Open AccessCaptive Insurance Companies: Do They Provide "Insurance"?
Author(s) -
Stewart McCulloch
Publication year - 1996
Publication title -
victoria university of wellington law review
Language(s) - English
Resource type - Journals
eISSN - 1179-3082
pISSN - 1171-042X
DOI - 10.26686/vuwlr.v26i4.6142
Subject(s) - actuarial science , insurance policy , casualty insurance , key person insurance , general insurance , insurance law , group insurance , business , insurance fraud , liability insurance , income protection insurance , insurability , auto insurance risk selection
This article explores captive insurance companies and focuses on whether a true "insurance" relationship exists between captive insurer and its insured. After providing a general background to captives, the article briefly visits the legal definition of "insurance" and then considers the captive insurer/insured relationship to determine whether an "insurance" relationship exists. Finally, the article considers situations where the existence or absence of a true "insurance" relationship may be of significance.