Business Services Industry
Captive plan could lower barrier to benefits funding.
Business Insurance, January, 2004
Byline: JERRY GEISEL WASHINGTON-A major Swedish company's bid to use a branch of its Ireland-based captive to fund the benefit risks of its U.S. employees could further lower the barriers to captive benefit funding arrangements. Svenska Cellulosa Aktiebolaget-a paper, packaging and consumer products company better known as SCA-wants to use the recently formed U.S.
Virgin Islands branch of its 13-year-old captive to fund U.S. benefits-related risks. The captive, SCA Re, would reinsure life insurance, accidental death and dismemberment, and long-term disability policies written by Aetna Inc. for SCA's U.S. employees. While several employers in recent years have won Labor Department approval to fund employee benefits through their captives, SCA's application...
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