Association Captive

Association Captive

An insurance company that caters only to members of an occupation, professional association, or other organization. For example, a labor union may own an association captive that provides insurance only to union members. Likewise, a lobbying group for banks may have an association captive for banks represented by that group.
References in periodicals archive ?
The group of new licensees is made of twelve pure captives, seven Risk Retention Groups (RRGs), seven sponsored captives, four special purpose financial insurers, two industrial insured captives, and one association captive.
The bill also lowers the minimum of capital and surplus requirements for an association captive insurance company from $750,000 to $500,000.
30%, respectively; New Jersey allows association captive plans while New York does not; New Jersey does not provide for a financial threshold for captive sponsors while New York, as noted, has a $100 million net worth/net revenue benchmark; and, perhaps most interesting, New Jersey provides for licensing of "branch offices" of other states' domestic captives, something never considered by New York.
Among the programs with much potential to help members is the new ASAE Insurance Company (AIC), a sponsored association captive insurance company.
has affirmed the financial strength rating of A (Excellent) and issuer credit rating of "a+" of The Farm Credit System Association Captive Insurance Company (FCSAC) (Greenwood Village, CO).
Newly licensed as a sponsored association captive insurance company under the District of Columbia's Captive Insurance Company Act of 2000, AIC provides captive insurance benefits to qualifying associations.
Group or association captive - A captive owned by businesses in related fields
A wholly owned captive is, as you would imagine, an insurance company owned by one company, typically the insured, while a group or association captive is one shared by multiple businesses (either through a formal association or an informal relationship in which the risk is homogenous).
Hartford's structure for its program segment brings together group captives, agency and association captive business and specialty business.
An association captive is usually formed to stabilize insurance costs for its members.
gave a presentation, via teleconference, to the Board of Directors of PURMA (Public Utilities Risk Management Association), and the Board of Directors of PURMA's association captive, Public Utility Mutual Insurance Company (PUMIC).
a Bermuda association captive, and President of Drayton Insurance Risk Retention Group, Ltd.
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