NU Online News Service, May 11, 12:10 p.m.EDT

A page-one New York Times article this week slammed state captiveinsurance laws, stating that they allow companies to "conductBermuda-style financial wizardry" in the U.S., but theTimes company, it turns out, has its own captive domiciledin New York.

Captive insurance is a regulated form of self-insurance that hasbeen in use since the 1960s.

The Times' captive, named Midtown Insurance Co., islisted as a consolidated subsidiary of The New York Times Co. inits 10-Q filing for the U.S. Securities and Exchange Commission,filed Nov. 8, 2007 for the period ending Nov. 30, 2007.

A New York State Insurance Department (NYSID) spokespersonconfirmed that the Midtown Insurance Co. captive is stillviable.

According to an examination report on the captive by the NYSID,signed by former New York Insurance Superintendent Eric Dinallo onJan. 29, 2009, the captive was managed by Marsh Management Servicesas of July 1, 2003. It was incorporated as a pure captive on May15, 2003.

The document says that for the period ended Dec. 31, 2007, thecompany's insurance coverage consisted of fleet and multimedia,Terrorism Risk and Insurance Act (TRIA) coverage, property,weather, excess umbrella liability and inland marine.

The captive owned by the Times is domiciled in NewYork, which unlike Vermont, does not publicize information about parent companiesof captives, according to a captive manager. The Timesalso did not include details about its captive in its SECstatements.

The New York Times did not respond to inquiries from NUOnline News Service.