On July 1, 2016, the CSAC Excess Insurance Authority (EIA) launched a captive insurance company, Excess Insurance Organization, Inc. (EIO). The formation was over a year in the making, having been the discussion at strategic planning, committee, and Board meetings over the past several years. EIO is a pure captive, meaning it is 100% owned by the CSAC Excess Insurance Authority (EIA) and will only take on the risk of its parent organization. The Captive will insure coverage program specific corridor risks; conceptually, a 100% transfer of risk at certain layers, much as the coverage program would cede this risk to a reinsurer. The transfer of risk offers short term gains to the ceding program, and long term gains to the EIA and its members as a whole.
The EIO acts only in the best interest and for the benefit of the EIA and/or its members.
At the Strategic Planning session held on Sunday, October 15, 2017, the EIO Board created a mission statement and discussed other EIO goals.
The CSAC Excess Insurance Authority (EIA) has formed a captive insurance company, Excess Insurance Organization, Inc. (EIO) which began operations July 1, 2016. The formation was over a year in the making, and has been established to provide both short and long term objectives for the EIA.
The EIO has been established to provide both short and long term objectives for the EIA including:
The EIO is governed by a Board of Directors. The Board is made up of current EIA Board, Committee, and staff members along with EIA General Counsel and Utah Counsel, and they are:
President and CEO
Vice President
Treasurer
Secretary
Board Member
General Counsel
COO
Like its parent company, the EIO strives to operate in a manner that is transparent. Although captive insurance companies are not subject to regulations such as the Brown Act, it is important to the members of the EIA to have full knowledge of the activities of the EIO, and as such, EIA staff will provide full disclosure to its members and the public.
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