The departure of Rod Morris, former Arizona Department of Insurance captive administrator, who left for the private sector, has not adversely affected captive development, according to the Arizona Captive Insurance Association (AzCIA).
DOI Director Christina Urias announced Jan. 18 that Mr. Morris had left the department. She said that Mr. Morris joined the department in July 2004 and that under his tenure the number of Arizona-licensed captives more than tripled, from 27 to 106.
"With complete deference to the past, my recent meetings with DOI staff on captive matters have been excellent," Mike Mead, president of Sonora Captive Management and of AzCIA, said in a statement. "[The department is] responsive, helpful and thoroughly professional."
He added that while he looks forward to working with a new administrator, "the current process serves well and we should not encounter any delays or glitches in captive formation and regulation. Director Urias and her staff are to be commended."
Mr. Mead's comments appeared to modify an AzCIA statement issued Jan. 18, when he said: "This critical [captive administrator] position needs to be quickly filled by the best qualified candidate in order for the captive industry in Arizona to continue its impressive growth. The director has assured me that for the time being she will be the face of captives for Arizona and that the captive movement will continue to thrive in Arizona."
Ms. Urias said the Arizona DOI has a "stable, cohesive team of captive insurance professionals with a combined total of 195 years of insurance experience."
She continued that along with the AzCIA, the department has refined and modified Arizona's captive insurance laws over the past few years, "always with the goals of remaining competitive while maintaining appropriate regulatory oversight."
The AzCIA said its annual conference is May 6-8 at The Arizona Biltmore. The Web site is www.azcia.org
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