Applied Underwriters Asks ALJ to Overrule Regulators on Captive Comp Program

Applied Underwriters, Berkshire Hathaway's workers' compensation division, has been the subject of scrutiny from regulators and courts in a number of states for the last few years, thanks in part to its multi-layered captive insurance program. Now, the company and three of its sister companies are fighting back. The insurers on Tuesday filed a petition asking an administrative law judge to overrule demands made by the New Jersey Department of Banking and Insurance. Applied Underwriters charges that the department has fundamentally misunderstood the nature of its complex EquityComp an...