Missouri Captive Insurance Program Continues To Grow

Jefferson City, MO  (CompNewsNetwork) - The Missouri Department of Insurance, Financial Institutions and Professional Registration today announced that a subsidiary of Reinsurance Group of America, Inc., has been granted the state's first special purpose life reinsurance captive insurance company license.

Special purpose life reinsurance captives assume life insurance business from their corporate life insurance parent companies or affiliates to facilitate financing of life insurance reserves.  Reinsurance Group of America Inc. is the parent of RGA Reinsurance Company, a leading global life reinsurer.  Each are domiciled and headquartered in Missouri.

Gov. Blunt signed Senate Bill 215 in 2007 allowing for the formation of captive insurance companies to bring as much as $10 million to the state's revenue over the next three years.

“Captive insurance companies will have a positive impact on our state's economy by reducing costs to Missouri businesses, attracting new businesses to this state and creating more jobs for Missourians," Gov. Blunt said. "I am pleased we have taken another important step to create a new economic development opportunity for our state."

“Missouri is a state well suited to the promotion and regulation of quality captive reinsurance," said Dana Wiele, Senior Vice President and Associate General Counsel of RGA Reinsurance Company."The department has significant experience in reviewing and regulating reinsurance transactions because major reinsurers are domiciled in Missouri."

“We have licensed two captives within the first few months of starting our captive insurance program," said John Rehagen, Captive Insurance Program Manager. "As interest about our state's efforts continues to grow, we hope more businesses will look to Missouri's captive program to assist them with their risk management needs."

About the Missouri Department of Insurance, Financial Institutions & Professional Registration

The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals.  The department's seven divisions work to maintain consumer confidence by examining and monitoring industries and professions and by establishing coherent and evolving policies.  DIFP works to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.

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