MISSOURI
tax-free. This funding structure has allowed us to maintain licensing times of 30 days or fewer and to turn around changes in business plans quickly. It also enables the staffing to be available to answer the phone when our captive owners call, now and into the future.
As the number of captives in Missouri has grown, so has the number of service providers approved to do business in the state. In 2011, 30 additional service providers were approved, increasing the number to more than 80. Accountants, actuaries and captive managers from within and outside Missouri are approved. Several attorneys that represent Missouri captives, or are experienced with captive law, are listed on the captive web page. Currently, more than 40 percent of these service providers are located within Missouri, creating work for local people. Unlike some domiciles, Missouri does allow non-resident service providers. This gives our captive owners more options today and will allow more offices to be opened in Missouri tomorrow, as the client base for service providers grows. It’s important that our domicile provides what our owners need to be successful while keeping an eye on the successful long-term growth of the programme.
“We have been increasingly successful in attracting captives, but providing a domicile that can service the captives that we have already licensed is a high priority.”
The Missouri Captive Insurance Association (MOCIA) has been a vital part of this success. Executive director David Dimit and president of the association Michael Mead have done well in attracting members. This year the association has already sponsored a captive educational seminar for members of the Missouri House of Representatives, which was well received. More educational and networking events are anticipated throughout the year. The association is a joint sponsor of the Western Region Captive Insurance Conference, along with the Arizona and Utah associations. Combining the resources of these three associations ensures this is a well attended and high quality captive event. The department is supportive of MOCIA’s goal of providing networking and educational opportunities for our captive owners to facilitate further captive growth in Missouri.
All the ingredients are in place for Missouri to continue to be an attractive captive domicile, not just for the next four to five years but for the next few decades. We believe the only way to grow a domicile that will stand the test of time is through consistency in our approach to regulation and a long-term vision. Last year was another great year, but we believe the best is yet to come. Captive insurance has a bright and long future in Missouri. l
John Rehagen is captive programme manager at the Missouri Department of Insurance, Financial Institutions & Professional Registration. He can be contacted at:
john.rehagen@
insurance.mo.gov
To learn more about Missouri as a captive domicile visit
insurance.mo.gov/captive
To learn more about MOCIA and upcoming events visit
mocaptive.com 124 CICA | Forty years of captive leadership
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