Hawaii Insurance Commissioner Gordon Ito today announced the appointment of Andrew Kurata as deputy commissioner and captive insurance administrator for the Department of Commerce and Consumer Affairs Insurance Division. He previously held the position in an acting capacity.
The captive insurance administrator oversees the ongoing regulation of all captives licensed in the State under the Insurance Commissioner. This includes monitoring for regulatory compliance, reviewing filings, coordinating on-site examinations, and promoting the growth and development of the captive insurance industry.
Kurata has been with the Insurance Division since 2011 as a captive insurance examiner and captive insurance program specialist. Prior to that, he worked in the audit department at KMH LLP.
“Andrew has been a dedicated and important part of our experienced staff in providing a stable, committed and business-friendly environment that makes Hawaii one of the premiere domiciles in the world. The Insurance Division will benefit from his leadership and look forward to the continued success of our captive insurance industry,” said Commissioner Ito.
“I’m honored to be appointed the captive insurance administrator and look forward to being a part of the continued growth and success of our domicile. The Captive Insurance Branch will continue to provide prudent regulatory oversight while forming collaborative partnerships with captive owners and service providers to achieve risk management objectives,” said Kurata.
Captive insurance is a regulated form of self-insurance formed by companies or groups of companies as a form of alternative insurance to better manage their own risk. Captives are typically used for corporate lines of insurance such as property, general liability, products liability, or professional liability.
The State of Hawaii received the 2018 Domicile of the Year Award (200+ Captives) at the U.S. Captive Review Awards beating out both national and international domiciles. In 2017, Hawaii matched its best year since 1986 with its formation and licensure of 30 new captive insurance companies. The State is ranked ninth in the world and fourth in the United States based on the number of active licenses. As of Dec. 31, 2017, there were 230 actively licensed captive insurance companies domiciled in Hawaii with aggregate premium writings over $7.3 billion, and more than $26.3 million in economic benefits to Hawaii through various taxes and fees, professional services, annual conferences and visitor industry businesses.
About the Captive Insurance Branch:
The Captive Insurance Branch was established to provide dedicated resources to assist the Insurance Commissioner with monitoring, regulating and developing captive insurance companies in Hawaii.
The Hawaii Insurance Division oversees the Hawaii insurance industry; issues licenses; examines the fiscal condition of Hawaii-based companies; reviews rate and policy filings; and investigates insurance related complaints.