We attended the Delaware Captive Insurance Association Forum on May 12th and 13th in Wilmington, DE. The event was well attended with 79 participants from many disciplines all working in the captive space: attorneys, actuaries, CPA’s, captive managers, and Delaware regulators including the Insurance Commissioner, Karen Weldin. The forum offered a great opportunity to meet with several key players working with captives domiciled in Delaware.
Sandra was asked to present Tuesday morning and conducted a lively session regarding policy construction with Andrew Rennick, Esquire of Gordon, Fournaris & Mammarella, P.A. We had an interesting session with Steve Kinion, the Delaware Director, Bureau of Captive and Financial Insurance Products, where he shared his views on the National Association of Insurance Commissioners’ (NAIC) move to change the definition of multi-state insurers which may adversely affect captives. Steve also went over his proposed changes to Delaware regulations primarily affecting series captives, as well as providing new loan guidelines for all captives.
One of the participants of note was Chaz Lavelle of Bingham Greenebaum Doll, LLP. Chaz was the Tax Counsel for two key taxpayer victories in captive insurance cases including the Humana Inc. v. Commissioner which decided the “brother-sister” issue regarding risk sharing and risk distribution.
Great forum and time well spent!