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GROUP CAPTIVE Definition & Legal Meaning

Definition & Citations:

A CAPTIVE formed as a licensed INSURER or REINSURER that is owned by a number of companies, and which writes INSURANCE cover for all of them. Since a group captive engages in a significant amount of third party business, it generally receives more favorable tax treatment than a PURE CAPTIVE. Also known as an ASSOCIATION CAPTIVE or MULTIPARENT CAPTIVE. See also AGENCY CAPTIVE, CAPTIVE, PROTECTED CELL COMPANY, RENTACAPTIVE, SISTER CAPTIVE.

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