Executives and state officials have discussed whether more onshore domiciles would be a plus or a minus for the industry according to A.M. Best coverage of the recent VCIA conference.
Peter Mullen, CEO of Aon Global Risk Consulting, explained that he’s concerned about the level of regulation that will go on in newer domiciles.
Maria Sheffield, captive programme manager at the Missouri Department of Insurance, said that infrastructure is important, and that “having a captive law doesn’t mean that you’re prepared to regulate those entities”.
John Talley, New Jersey acting chief of captive insurance, feels that new domiciles will be able to distinguish themselves from the competition by catering to the distinct needs of certain captive insurance companies.
