Rhode Island Department of Business Regulation
Rhode Island has long distinguished itself as a world-class insurance regulator. Insurance regulators with the state are known for being cautious but fair and who are willing to discuss disagreements agreeably. The captive unit within the insurance division is uniquely able to work beyond a pure regulatory regime and focuses on enabling captive owners to create a sustainable risk financing vehicle as a captive insurance subsidiary. The objective is to allow Rhode Island companies to appropriately plan for future risks today.
In Rhode Island, the captive regulatory process extends beyond just looking at liquidity, solvency, and compliance, as it also takes a principle-based focus on governance, strategic intent, and value creation for the captive insurance entity. Rhode Island is a captive domicile that can understand complex financial structures and facilitate the development of innovative and responsive risk solutions for captive owners. The Rhode Island Insurance Division at the Department of Business Regulation are committed to partnering with those companies interested in captives and helping them navigate the process.
Elizabeth Kelleher Dwyer, director of the Rhode Island Department of Business Regulation and president-elect of the National Association of Insurance Commissioners, said, "Rhode Island has established itself as a premier insurance regulator and continues to be recognized nationally and globally for its work and remains committed to ensuring our insurance sector, including captive insurance, is responsive, transparent, and adaptable. The insurance division stands ready to work with any Rhode Island company interested by providing expert guidance and support."