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The U.S. Department of Labor has proposed allowing Intel Corp. to use its Hawaii captive insurance company to fund benefits risks.
The giant Santa Clara, Calif.-based computer chip manufacturer wants to use its Technology Assurance Ltd. captive to reinsure life insurance and accidental death and dismemberment policies written by Minnesota Life Insurance Co.
Intel now uses its nine-year-old captive to write terrorism risk coverage. Last year, the captive reported $3.3 million in gross written premiums, according to the proposed exemption, which was published in Wednesday's Federal Register.
If its application, filed by Spring Consulting Group L.L.C. of Boston, receives final approval, Intel would be the second corporation this year to receive Labor Department authorization to fund benefit risks through its captive. In March, the DOL approved an application by beverage giant The Coca-Cola Co. to reinsure life and AD&D policies through Red Re Inc., its South Carolina captive.
In 2012, the Labor Department approved captive benefit applications filed by Google Inc., the Mountain View, Calif.-based search engine giant; Microsoft Corp. of Redmond, Wash.; R+L Carriers Shared Services L.L.C., a Wilmington, Ohio-based freight carrier; and Via Christi Health, a big Wichita, Kan.-based health care system.