Missouri Department of Insurance has named Maria Sheffield as its new captive program manager.
Sheffield has 17 years of insurance regulatory experience as an accomplished attorney and former insurance regulator.
Sheffield began her insurance career at the Georgia Department of Insurance in 1996 before going on to work as a private attorney at a law firm that focused on insurance regulatory matters. She replaces John Rehagen, who was promoted to deputy director of the Division of Company Regulation earlier this year.
Missouri began allowing captive formation in 2007 and had just three licensed captives before Gov. Jay Nixon signed House Bill 577 in 2009, simplifying the process of moving offshore captive operations to Missouri. This made it more attractive for companies based outside of the state to set up captive operations here and made it easier for companies to bring their captive operations to Missouri by removing certain financial and investment restrictions.
Missouri now has 28 captives operating in the state and in 2012 saw $6.6 billion in premium volume. It also contributes to the state’s economy by bringing high-paying support jobs, including lawyers, CPAs, actuaries, consultants and a captive industry association.
In May, Gov. Nixon continued to strengthen Missouri’s captive market by signing Senate Bill 287. The bill, which takes effect Aug. 28, allows the formation of sponsored captive insurance companies in Missouri which may establish and maintain one or more incorporated protected cells. The bill also lowers the minimum of capital and surplus requirements for an association captive insurance company from $750,000 to $500,000.
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