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Microsoft gets final OK to fund benefits through captive

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Microsoft gets final OK to fund benefits through captive

WASHINGTON—The Labor Department has given Microsoft Corp. final authorization to expand benefit risks funded through the software giant's captive.

Redmond, Wash.-based Microsoft will use the Vermont branch of its Bermuda-based captive, Orcas Ltd., to reinsure life insurance and accidental death and dismemberment policies written by Prudential Insurance Co. of America Inc.

Redmond, Wash.-based Microsoft will use the Vermont branch of its Bermuda-based captive, Orcas Ltd., to reinsure life insurance and accidental death and dismemberment policies written by Prudential Insurance Co. of America Inc.

The additional coverage that received final Labor Department authorization Wednesday will affect about 54,000 U.S. employees, according to an application submitted in October by George O'Donnell, senior vp in the Somerset, N.J., office of Aon Hewitt.

In 2009, the Labor Department approved an arrangement in which Microsoft's Vermont branch captive reinsured long-term disability coverage, also written by Prudential.

In another captive benefit funding arrangement, Google Inc. received tentative authorization last week from the Labor Department to fund life insurance, accidental death and dismemberment, and long-term disability policies through its Hawaii captive insurer, Imi Assurance Inc.