22 February 2017Analysis

Delaware begins search for new captive director as Kinion steps down

The Delaware Department of Insurance has started searching for a new director for its Bureau of Captive Insurance and Financial Products as the current director, Steve Kinion is due to step down on April 1, 2017.

Commissioner Trinidad Navarro, who was elected to the position of insurance commissioner of Delaware on November 8, stated that he appreciates the leadership Kinion provided in his eight years in the role.

However, Navarro has decided to use his administration transition as an opportunity to restructure the position of director for a permanent resident state employee.

As a full-time state employee, the new director would be responsible for regulating Delaware-domiciled captive insurance entities, overseeing daily operations of the office and articulating the bureau’s goal and objectives.

For the past eight years, Kinion has lead the bureau as it has grown from under 100 captive insurance entities to just over 1000.

In the search for a new director, Navarro stated: “Captive insurance is an important economic asset to our state. Delaware currently ranks as the third largest domicile in the United States and the fifth largest in the world.

“The new director will be responsible for working to build on these achievements as I remain committed to growing and strengthening Delaware’s bureau and the State as a leader in captive insurance. I am looking forward to the bureau’s new direction. I will also work with legislators and the Delaware Captive Insurance Association to select the most qualified person for the job.”

Kinion, who is based in Illinois, said he is positive on the future of Delaware as a captive insurance domicile.

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