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Hormel Foods Corp. has received tentative authorization from the U.S. Department of Labor to fund several benefit risks through its Vermont captive insurer.
Hormel, the Austin, Minnesota-based meat and other food products producer and marketer, wants to use the captive, Diversified Foods Insurance Co. L.L.C., to fund life and accidental death and dismemberment benefits for its employees. Policies would be issued by Zurich American Life Insurance Co.
Final Labor Department approval of the application, which was filed by George O'Donnell, technical director of global risk consulting at Aon Risk Solutions in Somerset, New Jersey, is expected later next month.
The Labor Department's action on Tuesday follows final approval regulators gave earlier this year to other captive benefit funding applications. In March, regulators gave final authorization to Healthcare Services Group Inc., a Bensalem, Pennsylvania-based provider of management and other services to health care companies, to fund voluntary medical, life and short-term disability benefits through its New Jersey-based captive insurance company.
Then last month, regulators gave final approval to an application filed by Sealed Air Corp., a Charlotte, North Carolina-based packing materials manufacturer, to fund life and accidental death and dismemberment benefits through its Vermont-based captive insurer.
The Labor Department Wednesday gave final authorization to Sealed Air Corp. to fund several benefit risks through its Vermont captive insurance company.