understanding financial jargon
An insurance company set up for the purpose of providing insurance services for its parent organisation is called a Captive insurer. In 1994 the Treasury permitted building societies to set up captives to write their own MIG business. Groups of societies can set up a captive between them for this purpose. Though societies can wholly own a life insurance company, they cannot own more than 15% of a general insurer, except in connection with MIG business.
What to do if you need more help
If you need more help with your specific commercial loan, mortgage or insurance requirement please speak to a professional financial adviser.
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