Captive insurance company definition

Captive insurance company means a Wholly Owned Subsidiary of the Borrower created solely for providing self-insurance for the Borrower and its Subsidiaries and engaging in no other activities other than activities ancillary thereto and necessary for the maintenance of corporate existence.
Captive insurance company means any pure captive insurance company, association captive

Examples of Captive insurance company in a sentence

  • Section 24(b) is amended by striking the phrase “the Captive Insurance Company Act of 2004, effective October 21, 2000 (D.C. Law 13-192; D.C. Official Code § 31-3901 et seq.)," the second time it appears and inserting the phrase “this act” in its place.


More Definitions of Captive insurance company

Captive insurance company means any Subsidiary of the Borrower that is organized and subject to regulation as an insurance company, or the principal purpose of which is to procure insurance for the benefit of the Borrower and/or its Restricted Subsidiaries.
Captive insurance company means any of the following formed or holding a certificate of authority under this chapter:
Captive insurance company means any captive insurance company for the Group (or any part thereof, which includes the Bank Group).
Captive insurance company means a closely−held com- pany owned by one or more organizations, parents, whose original purpose was and may continue to be, to insure some or all of the risks of shareholders or affiliated organizations.
Captive insurance company means, collectively, (a) GK Insurance Company, organized and licensed to provide insurance under the laws of the State of Vermont, (b) Mayflower Insurance Company, Ltd., organized and licensed to provide insurance under the laws of Bermuda, and (c) such other captive insurance companies that are reasonably acceptable to the Administrative Agent, in each case which conducts no other business (nor suffers to exist any business) other than providing insurance for the benefit of the Company and the Subsidiaries with respect to workmen’s compensation, crime, general liability, auto liability, employee benefits, property risks and live chicken inventory in accordance with Section 5.09 and reinsurance arrangements or customary risk sharing or pooling arrangements with respect thereto.
Captive insurance company means the same as that term is defined in Section 31A-37-102.