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DOL approves Dow Corning captive benefits funding plan


WASHINGTON—The Labor Department has given Dow Corning Corp. final authorization to fund employee benefit risks through its Washington D.C.-based captive insurer.

Midland, Mich.-based Dow Corning, a joint venture of Dow Chemical Corp. and Corning Inc., will use its captive, Devonshire Underwriters Ltd., to fund life and long-term disability benefits.

The maker and supplier of silicone-based chemicals already uses Devonshire, which Dow Corning in June redomesticated to Washington from Bermuda, to fund workers compensation, automobile liability and general liability risks.

As part of the arrangement that the Labor Department approved late last week, Minnesota Life Insurance Co. will issue the life insurance policies and reinsure the risk with Devonshire. Aetna Life Insurance Co. will reinsure long-term disability risks with Devonshire.

The application of Dow Corning, which reported 2008 revenues of $5.45 billion, was filed by Spring Consulting Group L.L.C. in Boston.