(Southern Pines, NC)……. Debbie Walker, Senior Deputy Commissioner of the North Carolina Department of Insurance, is retiring effective March 31, 2022, after 30 years of loyal service to the State and the Captive Insurance Industry.
For the past 9 years 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.
Alex Webb, the first President of the NC Captive Insurance Association (2013-14) remarked on Debbie’s pending departure, “Debbie came into the position of Captive Division Director from inside the NCDOI. She was not well known to anyone outside of the lawyers' Insurance Bar. So, Debbie was a mysterious entity to me and most others in the captive industry.”
Continuing Webb said, “She has been a steady and reliable force for effective and even handed regulation of our nascent captive world. Her early decisions and her hires for the NCDOI have all proved extremely valuable to our growth as a domicile. We were very lucky to have her in charge during this initial growth period.”
North Carolina enacted its Captive Insurance Act in October 2013. 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 during Debbie’s tenure. Most recently, it was named Captive Domicile of the Year (under $5 billion in premium) by the industry journal Captive Review.
Debbie’s outstanding leadership qualities and well known commitment to excellent customer service and business friendly yet prudent regulatory approach of the Department have made 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.
Tom Adams, NCCIA President & CEO reflected that he and Debbie joined their respective organizations at the same time and worked closely together to make the domicile the leader in the industry that it is today. “Let me say that the energy, attention to detail and customer service that Debbie demonstrated has been a key to our success as a domicile. Continuing Adams said, “The good news is that those attributes have also been inculcated in the division staff and will continue in the years to come thanks to Debbie’s unstinting efforts and Commissioner Causey’s commitment to our industry and its regulation.”
Simultaneously with the announcement of Debbie’s retirement Commissioner Causey announced 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. The Commissioner intends to name a new Deputy Commissioner for the Captive Division by March 31st.
In the meantime, Commissioner Causey, with the addition of Jackie’s leadership, insure 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.
Matt Holycross, NCCIA Chair told the Newsletter, “We will miss Debbie, but we are convinced as Commissioner Causey noted, the Division’s leadership will not miss a beat.”
For additional Information Contact Thomas Adams at NCCIA 910.638.8272