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Captive insurance is an alternative to traditional insurance that enables businesses to control and customize their insurance program in a manner that is responsive to their financial objectives. Noteworthy attributes of captive insurance include:
- Direct access to the reinsurance market.
- Improved cash flow.
- Increased control over loss programs and claims handling.
- Potential to affordably insure new and/or previously uninsurable risks.
- Premium stability.
- Tailored coverage, deductibles, limits and rates.
- Tax benefits.
- Underwriting gains and investment income.
Accessible and responsive regulator.
Moderate premium tax and fees.
Reasonable licensing and on-going monitoring requirements.
Ohio's Office of Captive Insurance:
Establishes standards for business/professional support organizations that work with captive entities in the state of Ohio, including;
Provides a structured regulatory process for the initial evaluation, licensing, reporting, analysis and examination of captive insurance companies domiciled in Ohio.
Reviews captive insurance company strategies and their execution to assess and evaluate operational success and financial strength.
Strives to understand the impacts of financial, operational and underwriting (risk acceptance) challenges on captive capital and surplus.
Supports a business environment for the growth and prosperity of the captive insurance industry in Ohio.
Works to ensure that captive insurers can meet their contractual and financial obligations.
Captive Insurance News: