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 a pure captive insurance company, association captive insurance company, captive reinsurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this chapter. For purposes of this chapter, a branch captive insurance company must be a pure captive insurance company with respect to operations in this State, unless otherwise permitted by the director.
Examples of Captive insurance company in a sentence
Each of the Company and each Subsidiary will maintain, with financially sound and reputable insurance companies (including any Captive Insurance Company), as determined by the Company in good faith, insurance in such amounts (with no greater risk retention) and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.
More Definitions of Captive insurance company
Captive insurance company. ' means any pure captive insurance company, association captive insurance company, agency captive insurance company, industrial insured captive insurance company, risk retention group, protected cell captive insurance company, incorporated cell captive insurance company, or special purpose financial captive insurance company formed or licensed under this chapter;
Captive insurance company means each Subsidiary of the Borrower formed from time to time that engages primarily in the business of insuring risks of the Borrower and its Subsidiaries.
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 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 the same as that term is defined in Section 31A-1-301.
Captive insurance company means any pure captive insurance company, association captive insurance company, or industrial insured captive insurance company formed or licensed under the provisions of [sections 1 through 16].
Captive insurance company means a pure captive insurance