Arizona Names Captive Administrator
NU Online News Service, July 23, 12:05 p.m. EDT?The Arizona Department of Insurance announced it has hired Rod Morris, a former federal official, as the new captive administrator.[@@]
Mr. Morris was vice president for insurance at the Overseas Private Investment Corp., the federal agency that provides highly specialized political risk and financing support to U.S. investors in more than 150 foreign countries. He replaces Richard Marshall.
The department said that while at OPIC, Mr. Morris improved profits, created new risk management approaches and developed unique risk protection products, including one for stabilizing currency depreciation.
Mr. Morris, according to the department, has more than 35 years insurance industry experience, including more than 20 years in senior management of field operations, underwriting, sales and marketing, risk mitigation, and product development.
"Rod Morris has an incredible background in domestic and international insurance markets and fully appreciates the important role captive insurers have in the marketplace," said Insurance Director Christine Urias. "He will see to it that the Arizona Captive Program remains a thriving option for businesses looking for an alternative to the commercial insurance market."
Mr. Morris said he has inherited "a solid program from the previous administrator, Dick Marshall. In less than two years Arizona already has 27 captives licensed, and I hope to see that number grow substantially in the months to come."
He added that among the advantages of establishing a captive in Arizona are "the pro-business regulatory environment, lack of premium taxes and reasonable minimum capitalization requirements. In addition, the Arizona captive laws have been modified recently to allow several new types of captives, including reciprocal, agency, protected cell and nonprofits," Mr. Morris said.
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