On August 4, 2009, Delaware Insurance Commissioner Karen Weldin Stewart announced that the Department of Insurance (the “Department”) has established the new Bureau of Captive and Financial Insurance Products (the “Bureau”) to dedicate more resources to the regulation of captives and make the regulatory process more efficient. For example, Commissioner Stewart has committed that decisions on applications for certificates of authority will be made within forty-five days of filing.

Steve Kinion, Senior Advisor to Commissioner Stewart, has been appointed as Director of the Bureau. Kinion is an attorney, member of the Federation of Regulatory Counsel and former Deputy Insurance Commissioner of Oklahoma.

To read the official press release, click here.