SOURCE: National Risk Retention Association

National Risk Retention Association

October 02, 2014 11:23 ET

Ed Meehan -- Pioneer of Captive Regulation Honored With Karen Cutts Award

CHICAGO, IL--(Marketwired - Oct 2, 2014) - Ed Meehan, pioneer of captive insurance regulation in the United States, was honored posthumously with the Karen Cutts Visionary Award, which is granted annually by the National Risk Retention Association to an individual who made an outstanding contribution to the risk retention and purchasing group industry.

Meehan set the foundation for captive regulation in the U.S. as Vermont's first Director of Captive Operations following enactment of the State's captive insurance law in 1981. Vermont went on to become the preeminent domicile licensing more than 1,000 captive insurance companies over the years. The principles Meehan established remain solidly in place: regulation free of politics, strong capital requirements, firm but flexible, rigorous oversight, and always ready to hold captives accountable.

The award was presented at NRRA's annual conference by Sanford "Sandy" Elsass, Chairman of NRRA; Len Crouse, former Deputy Commissioner of the Vermont Captive Division; and Derick White, President of Strategic Risk Solutions-Vermont and formerly the State's Director of Captive Insurance. Meehan's son Mike, a consultant with Milliman, accepted the award on behalf of his father.

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