For IMMEDIATE RELEASE
April 26, 2018
Crumbling Foundations Captive Insurance Company Selects Superintendent
Incorporators choose Michael Maglaras & Company as Superintendent
Incorporators of the Connecticut Foundation Solutions Indemnity Company (CFSIC), the captive insurance company that will distribute remediation funds to assist homeowners with crumbling concrete foundations, announced today that they have selected a firm to act as the company’s Superintendent. An RFP for the contract was released by incorporators in February.
The international captive consulting firm Michael Maglaras & Company, based in Ashford, Connecticut, has been chosen to take on the assignment of Superintendent of the new captive entity, effective April 28. Michael Maglaras & Company, headed by its Principal, Michael Maglaras, has more than 30 years of experience in captive insurance company implementation, underwriting, and advisory services.
“We are pleased to have been selected by the Incorporators of Connecticut Foundation Solutions Indemnity Company to launch this new captive insurance company and to assist its Board of Directors in bringing needed relief to hard-hit homeowners in the northeast corner of Connecticut,” said Michael Maglaras. “We have much work ahead of us - and it’s hard work - but I would sum it up in one phrase: Help is on the way.”
The Superintendent will be overseen by the captive’s Board of Directors. Incorporators are in the process of selecting board members, and applications for prospective board members are due Friday, April 27.
The Superintendent will work with the Board of Directors to achieve the following:
- Create and file a business plan for the formation of CFSIC with the Connecticut
Insurance Department within 45 days of engagement;
- Identify all needed service providers, supervise an RFP for these providers, and
assist the Board of CFSIC in the service provider process;
- Create a budget for the first 12 months of operation, inclusive of all expense and
supporting the prudent management of CFSIC’s resources;
- Oversee the implementation of CFSIC and have the insurance company operational
and able to begin the adjustment process within 90 days of the contract.
As CFSIC has no employees, the Superintendent is responsible for contracting any required services. The initial term of the Superintendent contract is for one year.
The State Bond Commission approved $350,000 in February to provide the initial capital required under state law to license CFSIC.