Heiwa opens 'captive' agency
Advertiser Staff
Japanese insurer Heiwa Insurance Inc. has set up a "captive" insurance subsidiary in Hawai'i, a move the state says is the first time a foreign company has based its internal-insurance operations here.
Heiwa Insurance, licensed March 30, is owned by Heiwa Corp. of Japan. Captive insurance is a formalized approach to self-insurance in which an organizer incorporates a new company in Hawai'i, Delaware or other common sites, and obtains a special license to insure itself and its affiliates.
The state has licensed 96 companies to operate captive insurance subsidiaries, placing it in the top 10 captive-
insurance locations worldwide. Heiwa chose the state for "Hawai'i's prudent yet flexible regulatory environment, ease of access, related business interests and beneficial differential tax rates," company President Kazuyoshi Horie said.
Vote benefits Maui Pineapple
In a unanimous decision yesterday, the U.S. International Trade Commission voted to extend the anti-dumping duties on canned pineapple from Thailand.
The decision, which benefits companies including Maui Pineapple Co. Ltd., extends for another five years the unanimous decision made by the commission in 1995 to levy tariffs on canned pineapple imported at less than fair value because of damage to the U.S. industry.
Douglas R. Schenk, president of Maui Pineapple Co., said the main benefit for the company is the assurance that importers will have to use fair pricing in the U.S. marketplace, allowing a more level competitive market.
Nation & World
Mobile phone takeover OK'd
Europe's biggest telecommunications company, Deutsche Telekom AG, won approval yesterday from U.S. regulators for its takeover of VoiceStream Wireless in a precedent-setting deal.
The Federal Communications Commission concluded that the merger was in the public interest because it would create more competition. The 4-0 vote to approve the acquisition, worth about $29 billion, sets the stage for the new company to compete against providers such as AT&T, Sprint and Verizon.
