Business Services Industry
Captive benefits plan gets tentative OK.(News)
Business Insurance, May, 2004 by Geisel, Jerry
Byline: JERRY GEISEL WASHINGTON-The Department of Labor has formally proposed that a major Swedish company be allowed to use a U.S. branch of its Ireland-domiciled captive to fund the benefit risks of the company's U.S. employees. Under the proposed ruling, published in the May 3 Federal Register, Svenska Cellulosa Aktiebolaget-a paper, packaging and consumer products company better known as SCA-would be able use the recently formed U.S.
Virgin Islands branch of its 13-year-old captive to fund benefit-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. If its application is approved-virtually a certainty after a public...
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