Steve Kinion will continue to serve as captive bureau director for the Delaware Department of Insurance.
At the Delaware Captive Insurance Association’s annual Spring Forum earlier this week, insurance commissioner Trinidad Navarro confirmed that Kinion will continue to lead captive insurance in the state, despite saying in February that he intended to restructure the role.
Delaware’s captive total has increased from 100 captive insurance entities to just over 1,000 since Kinion became director.
Delaware is currently working on introducing dormant status for captive insurers, with a proposed bill making its way through the state legislature.
According to the proposed bill, a captive will have to cease collecting premiums and notify the insurance commissioner of its intention to go dormant. It must also possess and maintain unimpaired capital and surplus of $25,000.
