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Rhode Island Asset Protection News
Department Licenses State's First Group Captive For Fourteen Of New York’s Major Financial Institutions
Group Captive to Provide Coverage Above Level Provided by Federal Government
Superintendent of Insurance Gregory V. Serio today announced that the State Insurance Department has licensed Customer Asset Protection Company as a captive insurance company in New York insuring the risks of CAPCO Holdings, Inc.
CAPCO Holdings, Inc is owned equally by fourteen financial institutions which include AG Edwards, Inc., The Bank of New York Company, Inc., The Bear Sterns Companies, Inc., Credit Suisse First Boston (USA, Inc.), Edward D. Jones & Company, LLP, The Goldman Sachs Group, Inc., JP Morgan Chase & Co., Legg Mason, Inc., Lehman Brothers Holdings Inc., Morgan Stanley, Raymond James Financial, Inc., Robert W. Baird & Co., FMR Corp. and Wachovia Corporation.
"Customer Asset Protection Company (CAPCO) is the State's first group captive and demonstrates that major financial institutions can cooperate around an insurance mechanism to avail themselves of this vital risk management tool in New York State," said Serio. "The announcement of the first group captive proves that companies are finding solutions to their global insurance needs in New York State. Governor Pataki has made it a priority to continue to meet the needs of the business community and the Captive Law, which allows for the formation of captives, has provided a valuable and more flexible option for companies, like CAPCO Holdings, Inc., to manage their insurance needs and better managing their risk management strategies."
CAPCO will provide a mechanism for these fourteen financial institutions to provide excess insurance for investors in the event they sustain losses as a result of a bankrupt or otherwise financially troubled investment firm. This coverage is designed to be in excess of an initial layer of coverage provided by the federal Securities Investor Protection Corporation (SIPC). This excess coverage, which has been recently made unavailable by the admitted insurance market, is now available through the formation of this group captive insurer.
Prior to 1997, captives were not permitted in New York and had been headquartered in a small number of states or off-shore in jurisdictions such as Bermuda. With the passage of the Governor's Captive program bill in 1997 and the recent creation of the Captive Group at the Insurance Department, businesses are now choosing New York State as an on-shore location for innovative alternative insurance programs such as captives.
Conservation Easement is a legal agreement
A Conservation Easement is a legal agreement reached voluntarily between a landowner and a land trust that protects water quality, wildlife habitat, scenic vistas, agricultural productivity and other conservation values permanently restricts the use of property by current and future landowners keeps property in private hands. Donating some or all of the development rights to a qualified, tax-exempt organization like the Washtenaw Land Trust, and meeting other specific conditions, allows a landowner to be eligible for certain tax benefits.
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Essentially loans or debt. When someone lends you money, he or she gets an IOU that promises the loan will be repaid with interest. When you buy a bond, you're basically buying that IOU. A bond certificate is like an IOU: it shows the amount loaned (principal), the rate of interest to be paid on the loan and the date that the principal will be paid back (maturity date). Bonds can be issued by government agencies, such as the U.S. Treasury and by corporations to raise money.
Secret Bank Accounts
Definition:
Infamous numbered and bearer Swiss bank accounts. Switzerland has come under much scrutiny through scandals relating to money laundering and holding assets
Durable power of attorney
Definition:
A power of attorney that remains valid when the principal becomes incapacitated.
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