Spring is here and we’re all ready for the 2007 Arizona Captive Insurance Association Annual Conference at the beautiful Arizona Biltmore Resort on May 15^th through 17^th. You don’t want to miss this one, so mark your calendars and sign up now.

In our last update, I reported that we would finish the year with 81 licenses issued since inception of the program. At the close of the first quarter of 2007, we have now increased the count to 87. Out of the six new formations, all but one was structured as a Pure captive. The remaining one was formed as a Risk Retention Group. Aon is the manager for the Risk Retention Group as well as three of the Pures. The fourth and fifth Pures are managed by Marsh and Beecher Carlson. It is interesting to note that the six new captives show the continuing trend of diversity of industries in the portfolio. The RRG was formed by a Physician Group while the Pures were formed by a Health Insurance Company, a Home Builder, a PEO, a Real Estate Developer and a Health Care Provider.

AzCIA-Sponsored Captive Legislation Advancing
HB2294, Captive Insurer Amendments, passed the Arizona House of Representatives on February 12, 2007 with a vote of 58-0.    The bill was then transmitted to the Senate, where it was approved by the Financial Institutions, Investments and Retirement Committee on March 12, 2007 by a 5-0 vote.  It is awaiting consideration by the full Senate.  The bill has had only minor amendments since its introduction.  If enacted, it will be effective 90 days after the session ends.  The legislation provides:

As the time approaches for our conference I urge you to register now and grab the few remaining hotel rooms. This year’s conference promises to provide valuable insights and timely commentary. Andrew Barile, our keynote speaker, is a widely experienced player not only in alternative risk, but the entire insurance field. If you have not encountered Andy previously or lately, now is the time. He has compelling insights to offer based on years of practical experience.
 
This is also your chance to interface with the widely respected regulators from the Arizona Department of Insurance, Rod Morris the Captive Administrator and Christina Urias, the Director. We are hopeful that some of Arizona’s state legislators who have provided the captive legislation to also be with us. Do you want modifications? This is your chance to tell them directly and thank them for their efforts to date.

The AzCIA Membership Committee and Board of Directors are pleased to welcome 10 new members who joined the association since December 2006.  They are: