Sam Komo, captive manager at the Missouri Department of Commerce & Insurance outlines the state’s strengths
The Missouri Department of Commerce and Insurance (DCI) Captive Insurance Programme licensed its last three 2022 captive companies of the year on 22 December and its first 2023 Captive Company on 12 January.
2022 was a great year for the Missouri Captive Insurance Programme, as we expanded into the sponsored captive realm by licensing our first sponsored company – while also adding seven pure captives.
These new captives increased our reach into construction, banking, financial investment, transportation, and warranty industries – throughout the US and on and off-shore.
Our programme ended 2022 with 54 active captives, tying Missouri’s record high from 2018. Only five companies voluntarily discontinued their licenses because of their business decision to no longer write premiums after several years of run-off.
As we turned a new leaf to 2023, DCI director Chlora Lindley-Myers was elected as the National Association of Insurance Commissioners (NAIC) president and reaffirmed her commitment to supporting the captive industry.
Commenting on her appointment, she said: “In Missouri, we’re known as the Show-Me State. That’s more than a state motto. What that means is: doing more than just saying we can do something – we show you we can.”
“When it comes to the Show-Me Captive programme, we believe in supporting our business community and providing options for them to manage their risk. We also believe that the number of captives a state has isn’t the only thing a business should consider. There’s more – a lot more.”
“In Missouri, we look at the strength and success of the companies domiciled here. The companies that have captives in Missouri are strong and successful, and our team is devoted to helping them protect that success. It’s great for businesses and it’s great for Missouri.”
With that confirmed commitment, the team with the Missouri Captive Insurance Programme quickly went to work to make this vision a reality for 2023 — a vision that isn’t only focused on the volume of captives we license in a single year, but the overall quality of service and support we provide the captive.
Historically, Missouri has addressed the needs of the captive community with a work-from-anywhere mentality, maintaining flexible laws and a devoted team with rooted experience in growing and protecting captive success.
That is evident in our 2021 numbers of 51 active captives with a gross written premium of US $4.7 billion.
As director Lindley-Meyers alluded: “We believe in doing more than just saying we can do something – we show you we can.”
Therefore, 2023 will be a year of communicating with stakeholders and looking for ways to amplify our support for a global industry with innovative ideas that encourage ongoing growth, while also protecting success.
Encouraging captive insurance growth is one aspect of our philosophy, but an equally important element in this environment is protecting the success and strength of our current captive insurance companies.
This is accomplished by providing necessary oversight that does not stagnate growth, but rather protects these companies from outside scrutiny. Missouri will stand strong on this commitment as we work together to find solutions in this ever-changing captive world.
