Sanford Saito named Hawaii's captive insurance administratorReprints
Sanford Saito has been appointed deputy commissioner and captive insurance administrator for the Hawaii Department of Commerce and Consumer Affairs Insurance Division.
Mr. Saito previously held the position in an acting capacity.
“Sanford is a dedicated team member who has played an integral role in the success of our captive insurance industry,” Hawaii Insurance Commissioner Gordon Ito said in a statement announcing the move Monday. “The Insurance Division will benefit from Sanford's continued leadership in maintaining our prudent regulatory and business-friendly environment, which makes us one of the top domiciles in the world.”
Mr. Saito has been with the Insurance Division as a captive insurance examiner since 2004 and previously worked in the department's Division of Consumer Advocacy as a public utilities auditor.
Ranked by active captive licenses, Hawaii is the fourth largest captive domicile in the U.S. and 11th in the world. According to the DCCA, staffing in the Captive Insurance Branch has increased by 50% since 2009.