A captive insurer having two or more owners, typically members of an industry trade association. Sometimes the association itself is the owner of the captive. This is a generic term for all types of group owned captives.
A unit of an existing offshore (alien) captive, licensed in Tennessee to write employee benefit business for its owners and affiliates onshore. The branch is regulated as a pure captive, is taxed only on the branch writings and is required to use an onshore trust for the protection of US policyholders and ceding insurers.
An industrial insured captive is one formed to insure the risks produced by a group of industrial entities.
These entities allow for assets and liabilities on one captive program to be legally segregated from the assets and liabilities of the other captive programs.
Also referred to as "single owner captive", insures only the risks of the owner or the owner' subsidiary operations.
Risk Retention Group (RRG)
An entity created under the federal Liability Risk Retention Act, and licensed in any one state to write liability insurance; is regulated as a captive insurance company; and, may operate nationwide, provided it properly registers with each state in which it proposes to solicit or write insurance.
Special Purpose Financial Captive
A captive insurance company that has received a license from the commissioner to operate as a special purpose financial captive insurance company.