From: Captive International
Regulators must keep pace with what is now a rapidly changing captive insurance market, according to a panel at this year’s Captive Insurance Companies Association annual conference.
The current hard market is one of the biggest drivers of this rapid evolution as companies consider the use of captives more than they have before, the panel said.
The panel also underlined the evolution of the captive market as it grows and diversifies. The number of lines of business being dealt with by captives is increasing, as is the variety of structures used. As a result, the market wants regulators to keep pace with these changes.
Moderated by Gerald Yoshida, partner at Goodsill Anderson Quin & Stifel, the panel also comprised: Sandy Bigglestone, deputy commissioner, Captive Insurance Division, State of Vermont; Kara Ebanks, head of Insurance Supervision Division, Cayman Islands Monetary Authority; and Mark Wiedeman, director, Tennessee Captive Insurance.