D.C. Captive Director To Rejoin Private Sector
The District of Columbia Department of Insurance, Securities and Banking has announced the resignation of William P. White as director of its captive insurance program.
Mr. White, who the department said is leaving for a private sector position, will vacate his post on Oct. 1.
D.C. Insurance Commissioner Lawrence H. Mirel told National Underwriter that Mr. White came to the department from the private sector and that "we were just very lucky to get him for the short time he was here. He has really done a terrific job making this a choice domicile for captive insurance companies." Mr. Mirel said he was not at liberty to divulge where Mr. White would be going to except to say that "it's in his field."
He added that the District is now in a much better position to find a "top drawer" replacement because of Mr. White's work there.
Arthur Perchetz, chairman of the Captive Insurance Council of the District of Columbia, said that Mr. White has "done a wonderful job of bringing us up to this level."
The District of Columbia, which had five licensed captive insurers when Mr. White was hired in June 2003, now has 33 licensed captives with another seven in various stages of the application process, according to the department.
"As in any business, people move on for their own reasons, and were looking at this as an opportunity to actually find someone to bring us up to that next level," Mr. Perchetz said. He said a director will be sought with a "broad captive background and national stature."
The next level, he said, involves "expanding the District," and making sure the infrastructure is in place "to support the huge influx of captives and applications and new companies weve had."
A new director, he added, would also "leverage our new law, which will be one of the most creative laws in the country, if not the most creative. We think we will attract significant additional business."
In the meantime, he noted, Assistant Director Dana Sheppard will serve as acting director.
Mr. Mirel said that the domicile is seeing a greater interest from association captives. These were originally targeted but have only recently taken off because they take more time to put together. "Several large religious denominations have come in and we think there will be more," he said, adding that a number of non-profit associations, which he described as "enormous national organizations" based in Washington, are also looking to form captives there.
Mr. Mirel said he will appoint a search advisory committee to help find a new leader for the captive insurance program, including Mr. Perschetz of Muldoon, Murphy, Faucette, and Agugguia; Robert "Skip" Myers of Morris, Manning and Martin; and George Pantos, president of CIC-DC.
For more information, visit www.disb.dc.gov.
Reproduced from National Underwriter Edition, September 16, 2004. Copyright 2004 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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