The regulation of captive insurers was the main focus of the captive conference hosted by the National Association of Insurance Commissioners (NAIC) president-elect and Missouri insurance director, John Huff.
The conference, which was attended by more than 400 regulators, consumer representatives and industry stakeholders, was coordinated by the Center for Insurance Policy and Research (CIPR) and in conjunction with the NAIC 2015 Fall National Meeting.
In his opening marks, Huff said: "Today, we have assembled a dynamic group of presenters and panellists to take a closer look from all sides at the benefits and challenges of using captives to determine impacts to the insurance industry and consumers, not just in my state, but across the country.”
The forum on the regulation of captive insurance companies highlighted issues facing regulators and the industry itself.
Topics that were discussed included recent trends in the use of captives, their capital, confidentiality, and disclosure and transparency. Regulatory solutions were also a hot topic.
NAIC secretary-treasurer and Wisconsin insurance commissioner Ted Nickel, Rhode Island deputy director and superintendent of insurance and banking Joseph Torti III, and Iowa insurance commissioner Nick Gerhart, were also in attendance.
