British Virgin Islands Grants 56 New Captive Licenses.The British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. licensed 50 new regular captive insurance Captive insurance companies are limited purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups, they sometimes also insure risks of the parent company's customers. companies and six new credit-life reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. captives in 1999. This boosts the number of its licensed regular captives to 131 and credit-life reinsurance captives to 59, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the country's financial-services department. Captive insurance companies are owned by individual companies or groups of companies whose primary line of business is not insurance. The captives are formed to insure their own risks. Captives and other alternative risk-transfer entities account for about 34% of the total commercial insurance market. The increased interest in obtaining a captive license in the British Virgin Islands has come mainly from smaller companies with low loss experience and group captives. |
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