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A captive is an insurance company created by its parent company to insure its risk(s) and better manage its costs. Captives are essentially a form of self-insurance whereby the insurer is owned wholly by the insured.
Captive Insurance. The Office of Captive Insurance provides a structured regulatory process for the initial evaluation, licensing, reporting, analysis and examination of captive insurance companies domiciled in Ohio.
Chapter 3964 | Captive Insurance Companies. Section 3964.01 | Definitions. (A) "Affiliated company" means any company in the same corporate system as a parent, or a member organization by virtue of common ownership, control, operation, or management.
Captive factoring and invoicing corporations, companies with predominant non-financial assets, extra-group loan origination firms, wealth-holding entities and captive financial leasing corporations
To comply with state law, captives must know which states assess income tax on insurance income. Depending on the ownership structure of the captive and state law, the captive could be required to file income tax returns on a separate company, combined or unitary method.
1 Ιουλ 2014 · Ohio’s Captive Legislation provides large and small (public and private) companies with the ability to create a captive insurance company subsidiary and to utilize that captive in its risk management program.
Ohio Ushers In Locally Based Captive Insurance Companies With New Legislation. House Bill 117 allows for the creation of captive insurance companies, which exclusively serve parent entities with commercial auto liability, workers’ compensation, medical malpractice and other coverage.
