On November 6th, Spring client, Intel Corp, received preliminary approval by the U.S. Department of Labor (DOL) to fund their employee benefits in their captive.
Intel was seeking to reinsure their life and accidental death and dismemberment coverage through their existing Hawaii-based captive.
More information about this development can be found in November 6th’s Federal Register in Application No. L-11760.
Securing this exemption from the DOL has been an exciting process for our captive consulting team. Funding a corporation’s benefit risks though a captive is a financial strategy that has become increasingly important for organizations facing accelerating benefits costs.
“We are all looking forward to continuing to work with Intel and make this historic project a model for future corporate benefit funding strategies,” said Karin Landry who heads the Intel team at Spring.
Image credit: seier+seier via flickr
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