Sanford Saito appointed as deputy commissioner and captive insurance administrator
Sanford Saito has been appointed deputy commissioner and captive insurance administrator for the Hawaii Department of Commerce and Consumer Affairs Insurance Division. He previously held the position in an acting capacity.
Saito is a certified financial examiner and has been with the Insurance Division since 2004 as a captive insurance examiner, said Hawaii Insurance Commissioner Gordon Ito, who announced the appointment on Monday. Prior to that, Saito worked in the department’s Division of Consumer Advocacy as a public utilities auditor.
“Sanford is a dedicated team member who has played an integral role in the success of our captive insurance industry,” Ito said. “The Insurance Division will benefit from Sanford’s continued leadership in maintaining our prudent regulatory and business-friendly environment, which makes us one of the top domiciles in the world.”
Hawaii is ranked fourth in the nation for largest captive domiciles and 11th in the world based on our 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.
Since Hawaii’s captive legislation was enacted in May 1986, 279 captive insurers have been licensed. Over the past five years, there has been continued growth with an increase in the total combined asset base from $7.2 billion to $15.6 billion. The Captive Insurance Branch has increased staffing by 50 percent since 2009.
For more information about the Captive Insurance Branch, click here or call or call (808) 586-0981.
Rules for posting comments
Comments posted below are from readers. In no way do they represent the view of Stephens Media LLC or this newspaper. This is a public forum.
Comments may be monitored for inappropriate content but the newspaper is under no obligation to do so. Comment posters are solely responsible under the Communications Decency Act for comments posted on this Web site. Stephens Media LLC is not liable for messages from third parties.
IP and email addresses of persons who post are not treated as confidential records and will be disclosed in response to valid legal process.
Do not post:
- Potentially libelous statements or damaging innuendo.
- Obscene, explicit, or racist language.
- Copyrighted materials of any sort without the express permission of the copyright holder.
- Personal attacks, insults or threats.
- The use of another person's real name to disguise your identity.
- Comments unrelated to the story.
If you believe that a commenter has not followed these guidelines, please click the FLAG icon below the comment.