South Carolina Governor Nikki Haley is reaching the homestretch on her Cabinet appointments.
Haley went to the private sector again for Thursday’s choice, nominating former insurance CEO David Black to head the state Department of Insurance.
Black had led Liberty Life Insurance Company in Greenville since 2004. Haley said she wanted his experience at the helm.
He understands that we need to build back up the insurance industry in South Carolina… to where we understand that we need to be customer-friendly with the insurance companies that do business in South Carolina, because they too are about jobs.
Liberty was a subsidiary of the Royal Bank of Canada until October, when the Canadian company sold it off due to slow growth. At the time, RBC said Liberty would no longer offer new plans, but would maintains its current ones.
Black also touted potential jobs as the future of the state insurance industry.
We can all agree, looking forward, we want to do all we can to be pro-business in this state and to drive economic development, and to drive quality of life for the citizenry. And I think insurance plays a… significant contribution in making that happen.
Black said one of his top priorities will be to grow the state’s captive insurance market.
Captive insurance is a form of self-insurance by a company. It creates a small incorporated group that is primarily intended to cover the assets and risks of the parent company. Captive insurance is essentially an “in-house” insurance company that is not available to the general public. The SC Captive Insurance Association says the niche industry had a $700 million impact on South Carolina in 2009.
Black says he wants to encourage more growth among captive insurance groups.
There are more things we can do to create more jobs in the state, with sort of an emphasis on having captive managers more inside this state, more resources to support those captives housed inside the state… I think we can do a lot to see if there are efficient ways taht we can bring more of that work in-state.
Black would replace current DOI director Scott Richardson, who has led the agency since 2007. The appointment must be approved by the Senate.