Christopher Gallo has joined CIC Services, a Knoxville-based risk management consulting firm as managing director.
Gallo brings experience with risk-based captive legislation, the examination process and annual accreditation reviews.
CIC Services said his hire will help meet the demands of alternative risk transfer (ART) programmes and securing regulatory approval of ART structures.
Prior to joining, Gallo worked at Connecticut’s Financial Regulation Division for 35 years.
Gallo’s financial regulation work includes a rotation in the Swiss Financial Markets Supervisory Authority (FINMA) and a supervisory college panel role with the Dutch National Bank (DNB).
Within the captive division, he has experience with true risk-based captive legislation in the Connecticut Governor’s office, the examiner in charge for the captive division’s report of Examinations, and the captive division the National Association of Insurance Commissioners self-evaluation guide for interim annual and accreditation reviews.
Commenting on his new role, Gallo said: “One major lesson I’ve learned from my career in insurance regulation is the critical importance of sustainable liquidity and cash flow, in any enterprise. This led me to pursue my second career in educating business owners on how a properly managed captive insurance company will allow such an enterprise to thrive in any economic environment.”
CIC Services founding principal and in-house counsel Sean King added: “As our company has grown and expanded, we’re thrilled to fuel the momentum with experienced professionals like Chris Gallo.”
King added: “Gallo brings an extensive background in finance, risk management and insurance to the table that will serve our clients well.”
CIC Services’ court case against the Internal Revenue Service over Notice 2016-66 was recently heard by the Supreme Court Justices.
The case, which was heard on 1 December, concerned the Anti-Injunction Act, a federal law that bars lawsuits to stop the assessment or collection of taxes.
