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Captive insurance is an alternative to self-insurance in which insured parties establish a licensed insurance company for their own use and benefit. [1] The company focuses its service on the specific risks of the insureds and is incentivized to price the insurance near cost, since it has no separate investors.
Established to encourage the formation of small insurance companies, it offers an alternative risk-management solution that can supplement or even replace traditional insurance coverage. A micro-captive insurance company, as it pertains to Section 831(b), is a captive insurance company – an insurance company entirely owned and operated by the ...
The World Trade Center Captive Insurance Company was created by New York City with funding from the U.S. Federal Emergency Management Agency (FEMA) in July 2004, as directed by Public Law 108-7.
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Captive insurance companies are formed by firms and re/insurers to receive premiums that are generally held and invested as a "funded" layer of insurance for the parent company. Some captives purchase excess of loss reinsurance and offer coverage to third parties, sometimes to leverage their skills and sometimes for tax reasons.
Captive insurance really came into its own during the early 2000s with more and more states enacting captive laws and seeking alternative risk transfer vehicles as a steady source of revenue. Many states, including the District of Columbia and Montana, began to develop their captive programs, creating captive departments, and courting potential ...
Union members and leadership packed Wednesday night’s NJ Transit board meeting to protest the agency’s negotiations for a new health care provider.. After years of coverage through Blue Cross ...
Use-based insurance programs. While use-based and telematics programs can offer savings, consider privacy implications and whether tracking devices might misinterpret defensive driving techniques ...