Importance of iNEDs rising as captives become more complex

• Guernsey, Isle of Man only domiciles with mandatory iNED requirements
• Some companies reticent about hiring outside board members
• iNEDs should not have too many boards to fulfil their function correctly
• Diversity of iNEDs should be considered during selection, including their education

As the popularity, complexity and sophistication of captives continues to increase, the importance of independent non-executive directors (iNEDs) is further emphasised.

Traditionally, the role of a captive was optimising risk management and centralising insurance procurenment.