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Ohio insurance regulators announced they have licensed Columbus, Ohio-based Imprise Financial P.C.C. Inc. as Ohio's first cell captive insurer.
The protected cell captive insurance structure removes market-entry barriers that businesses usually have to address when considering a self-insurance program.
In June 2014, Ohio Gov. John Kasich signed legislation allowing the formation of captive insurers in the state.
Imprise Financial's first protected cell will insure certain contractual liability risks of NWAN Inc., a Strongsville, Ohio-based third-party administrator of service contracts and warranties for automobiles, recreational vehicles, and motorcycles, the Tuesday news release from the Ohio Department of Insurance Office said.
“Establishing a captive insurance program with Imprise Financial allows us to be more flexible in the services we offer our clients and makes our operation more efficient,” David Neuenschwander, vice president and shareholder of NWAN Inc. said in the statement. “We are already realizing the benefits of our captive insurance program, and it has become an integral part of achieving our long-term goals.”
The Ohio Bureau of Workers' Compensation on Friday said it has paid a total of $255 million to employers who were overcharged for their workers comp insurance premiums.