WASHINGTON—The Labor Department on Wednesday gave final authorization to Via Christi Health Inc., a Wichita, Kan.-based health care system, to fund life insurance risks through the U.S. Virgin Islands branch of its Cayman Islands captive insurance company.
Under the arrangement, the policies will be written by Minnesota Life Insurance Co. Via Christi will reinsure the risk through the Virgin Islands branch, which was established in September to reinsure Via Christi employee benefit risks.
Via Christi fully or partially owns or manages 12 hospitals in the state. It generated $1.09 billion in operating revenue in fiscal 2011.
Also this year, the Labor Department approved applications by Mountain View, Calif.-based search engine and technology giant Google Inc. to use its Hawaii captive to reinsure life, accidental death and dismemberment, and long-term disability policies, written by Prudential Insurance Co. of America.
The Labor Department this year also approved captive benefit funding plans filed by Redmond, Wash.-based Microsoft Corp. and R+L Carriers Shared Services L.L.C., a Wilmington, Ohio-based freight carrier.
WASHINGTON—Google Inc. has received final Labor Department authorization to fund several employee benefit risks through its Hawaii captive insurance company.