Ariz. Captive Regulator Quits To Head Captive Firm
By Caroline McDonald
NU Online News Service, May 21, 2:31 p.m. EDT?Richard Marshall, captive administrator for the Arizona Department of Insurance Captive Insurance Division, has announced he will leave his administrative position for the private sector, effective June 4.[@@]
Mr. Marshall, who was not immediately available for comment, has held the position since 2002 and was instrumental in the growth of the domicile, which now has 24 licensed captive insurers.
Under his leadership the domicile expanded its captive regulations, adopting legislation that allows risk retention groups, agency captives and protected cell captives. It also permits some direct writing of workers' compensation.
"As happens sometimes in the regulatory community, he got an offer he couldn't refuse from the private sector, said Judie Harrington-Carlisle, executive director of the Arizona Captive Insurance Association in Arizona. "He is going to be heading up his own captive management company," she said. "He's going to be part of the little insurance community here in Phoenix."
Mike Mead, vice president of the association, said he was not completely surprised by the announcement, "because Dick has spent many years on the commercial side and it was an interesting departure for him to become a regulator." He added that Mr. Marshall has "done a terrific job for Arizona, but I'm not surprised he wanted to switch back to the commercial side."
Mr. Mead said the ideal profile for Mr. Marshall's replacement would be "someone in their mid-50s who can take early or full retirement and who wants to move to Arizona. My guess is that there are probably several people in that category."
Since his resignation, the department has been actively involved in managing the captive division and said in a statement that Mr. Marshall will continue to aid in the department's transition to a new administrator. Mr. Marshall will remain in Arizona and plans to continue working in the captive insurance/alternative risk financing arena.
Ms. Harrington-Carlisle said the insurance department is "extremely supportive of keeping this captive program going. It is very high on their radar screen."
Mr. Mead noted he is encouraged that Christina Urias, Arizona's insurance director, has been "extremely supportive" of the captive program.
"We're losing a valuable asset in Dick; however, he is leaving the program in excellent shape for the future," Ms. Urias said in a statement. "I am committed to continuing the growth of the captive insurance program and getting the word out that Arizona is a welcome home to the captive industry."
The department urged prospective captive applicants to visit the Web site for more information (www.id.state.az.us).
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