Delaware to replace Kinion as captive director
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The Delaware Department of Insurance on Wednesday said it has launched a search for a new director for its Bureau of Captive Insurance & Financial Products to replace Steve Kinion, who had held the position for eight years.
The job has been posted as a full-time state employee to be appointed by Insurance Commissioner Trinidad Navarro, who was sworn in as Delaware’s 26th insurance commissioner on Jan. 3, according to a statement.
Mr. Navarro stated that he appreciates the leadership Mr. Kinion has provided, but has decided to use the administration transition as an opportunity to restructure the position for a permanent-resident state employee. The director of the captive bureau is responsible for regulating Delaware-domiciled captive insurance entities and will oversee the daily operations of the office, according to the statement.
Mr. Kinion, who will remain in his contract position with Delaware until April 1, said he was offered the opportunity to interview for the position but is a Springfield, Illinois, resident and was unable to relocate.
A bill introduced in the Illinois Senate on Feb. 9 would amend the state’s captive law to make it more attractive for companies headquartered in the state to relocate their captives to Illinois, and Mr. Kinion said he is eager to “help the land of Lincoln become a captive state.”
Delaware has aggressively promoted itself as a captive domicile over the past several years and reported 385 captives in 2016, up from 323 captives the previous year and 212 in 2012, according to Business Insurance data.
The state ranks as the world’s fifth-largest captive domicile, according to Business Insurance’s latest ranking.
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