Captive insurer definition

Captive insurer. ’ means an insurer that only insures first party risks;

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 any pure captive insurer or any association captive insurer.

Examples of Captive insurer in a sentence

• A Captive insurer usually purchases reinsurance to transfer some of the loss exposure to another insurance company.

• In addition to completing business formation documents as a foreign or alien corporation, the Captive insurer must submit Articles of Redomestication to be filed with the New Jersey Department of Treasury, Division of Revenue.

• Except for Professional Liability (Errors and Omissions) Insurance, which is currently underwritten by the Group's Captive insurer, that has not been rated by A.M. Best Company or other Nationally Recognized Rating Organization (NRRO), all other insurance required is currently underwritten with responsible insurance companies of recognized standing and having an A.M. Best’s Rating of at least “A-" or better.

• The standard density in the area appears to be within the 400-600m2 range, refer attachment three (AT-3).

• The Captive insurer shall use generally accepted accounting principles (GAAP) when preparing its financial statement filings unless the Commissioner approves the Captive to use statutory accounting principles (SAP).

More Definitions of Captive insurer

Captive insurer means an insurer licensed under the captive insurance laws or regulations of any state.

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 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.

Captive insurer means a person carrying on a category of captive insurance business specified in the Schedule;

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 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 means an entity whose main business includes insuring or reinsuring risks arising from any of its Affiliates.