The Delaware Department of Insurance (DDOI) has revealed that the state licensed 70 new captives in 2020, including 67 conditional licenses.
Last year’s licensing figures showed an increase on 2019’s stats, where the DDOI licensed 56 captive insurance companies.
The DDOI states that the work of the captive division “reduced taxpayer burden” by contributing $1 million to the city of Wilmington and $2.9 million to the State of Delaware General Fund in fiscal year 2020.
The 2020 figures also show that the Delaware Insurance Commissioner Trinidad Navarro’s approval of a rate decrease in workers’ compensation saved Delaware employers $4 million throughout the year.
“Increasing safety in the workplace decreases accidents and helps these costs stay low, and the Workplace Safety Program engaged 1,083 participating companies, earning a total safety credit of $7 million on their combined total premium of nearly $66 million,” the department of insurance explains.
Commissioner Navarro says: “Each year, people ask me what my priority will be. But my answer is always the same: the residents of Delaware. We will continue to prioritise consumers each and every day, and we are proud to show such strong results after a challenging year.”
