OLDWICK, N.J.--(BUSINESS WIRE)--This A.M. BestTV episode wraps up day one events at the Vermont Captive Insurance Association annual conference in Burlington, Vt. State officials push back against what’s been called “shadow insurance” in the life industry. The issue that was sparked by a recent report that called for a moratorium on captive reinsurance, and alleged that life insurers are using the transactions to lower reserve and regulatory requirements. Dana Sheppard, associate insurance commissioner for the District of Columbia, said that although he recognizes a difference of opinion, he says the practice is well known and not “in the shadows.” A.M. Best Assistant Vice President Steven Chirico, who was a featured speaker on a panel discussion, talks about the topic, saying that the captives A.M. Best rate are very well capitalized and have very good operating performance compared with the U.S. commercial lines industry. Click on http://www.ambest.com/v.asp?v=vciadayone813 to view the video program. Full conference coverage can be seen at http://www.ambest.com/vcia.
People who appear in this episode include:
- Rich Smith, President, Vermont Captive Insurance Association;
- George Sumner, Deputy Insurance Commissioner, Captive Insurance Administrator, State of Hawaii;
- David Provost, Deputy Commissioner, Vermont Captive Insurance Division;
- Dana Sheppard, Associate Commissioner, District of Columbia Department of Insurance, Securities & Banking; and
- Steven Chirico, Assistant Vice President, A.M. Best Co.
Full-length interviews are available as well. Go to http://www.ambest.com/vcia to see new interviews throughout the conference. Interviews conducted on day one include:
- George Sumner, Deputy Insurance Commissioner, Captive Insurance Administrator: http://www.ambest.com/v.asp?v=sumner813
- Linda Conrad, Director of Strategic Business Risk Management, Zurich Financial Services: http://www.ambest.com/v.asp?v=conrad813
- Dana Sheppard, Associate Commissioner, District of Columbia Department of Insurance, Securities & Banking: http://www.ambest.com/v.asp?v=sheppard813
- Sandy Bigglestone, Director of Captive Insurance, State of Vermont: http://www.ambest.com/v.asp?v=bigglestone813
- David Provost, Deputy Commissioner, Vermont Captive Insurance Division: http://www.ambest.com/v.asp?v=provost813
- Steve Bauman, Head of Captive Services, Zurich Global Corporate in North America: http://www.ambest.com/v.asp?v=bauman813
- Jason Dapra, Senior Account Executive, Helmsman Management Services: http://www.ambest.com/v.asp?v=dapra813
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