Captive Insurance News

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Saito Appointed Hawaii Captive Insurance Administrator

Hawaii Captive
July 31, 2014
Acting Commissioner Sanford Saito has been appointed by Hawaii Insurance Commissioner Gordon as the deputy insurance commissioner and captive insurance administrator for the Department of Commerce and Consumer Affairs. Saito is a certified financial examiner and has been with the Insurance Division since 2004 as a captive insurance examiner. Prior to that, he worked in the department’s Division of Consumer Advocacy as a public utilities auditor. Hawaii is ranked fourth in the nation for largest captive domiciles and 11th in the world based on its total number of active captive licenses. In fiscal year 2013, the Captive Insurance Branch brought in $2.13 million in premium taxes and fees for the state. In addition, $18.4 million in economic benefit is attributed to Hawaii's captive insurance industry through various professional services, annual conferences, and visitor industry businesses. Hawaii has 279 captive insurers. Over the past 5 years, there has been continued growth, with an increase in the total combined asset base from $7.2 billion to $15.6 billion.
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