WASHINGTON—Memorial Sloan-Kettering Cancer Center is asking the Labor Department for permission to fund group term life insurance and long-term disability policies through its Vermont captive insurance company.
Under the arrangement, the captive, MSK Insurance US Inc., would reinsure group term life insurance policies written by Prudential Insurance Co. of America and LTD policies written by First Unum Life Insurance Co., a unit of Unum Group.
Licensed in 2003, MSK last year had premium volume of about $14 million and provides coverage for a wide range of risks of New York-based Memorial Sloan-Kettering, which says it is the world's oldest and largest private cancer center.
In 2007, the institution had operating revenues of about $2 billion.
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