Captive

{
  "id": "MLC-T-INS-000681",
  "term": "Captive",
  "field": "Insurance and risk management",
  "definition": "A wholly owned insurance company established by a non-insurance organization to underwrite its own risks and those of its affiliates. This structure allows for greater control over insurance programs, potential cost savings, and direct access to reinsurance markets. Captives can be formed as pure captives, group captives, or protected cell companies, each with distinct legal and operational characteristics.",
  "url": "https://mlchart.com/terminology/insurance/captive/"
}