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DEFINITION OF CAPTIVE INSURANCE COMPANY
A captive insurance company is an insurance company that has been set up to
provide coverage at a lower cost than available by going through the general
insurance market. The company's stock is controlled by one interest or a group
of related interests so as to provide coverage for their business operations.
A captive insurance company may be a nonadmitted, nonresident, or foreign insurer.
Sometimes it may provide reinsurance to a self-insure or a domestic company.
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