Insurance Commissioner Mike Causey has announced that Debbie Walker, Senior Deputy Commissioner of the North Carolina Department of Insurance, is retiring effective March 31, 2022, after 30 years of loyal service.
Debbie has been responsible for the oversight of what is now North Carolina’s highly successful captive insurance company regulatory program. Her duties include the licensing and regulation of captive insurers as well as promoting the program. Before taking this role, she held the position of Chief Financial Analyst where she was responsible for the oversight of the financial solvency and compliance regulation of insurance companies licensed in North Carolina. Prior to that, she held other positions at the Department and in the insurance industry.
North Carolina enacted the Captive Insurance Act in October 2013, which provided for the formation and operation of captive insurers in the state. Since that time, NCDOI has become a leading captive domicile, licensing or conditionally licensing approximately 395 captive insurers and approving or conditionally approving over 870 cells and series for approximately 1265 risk bearing entities through December 31, 2021. North Carolina has received numerous honors as a leading captive domicile. Most recently, it was named Captive Domicile of the Year (under $5 billion in premium) by the industry journal Captive Review.
The outstanding customer service and business friendly yet prudent regulatory approach of the Department make North Carolina a place captive insurers want to call home. Commissioner Causey intends for these benefits to remain in the place for the captive industry going forward.
Therefore, Commissioner Causey is pleased to announce that Jackie Obusek, Senior Deputy Commissioner of the Company Services Group, will assume senior leadership responsibilities over the captive insurer regulatory program in addition to her other current responsibilities.
Jackie first joined the Department in 1996 as a financial examiner and quickly rose through the ranks, taking on financial regulatory leadership roles. In 2017, Jackie became a Senior Deputy Commissioner and today is responsible for the oversight of several divisions, which include those responsible for financial analysis and licensing, financial examination, receiverships and liquidations, and actuarial services. In addition to Jackie’s new involvement, Commissioner Causey intends to name a Deputy Commissioner to be directly in charge of the captive regulatory program by March 31, 2022.
In the meantime, Commissioner Causey, with the addition of Jackie’s leadership, ensures the industry that the Department’s captive regulatory team will continue its top-notch professional, knowledgeable, and consistent regulatory approach that has been in place since its inception. Although the team’s leadership will be different, it will not miss a beat.
If you would like to learn more about the benefits of forming a captive insurer in our state, please contact our captive insurer regulatory team by calling 855-408-1212.