Spring creates innovative funding strategy in landmark case
Congratulations to Intel Corp, who recently received approval by the U.S. Department of Labor (DOL) of their application to fund their employee benefits in their captive. Our team had submitted the application to the DOL on behalf of Intel.
Intel was seeking to reinsure their life and accidental death and dismemberment coverage through their existing Hawaii-based captive. They had received preliminary approval back on November 6, 2013.
More information about this development can be found in the April 10th Federal Register in Application No. L-11760.
Funding a corporation’s benefit risks though a captive is an innovative financial strategy that has become increasingly important for organizations facing accelerating benefits costs. There are a number of employers that have been waiting for a ruling on this case before they can proceed with their own benefit captive strategies.
“We are delighted that Intel’s request was approved and to see all of the hard work that our combined teams put into the project pay off,” said Karin Landry who heads the Intel team at Spring. “This case is a landmark ruling that is sure to be cited in the future as other employers look to create new fast track processes and to have Spring play a role in it is very exciting.”
You can find out more about our captive solutions and services here.
Image credit: Pacific Northwest Agricultural Safety and Health Center via flickr
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