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WASHINGTON—The Labor Department last week gave final authorization to Dow Corning Corp. to expand benefit risks funded through its Washington-based captive insurance company.
Under the arrangement, Midland, Mich.-based Dow Corning, a joint venture of Dow Chemical Corp. and Corning Inc., will use its captive, Devonshire Underwriters Ltd., to fund basic life insurance benefits. Minnesota Life Insurance Co. will reinsure the risk with Devonshire.
In 2009, the Labor Department approved an arrangement in which Devonshire reinsured certain other types of life insurance coverage written by Minnesota Life, as well as long-term disability coverage written by Aetna Life Insurance Co.
Dow Corning redomesticated Devonshire, which it also uses to fund various casualty risks, in June 2009 to the District of Columbia from Bermuda.
Dow Corning's application was filed by Spring Consulting Group L.L.C. in Boston.
WASHINGTON—The Labor Department has given Dow Corning Corp. final authorization to fund employee benefit risks through its Washington D.C.-based captive insurer.