Ariz. To Retain 'Survivor' Captive Association
By Caroline McDonald
Arizona is a captive insurance domicile with only six captives so far, but the state has two captive associations.
Soon, however, the two groups will join forces, "following the lead of the other domiciles," according to the state's captive regulator.
Richard Marshall, captive insurance administrator for the Phoenix-based Arizona Department of Insurance, said the two associations are hoping to become one by March of this year.
"There are deals going on right now between the both of them where there will be a survivor and the other will fold up its tent."
He said it's a "friendly situation," noting that the two organizations simply realized "that they would be better off unified, promoting the industry in Arizona," rather than speaking with "two different voices."
The two associations, he said, were formed in the state in 2001, "before we even had captives."
The new association will be named the Arizona Captive Insurance Association, which will be combined with the Arizona Captive Insurance Council.
He said the new association will work to attract new members, "because that's been at a standstill." It will also organize seminars and hold the domicile's first conference, which could take place in October or in January 2004.
The conference, he said, would most likely attract 50 to 100 attendees.
Among the six Arizona captives, he said, only one is for a business located in Arizona. The others are from Michigan, Illinois, Minnesota, and two from Kansas.
Reproduced from National Underwriter Edition, February 10, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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