DE Captive Insurance Companies
Delaware Insurance Commissioner Karen Weldin Stewart made an announcement on Thursday, July 30, 2009, regarding the formation of a new revenue generating division with the Department of Insurance entitled the Bureau of Captive and Financial Insurance Products. Commissioner Stewart said, “The mission of the bureau will be to accelerate the formation of all types of new captive insurance companies in Delaware while developing, implementing and growing several other potential revenue streams.”
Captive insurance companies, which are typically owned by the entities they insure, are usually formed by businesses that wish to better manage the cost and administration of their insurance coverage. The State of Delaware revamped their existing captive insurance statute in June of 2005. Since that time, they have more than doubled the number of captives licensed in the State. As of today, the State of Delaware has 42 licensed captives.
Cover & Rossiter is now authorized to perform audits for captive insurance companies licensed in the State of Delaware, Arizona, Utah and Nevada. We have applications pending in both Kentucky and the District of Columbia. We have grown our captive practice from 3 captives to 16 captives over the course of the past 2 years. We are very proud of this accomplishment and are looking forward to continued growth in the future.
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