It's all very technical, esoteric and boring. Most insurance issues are. Indeed, the office of the Delaware Insurance Commissioner is not among the sexiest of elective jobs that appear on the ballot every four years. (Lt. Gov. Matt Denn was able to parlay his insurance commissioner position into his current position and may become one of the very few commissioners to go to the top of the ticket.)

But Insurance Commissioner Karen Weldin Stewart has more previous experience dealing with the insurance industry than anyone in recent memory. She knows the ins and outs of the business and can talk about such things as "captive" insurers in a language only insurance veterans can appreciate.

She also has put on her staff a few consultants she knew in her days as an actuarial who dealt with distressed insurance companies that needed to be saved or jettisoned.

Some of these consultants are earning $16,000 a month, including expenses. It's a hefty amount and obviously not a typical state salary. But Insurance Commissioner Chief of Staff Elliott Jacobson is quick to point out that money paid for insurance departmentcontracts is generated from within by fees and assessments and doesn't come from tax money. Still, we hope Commissioner Stewart gets her -- and our -- money's worth.

The concept of a captive insurance company is actually a simple one. It's the explanation of the benefits that tends to glaze over eyes.

Vermont has been dealing in the business for years and has made quite a nice industry out of it, similar to what Delaware has done with its incorporation business.

Captive insurance companies essentially are companies created on paper and owned by corporations seeking the financial advantages of self-funded health plans and other types of insurance instruments.

With new regulations and contract consultants, Delaware hopes to expand its existing 42 captives to become one of the top players in the business. Vermont has about 700 captives so Delaware has a ways to go.

The state has already signed on one new company that's expected to generate some $75,000 in new tax revenue. Two more are expected to be added in coming weeks.

It's a specialized market that if handled well could produce a new income with little expense.

ON THE WEB

Bureau of Captive and Financial Insurance Products: http://captive.delawareinsurance.gov.

Delaware Captive Insurance Association: www.delawarecaptive.org.