December 16, 2015
Missouri Department of Insurance names new captive manager
Program continues to thrive with more than $5 billion in premium volume
Jefferson City, Mo. - The Missouri Department of Insurance has appointed John Talley as its new Captive Program Manager. Talley brings with him almost 25 years of insurance regulatory experience, most recently as the Chief of Captive Insurance Operations for the New Jersey Department of Banking and Insurance.
"I am very pleased to welcome John to our Missouri team," said John M. Huff, director of the Missouri Department of Insurance. "As Missouri's captive market continues to grow, finding someone with his captive insurance and regulatory experience was imperative. John's expertise will pay huge dividends as Missouri looks to widen its competitive and technical edge in the captive market."
Talley began his insurance regulatory career as an examiner with the Alaska Division of Insurance in 1991 before taking an examiner position with the New Hampshire Insurance Department where he worked until 2011. Since then, his work has been instrumental in the development of New Jersey's very sound captive insurance program. Talley will work closely with John Rehagen, the director of the Division of Insurance Company and Captive Regulation and Missouri's first captive program manager, to provide the sound and consistent regulatory approach necessary for continued growth of Missouri's captive insurance program.
Missouri began allowing captive formation in 2007 and had just three licensed captives before Gov. Jay Nixon signed House Bill 577 in 2009, simplifying the process of moving offshore captive operations to Missouri. This legislation made it more attractive for companies to set up captive operations here and made it easier for companies to bring their captive operations to Missouri.
In May 2013, Gov. Nixon continued to strengthen Missouri's captive market by signing Senate Bill 287. The bill, allows the formation of sponsored captive insurance companies in Missouri which may establish and maintain one or more incorporated protected cells. The bill also recognizes varying sizes of captive entities by lowering the minimum of capital and surplus requirements for an association captive insurance company from $750,000 to $500,000.
Today, 50 captives operate in Missouri, writing more than $5 billion in premium. Captive Insurance also contributes to the state's economy by bringing higher-paying support jobs, including lawyers, CPAs, actuaries, consultants and a captive industry association.