The current climate is gravitating toward pushing captives—including single-parent captives, association captives and agent-owned captives—to appointing experienced, independent directors to their boards.

Regulators (including the National Association of Insurance Commissioners and Bermuda Monetary Authority) and ratings organizations (A.M. Best, Standard & Poor’s) have come out in favor of the movement toward the appointment of independent directors. They believe independent directors add value by providing experienced guidance to captive owners that is separate and distinct from a captive’s other advisors, such as managers, lawyers and accountants.

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