phinejose5
New Member
- 1
I saw this general business captive and captive insuere on the website of the Office of the commissioner of insurance, hong kong. May I know what is the difference between them? one is life and one is not?
What is the Difference Between General Business Captive and Captive Insurer
- Thread starter phinejose5
- Start date
YouCanCallMeAl
New Member
- 6
Sorry, you lost me at Hong Kong. I get the feeling you're not from these parts. Did you try Googling?
nickhebert
New Member
- 1
I am definitely a little bit confused as well.
Captive General agencies are what you think.
Captive Insurance is entirely different. Large companies and in some cases small companies, set up their own insurance company. They maintain a reserve. They pay claims all that stuff. They're backed up by reinsurance companies.
There's , what I think is a scam and so does the IRS where the small businesses set up "captives" because the reserve can be used in a tax favored fashion. That's why you're seeing the word "captives."
Captive Insurance is entirely different. Large companies and in some cases small companies, set up their own insurance company. They maintain a reserve. They pay claims all that stuff. They're backed up by reinsurance companies.
There's , what I think is a scam and so does the IRS where the small businesses set up "captives" because the reserve can be used in a tax favored fashion. That's why you're seeing the word "captives."
Similar threads
