The Honolulu Advertiser reports that the Hawaii Department of Commerce and Consumer Affairs has issued ten licenses to new captive insurance companies, bringing the total of approved licenses to 212 since the industry was established in 1986.
Captive insurance is a type of self-insurance whereby a company establishes a separate, licensed legal entity to provide insurance to the company. The new licenses include companies from the United States and Japan that are involved in real estate development, construction, energy, transportation and financial services. The DCCA reports that the captive insurance industry contributes to the local economy with combined assets of $6.4 billion and employs 100 full-time workers in Hawaii.
