NY Launches “Fast-track Captive Formation” Initiative

January 21, 2003

N’ew York’s Superintendent of Insurance Gregory V. Serio and Empire State Development Chairman Charles A. Gargano announced the creation of a newly dedicated “captive group” and the launch of a new Web site “designed to fast-track applications for captive formation.”

The initiative, designed to meet rapidly changing conditions in the insurance market, will enable New York’s businesses to have “dedicated contacts in the Department of Insurance to answer all captive insurance questions and process captive applications within 30 days of the receipt of a fully completed application,” said the announcement.

“The Department has always prided ourselves at being the facilitator of insurance coverage to our business community. Given the contraction of the commercial insurance market around the country, we are looking to be of greater help to even more of New York’s businesses by offering them an important option through the use of captives as an alternative form of insurance,” stated Serio. “The new Web site will provide businesses with all the information they need to become licensed as a captive insurance company and the new group will be available to provide assistance and guidance through each step of the formation process.”

Gargano stressed that the new capabilities would enable New York’s businesses to “now reach out directly to dedicated staff to take advantage of the opportunity to utilize captive insurance companies to retain, fund, and better manage their risk.”

The new captive group is made up of representatives from the Insurance Department’s Capital Markets Bureau, Property Bureau, and Office of General Counsel. The group is chaired by Senior Deputy Superintendent of Insurance Peter Molinaro. Other members include: Michael Moriarty, Captives Capital Markets Advisor; Joseph Scala, Counsel to the Captives Group, and Jody Wald, Captive Insurance Coordinator.

The new “Captives” Web site is www.NYCaptives.com. It includes all the forms necessary to form a captive in New York as well as additional information on formation, the benefits of creation, updated news, and links to the e-mail addresses of the captive group. The captives group can be reached by phone toll-free at 1-866-NYSCAPTives.

Topics New York

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