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Member, Beacon International Group, Ltd.
The Missouri Department of Insurance has named Maria Sheffield captive program manager.
Ms. Sheffield, who took the position July 8, succeeds John Rehagen, who was named deputy director of the insurance department’s division of company regulation earlier this year.
Ms. Sheffield began her insurance career in 1996 with the Georgia Department of Insurance before moving on to work as an attorney focusing on insurance regulation.
Missouri currently has 28 licensed captives, according to a statement from the state, and Missouri-domiciled captives wrote $6.6 billion in premiums in 2012.
A measure that Gov. Jay Nixon signed into law in May, which takes effect Aug. 28, will allow the formation of sponsored captive insurance companies in Missouri and reduce the minimum capital and surplus requirements for association captives to $500,000 from $750,000.