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Captive Insurance

  1. Captive Insurance: there are several types of meaning been given to this term by its father names as Frederic M. Reiss, who started this service basically for captive mines but further when he outgrew his company he started providing this insurance policy to other industries as well but with similar term. His first client was the Youngstown Sheet in 1950s, this company dealt with mines that were solely used for corporations use only as Captive Mines.
  2. Origin or domicile: Captives have been given license by many jurisdictions these days including Bermuda which is world’s leading captive abode due many advantages related to it, The Bahamas, Dubai, Ireland etc. are further added in this list, though basically offshore financial centers are given priorities mainly.
  3. Business capacities: Captive Insurance was introduced to provide large corporations and industries benefits of insurance they required but in association with mainstream insurance markets, it could not reach its full growth. So it had to and was pushed to reduce its cost. Captive insurances had its limited market and areas covered by it.
  4. Rules and Regulations: It has its own set of regulations and restrictions that must be followed by Captive as well as reinsurance companies with prior responsibilities.
  5. Importance of Captive Insurance: For so many years big corporations and industries have enjoyed the advantages of Captive insurance companies in so many ways these were mainly being made up to avail the advantages in places where insurances benefits were not present or were indecently overpriced. Though captive insurance risk management advantages were quite basic but their tax related advantages were important mainly these days not only large businesses and corporation but also small scale industries have started to take benefits of captive insurances so as to get more and more profit and to learn all the risks related. Captive insurance provides so many benefits and advantages including tax saving opportunities also including estate tax savings for shareholders.