43 new captives were licensed in 2023, for a total of 670 licensed captives, according to the Delaware Department of Insurance’s (DDOI) data released for the year.
In the same year, the state’s captive bureau launched Delaware Captives 2.0 with the Delaware Captive Insurance Association (DCIA), aiming to continue to innovate and compete with other domiciles.
The department says it led and engaged with dozens of policy efforts with partners in the legislature. Legal staff processed 15 new bulletins and 10 revised or reissued bulletins, five new regulations and four exempt orders to regulations.
The work of the department also provides substantial funding to the state. In 2023 the DDOI contributed an estimated US$189 million in funds for the state and its funds, including US$113 million for the general fund, and US$44.7 million for fire companies.
Delaware insurance commissioner Trinidad Navarro was elected chair of the Northeast Zone of the National Association of Insurance Commissioners (NAIC), leading the group’s national anti-fraud task force.
During the year, staff participated in outreach events including the Positively Dover African American Festival, Clayton Fire Prevention Open House and Dover Days, Down Syndrome Walk.
Commenting on the figures, Navarro, says: “While the numbers themselves are impressive, within them are 10s of thousands of stories. Stories of finding affordable coverage for the first time, stories of storms and fires, stories of injustice, investigation, and resolution, and above all, a story of change.
“Our state is changing, and our department is changing with it to ensure we continue to protect our consumers and offer them a robust, affordable and competitive insurance market.”
