Moody's Captive Approved In N.Y.
NU Online News Service, June 19, 12:43 p.m. EST?The New York State Insurance Department yesterday announced that Moody's Assurance Company Inc. has been licensed as a captive insurance company in New York.
"I am pleased to announce that Moody's has created a captive here in New York State," said Superintendent of Insurance Gregory V. Serio. "In the contraction of the commercial insurance market, the formation of captives is a valuable and more flexible option for companies in managing their insurance needs."
Moody's is the third corporation to take advantage of New York's captive legislation, which became effective in 1997.
The department noted that a pending State Senate measure, S. 6591, would allow a wider range of businesses to form captives in the state.
Moody's captive will join those of the Metropolitan Transportation Authority's First Mutual Transportation Assurance Co. and Columbus-McKennon Inc.'s CM Insurance Company Inc.
The Department said it has also given regulatory approval of GVP Risk Management Insurance Incorporated to become a captive in New York. GVP, the Department said, has been incorporated and will soon be issued a license. It will be insuring the risks of MasterCard International Inc., it's affiliates and subsidiaries.
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