Sam Komo, captive insurance manager at the Missouri Department of Commerce & Insurance, outlines the state’s strengths
Speaking to Captive Insurance Times in March, Sam Komo, captive insurance manager at the Missouri Department of Commerce & Insurance, predicted 2023 would be the year that the department would accelerate its communication with stakeholders and would look for ways to amplify its support for a global industry.
It also promised to continue providing innovative ideas that encourage ongoing growth, while also protecting success.
On approaching the fall, Komo told us: “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.”
He adds: “The captive insurance community we serve goes well beyond the Missouri border and encompasses multiple industries, but the key concept that unites everyone is the need for oversight that protects success.
“With ongoing federal requirements, companies want to know if they are on solid ground. Our Missouri team understands this, and works hard to provide the necessary oversight and services to ensure the captive insurance community is protected.”
While providing these protections is a vital aspect of operations, encouraging growth is equally as important, Komo highlights. “That’s why we believe in regulation, but not over-regulation.
“This is accomplished through a dedicated team with experience in maintaining this balance — a team that conducts everything from applications to examinations in-house, and an administration that supports the overall business community, which includes the ability to utilise captive insurance as an option in managing potential risk.”
This commitment is evident in the department’s support of 54 active captive companies — with US $3.5 billion in gross written premiums.
To this, Komo says: “Their ability to grow and be successful confirms our strength as a domicile. Regardless of future challenges, we are here to help. ‘Encouraging captive growth while protecting success’ isn’t just our Missouri motto, it has been our vision for more than 16 years.”
