The Delaware Department of Insurance is going in another direction in looking for a new chief for its captive insurance work.
According to a release, the “Delaware Department of Insurance has commenced a nationwide search for a new director for its Bureau of Captive Insurance & Financial Products. The job has been posted as an exempt position, and the new director will be appointed by the Insurance Commissioner.”
The new director will be a full-time state employee.
Captive insurance companies are set up by corporations as self-insurance mechanism for risks. The companies pay fees to the state.
Under Steve Kinion, the operation has grown from under 100 captive insurance entities to slightly more than 1,000.
However, new Commissioner Trinidad Navarro stated that he appreciates the leadership Kinion has provided, he decided to restructure the position for a permanent resident state employee.
Navarro issued the following statement:
“Captive insurance is an important economic asset to our state. Delaware currently ranks as the third largest domicile in the United States and the fifth largest in the world. The new director will be responsible for working to build on these achievements as I remain committed to growing and strengthening Delaware’s bureau and the state as a leader in captive insurance. I am looking forward to the bureau’s new direction. I will also work with legislators and the Delaware Captive Insurance Association to select the most qualified person for the job.”
Qualified applicants should have knowledge of captive insurance principles and regulations and be able to promote Delaware as an attractive domicile for captive insurance companies. A Juris Doctorate is required.