Captive insurer definition
Captive insurer. ’ means an insurer that only insures first party risks;
Captive insurer means any pure captive insurer or any association captive insurer.
Captive insurer means any Restricted Subsidiary of the Par Borrower that is a captive insurance company established for the primary purpose of insuring any Loan Parties and their Restricted Subsidiaries and that is or will be subject to regulation as an insurance subsidiary.
Examples of Captive insurer in a sentence
All such policies of insurance shall be with financially sound and reputable insurance companies and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located; provided, however, that such insurance may be with a Captive Insurer or otherwise self-insured consistent with past practice.
More Definitions of Captive insurer
Captive insurer means an insurer whose licence is restricted to the carrying on of insurance business which consists principally of risks of its related corporations;
Captive insurer means an insurance company that is owned by another organization and whose exclusive purpose is to insure risks of the parent organization and affiliated companies. In the case of groups and associations, "captive insurer" means an insurance organization that is owned by the insureds, and whose exclusive purpose is to insure risks of member organizations or group members and their affiliates. "Captive insurer" does not include a risk retention group licensed under Part 9 of Article 10 of this Chapter.
Captive insurer means any pure captive insurer, agency
Captive insurer means an insurance company the purpose of which is to provide insurance cover exclusively to the risks of the undertaking or under- takings to which it belongs or of an undertaking or undertakings of the group of which the captive insurance undertaking makes part;
Captive insurer means a person carrying on a category of captive insurance business specified in the Schedule;
Captive insurer means an insurance or reinsurance company wholly owned by a parent company which only cover risks associated with the group to which it belongs and no third party risks;
Captive insurer shall have the meaning as set forth in Section 5.1.3.