Business Services Industry
Group captive reaches antitrust deal; Justice Department questioned data-sharing among competing members.(News)
Business Insurance, July, 2005 by Bradford, Michael
Byline: MICHAEL BRADFORD WASHINGTON-A settlement reached with the U.S. Department of Justice by a captive insurance company has antitrust implications that could trip up other unwary captives. Professional Consultants Insurance Co. Inc., a Burlington, Vt.-based group captive, and its three actuarial consulting firm members, agreed in a settlement filed June 24 in U.S.
District Court in Washington to stop sharing information regarding the use of limitations of liability in client contracts. The Justice Department has not revealed the existence of any other similar investigations into captive activity, but its antitrust theory could extend well beyond this one professional liability insurer and its actuarial consulting firm members. "The principle or the...
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