Install
Captives terms
Self-insuring through owned insurers.
Captive insurance companyA licensed insurer owned by the business or group it insures, formed to underwrite their own risks rather than buying all coverage from outside insurers.Risk purchasing groupA group of businesses with similar liability exposures that buys liability insurance together under federal law, without forming its own insurer.Risk retention groupA member-owned liability insurer formed under the federal Liability Risk Retention Act, licensed in one state but allowed to cover members in every state.Third-party administrator (TPA)An outside firm hired to run claims and administration for a self-funded plan, captive or self-insured program without taking on the insurance risk.