Thursday, February 22, 2024
Hawai'i Free Press

Current Articles | Archives

Thursday, August 22, 2013
Hawaii Captive Insurance Administrator Resigns
By News Release @ 10:37 PM :: 3975 Views :: Hawaii State Government

Hawaii Captive Insurance Administrator Resigns--Chief Examiner expected to be named as interim leader

News Release from HCIC 

Honolulu, Hawaii, August 19, 2013 – After serving as the Hawaii Captive Insurance Administrator and Deputy Insurance Commissioner for 3 ½ years, George Sumner has resigned his position, effective August 29, 2013. The state of Hawaii Insurance Commissioner, Gordon Ito, is expected to name captive insurance examiner, Sanford Saito, as the interim leader. During Mr. Sumner’s tenure, Hawaii licensed 40 new captive insurance companies, total gross written premiums increased to $2.6 billion from $1.2 billion, and total assets increased to $14 billion from $6.4 billion. Hawaii currently has 180 actively licensed captive insurers that contribute $40 million dollars in direct and indirect spending on professional services and tourism related activities.

“We certainly appreciate George’s contribution to our industry and we wish him well in his future endeavors. We also offer our full support to the insurance division and anticipate an orderly transition.” says Fay Okamoto, chair and director of the Hawaii Captive Insurance Council.

Captive insurance is a regulated form of self insurance, prevalent in the industry since the 1970’s, and became a part of the Hawaii insurance code in 1986, when Hawaii passed Article 19 of its insurance law. Captive insurance companies are formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability. There are currently 37 US states that have captive enabling legislation.

---30---

DCCA: Hawaii $10B in Captive Insurance

Creative Insolvency: EUTF to Enter ‘Shadow Insurance Industry’?

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT