First Captive Insurance Firm Approved Under New State Law

Tennessee Department of Commerce and Insurance Commissioner Julie Mix McPeak has authorized the first captive insurance application since the state’s regulation of the industry was revised this year, reports the Nashville Business Journal.
Park View Insurance Co. received a license to handle risk-mitigation services as a pure captive for parent company HCA Inc. (NYSE: HCA). Although they can take many forms, captive insurance companies are entities that a company or industry group can create for insurance needs, from workers’ compensation to employee benefits.
Companies pay premiums to them and in turn provide insurance to themselves through the fund that is built up over time.

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