From: Captive International
State regulators and captive organisations, from associations to insurers, need to communicate as much as possible if they are going to succeed to their full potential, according to a panel at the Captive Insurance Companies Association (CICA) annual conference in Palm Springs, California.
It is important that staff in state regulatory departments must be exposed to events like CICA 2023 as much as possible, the panel stressed, so that they can hear about the many issues that captives face.
It is also important for regulators to realise that captive insurers are different from traditional insurers and therefore need to be handled differently, the panel said, with education and training being key to coping with this.
The panel was moderated by Gerald Yoshida, partner at Goodsill Anderson Quinn & Stifel and had representatives from three states: Lori Gorman, deputy commissioner from North Carolina, Steve Kinion, captive director of the Oklahoma Insurance Department, and Joe McDonald, captive director for South Carolina.