17 November 2014Services

Ohio names captive insurance office chief

Tracy Snow has been named chief of the Ohio Department of Insurance’s new office of captive insurance.

Mary Taylor, Lieutenant Governor and insurance director, said “Tracy brings great private sector and regulatory oversight experience to this new office in addition to valuable leadership skills. His more than 12 years of insurance regulatory experience includes overseeing or directly performing risk-focused analysis of nearly 240 insurance companies based in Ohio.”

Governor John Kasich recently signed into law legislation allowing Ohio businesses to form captive insurance companies in the state to provide for their own commercial insurance needs, such as for auto liability and medical malpractice. HB 117 also gives the Department of Insurance regulatory authority over captives.

Ohio has joined more than 30 states that allow the formation of captives. They have become a popular risk-management tool for businesses seeking greater control over managing their commercial insurance needs.