BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
A St. Louis-based utility company has refiled an application with the U.S. Labor Department for permission to use its South Carolina captive insurer to fund life insurance and long-term disability risks.
Under Laclede Gas Co.'s proposal, the life insurance would be written by Minnesota Life Insurance Co., while the long-term risks would be written by Prudential Insurance Co. of America.
Those risks would be reinsured by Laclede's 3-year-old captive, Laclede Insurance Risk Services Inc., which already funds medical stop-loss risks and in 2014 reported $1.2 million in gross written premiums.
But in a move described as temporary, the utility in November withdrew its application to respond to questions raised by the Labor Department.
Last month, Laclede, said Ted Scallet, a principal with Groom Law Group in Washington, who filed both applications, resubmitted its benefit funding application, providing, among other things, more analysis of how it intended to enhance affected participants' benefits.
The new application, like the earlier one, utilizes a rapid regulatory review process known as ExPro. Under ExPro, the Labor Department must act within 45 days of a company's request for approval of an arrangement that would normally be barred by the Employee Retirement Income Security Act.
Last year, three employers, all using the ExPro process, received Labor Department approval to fund benefits risks through their captives.
In June, Hormel Foods Corp. received final Labor Department authorization to fund life and accidental death and dismemberment benefits through its Vermont captive insurer.
Earlier in the year, regulators approved captive benefit funding plans filed by 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.
Regulators also 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.
The captive benefits funding approach is appealing to employers for several reasons, including cutting costs compared with buying coverage in the commercial market, as well as broadening a captive's book of business, captive experts say.
The Missouri Department of Insurance, Financial Institutions and Professional Registration on Wednesday said John Talley has been named as its new captive program manager.