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Sessions Information
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August 8, 2023
10:00 am - 11:30 am
Session Type: Session
Session Capacity: N/A
This topic will cover the essentials that new and prospective captive owners need to know when beginning their journey toward forming, owning, and being responsible for a new captive. This will be a case study format with perspectives on each topic from a risk manager who has recently gone through the feasibility study and formation process and ultimately landed on Vermont as their captive’s domicile.
Learning objectives – Upon completion, participants will be able to: • Understand and master the feasibility study – what it is, its purpose, and what audiences it is designed for • Recognize the importance of the formation process – comprehending the risk manager’s experiences on forming a captive as well as challenges that can be encountered in making the decision to move forward with formation. • Chart a captive’s ongoing operations, and identify key areas of the day-to-day operations as well what is required from the Directors and Officers of the captive once it is operational
Level: Basic
Prerequisites: None
Field of Study: Specialized Knowledge Coordinator: Michelle D’Amico, Aon Content Advisor: Elizabeth Steinman, Aon
Moderator: Heidi Rabtoy, VT DFR
1 CPE/CRE/VT CLE Credit
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Session Speakers
Organization: Aon Insurance Managers USA Inc.
Jay is a member of the local Aon leadership team and the relationship manager for a number of captive clients domiciled throughout the U.S. He is responsible for overseeing the delivery of financial, regulatory compliance and advisory services to his portfolio of clients. Jay entered the captive insurance industry in 1994. Throughout his 30-year career in the captive industry, he has played an integral role in all aspects of the formation, development, management and on-going advisory of a wide variety of captive insurance companies including: single parent captives, group captives, risk retention groups and protected cell companies. Jay has experience in a variety of industries including but not limited to: healthcare, manufacturing, higher education institutions, construction, real estate, financial services, transportation and pharmaceuticals. Jay graduated from Champlain College with a B.S. in Accounting.
Organization: Taylor Risk Solutions, Inc.
Heidi Karels is the Director of Risk Management for Taylor Corporation. She has worked for Taylor for over thirteen years in various positions in the legal department, with the last six years focusing on risk management. Taylor’s risk department manages all the corporate insurance placements, claims management and their single parent captive, with Heidi being focused on the utilization and growth of the captive.
Organization: State of Vermont, Department of Financial Regulation
Heidi Rabtoy is the Chief Examiner with the Vermont Department of Financial Regulation – Captive Division, where she supervises the Captive Division's examination staff and oversees the operations of Vermont domiciled captive insurance companies. Heidi has been with the Captive Division for seventeen years and has been involved in all aspects of the analysis and examination processes. Prior to joining the Captive Division, Heidi was in captive management for three years. She received a B.S. in accounting from The University of Vermont and has attained the Certified Public Accountant, Certified Financial Examiner and Senior Professional in Insurance Regulation designations.
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