Hawaii Insurance Commissioner Gordon Ito has appointed Sanford Saito as deputy commissioner and captive insurance administrator for the Department of Commerce and Consumer Affairs (DCCA) Insurance Division.
He previously held the position in an acting capacity.
Ito commented: “Saito is a dedicated team member who has played an integral role in the success of our captive insurance industry.”
“The insurance division will benefit from Saito’s continued leadership in maintaining our prudent regulatory and business-friendly environment, which makes us one of the top domiciles in the world.”
Saito is a certified financial examiner and has been with the insurance division since 2004 as a captive insurance examiner. Prior to that, he worked in the DCCA as a public utilities auditor.
Hawaii is ranked fourth in the US for largest captive domiciles. In fiscal year 2013, the Captive Insurance Branch brought in $2.13 million in premium taxes and fees for the state.
In addition, $18.4 million in economic benefit is attributed to Hawaii’s captive insurance industry through various professional services, annual conferences and visitor industry businesses.
