Atlas Insurance Management, a Charlotte-based captive insurance management firm, has written to the chairman of the National Association of Insurance Commissioners (NAIC) Financial Regulation Standards and Accreditation Committee to register its opposition to a draft proposal.
The proposal would subject certain captive insurers to “Part A” accreditation standards, which would require them to abide by the same laws applicable to commercial insurers.
The NAIC proposal would apply to any property and casualty or life and health captive operating in at least one state other than its state of domicile.
It would also apply to these captives reinsuring business that was directly written by a ceding insurer in at least two states.
“I firmly believe that captive insurance, just like commercial insurance, is a broad economic and social good, helping turn the wheels of commerce and allowing for-profit and not-for-profit entities to take and manage the risks inherent in the transaction of any business,” said Martin Eveleigh, chairman of Atlas.
“The adoption of this proposal would deny this good to many companies, including clients of Atlas, whose businesses operate across state lines.”
Founded in 2002, Atlas operates offices in Charlotte, North Carolina and the Cayman Islands.
