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18th of May 2012

Health system withdraws life insurance application

Vicky Beckett 06/01/2012

A Kansas-based health system, Via Christi Health, has withdrawn a Labor Department application to fund life insurance risks through its captive.
 
Under the proposal, the policies would be written by Minnesota Life Insurance, which would reinsure the risk through the parent company’s Virgin Islands branch of its Cayman-domiciled captive.
 
The branch was established last September to reinsure Via Christi employee benefit risks.
 
“After submitting our initial request and receiving feedback, we decided to reevaluate our application and anticipate resubmitting it in the future,” said David Hadley, senior vice-president and CFO of Via Christi Health.
 
Via Christi fully or partially owns or manages 12 hospitals in the Kansas, and generated $1.09bn in operating revenue in fiscal 2010.

Tags: Captive, Cayman, David Hadley, Insurance, Kansas, Labor Department, Life, Minnesota, Risks, Via Christi Health

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