UK Insurance definition

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Captive insurer

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.