New York Superintendent of Insurance Gregory V. Serio yesterday announced that the State Insurance Department has licensed Sammarnick Insurance Corporation as a captive insurance company in New York. The new captive will be insuring the risks of Viacom Inc. Captive insurance companies are traditionally used by corporations to insure part of their own risk as a component of their risk management strategy.
Viacom Inc. is the tenth corporation to take advantage of legislation signed into law in August 1997 by Governor George E. Pataki that permits captives to become licensed ...
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