Speaking to A.M. Best TV at the Vermont Captive Insurance Association Conference, Aon Global Risk CEO Peter Mullen expressed some concern that captive numbers may be inadequate to keep 37 US domiciles afloat.
He said: “To be honest, I’m concerned that there aren’t enough captives to support the appropriate level of regulation. It’s very important that new domiciles know they can generate the revenue to support the regulatory infrastructure. It’s a space that we watch carefully.”
Maria Sheffield, captive program manager at the Missouri department of insurance, said: “I do think it’s important to have the infrastructure in place. Just because you have a captive law doesn’t mean you’re prepared to regulate those types of companies.”
Peter Mullen, US captive domiciles, Vermont Captive Insurance Association