Updated at 4:21 p.m., Tuesday, December 12, 2006
State hits milestone in captive insurance licensing
Advertiser Staff
Hawai'i has approved its 200th captive insurance license, a milestone for the industry locally since enacting its captive insurance laws in 1986.The license was issued to MHC Insurance Co., which insures the worldwide risks of its Japanese-related owners and affiliates, according to a state Insurance Division news release. Captive insurance is a form of self-insurance under which large companies set up their own firms to cover their risks.
"Interest in new captives in Hawaii continues to be strong," said Insurance Commissioner J.P. Schmidt in the statement.
Hawai'i is one of the most active states in attracting captive insurers and ranks second among states in terms of number of licensed companies.
