Do Captive Insurers Need Board Members with Insurance Experience?
A recent article in Risk Management Monitor discussed the increase in a certain insurance trend, specifically that of captive insurers appointing independent board members with insurance experience. The article was written by Andrew J. Barile, who has helped form over 300 captives and is the founder of Andrew Barile Consulting Corporation Inc.
Barile reminds readers that the National Association of Insurance Commissioners (NAIC) and other regulators are in favor of having independent directors on captive boards. “The current climate for captive insurers is gravitating toward encouraging captives—including single-parent, association and agent-owned—to appoint experienced, independent directors to their boards,” said Mr. Barile.