCA), has been given
the national award for Outstanding CPA in State Government for 2006 by
the
American Institute of Certified Public Accountants (AICPA). The award
was
presented at the AICPA's 23rd Annual National Governmental Accounting
Update
Conference in Washington, D.C.
"We are very proud and fortunate to have Craig working with us," said
Insurance Commissioner J. P. Schmidt. "Craig Watanabe is recognized
throughout the world as an expert in the complex, cutting-edge field of
captive insurance."
Captive insurance is a kind of formal self-insurance, where large
companies
set up their own insurance company to cover their risks. Smaller
companies
may take advantage of a similar alternative risk management approach by
banding together in a risk retention group.
Since 1999, Watanabe has overseen the state's regulation of the captive
insurance industry. Under his direction, the number of companies
domiciled
in Hawaii has tripled to 161, and the combined total assets of the
companies
have grown from $1.5 billion to $6.5 billion in 2005. Hawaii is the
second
largest Captive domicile in the United States and is in the top ten in
the
world, based on the number of companies. Based on total combined assets,
Hawaii is one of the top five domiciles in the world.
Due to Watanabe's leadership, the expertise of his staff and the many
private sector attorneys, captive managers, accountants and actuaries,
who
provide support to the industry in Hawaii, many Fortune 500 firms, such
as
Nike, Intel, E-Bay, and Clorox have set up captives in Hawaii. Respected
Japanese companies such as Mitsui Trading, Sanyo and Nissan Motor
Company
have also found that setting up captives in Hawaii benefits their bottom
line. In addition, a number of hospitals and healthcare providers,
large
construction firms and home builders have also set up captives in
Hawaii.
"Craig is recognized as a tough, but fair regulator. He is also creative
and
works closely with the companies so they can achieve their goals. Craig
Watanabe is truly a valuable asset for the State of Hawaii," said
Commissioner Schmidt.
The American Institute of Certified Public Accountants (www.aicpa.org)
is
the national, professional association of CPAs, with approximately
330,000
members, including CPAs in business and industry, public practice,
government, and education.
