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Captive (as a noun)

English translation: captive insurance company

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15:03 Oct 26, 2007
English to English translations [PRO]
Bus/Financial - Management / Auditing
English term or phrase: Captive (as a noun)
For example, I am responsible for two ***captives***, and then at X we have a special group who, with the responsible managers, define what kind of SOX controls we have to perform, but it’s mainly related, as I said, to avoid fraud, to avoid unauthorised payments.

Can't figure out what "captives" means in this context.

Thanks
Michel A.
Local time: 07:02
English translation:captive insurance company
Explanation:
Book Description
A captive insurance company is, in a nutshell, an insurance company formed by a business owner to insure the risks of the operating business. The operating business pays premiums to the captive, and the captive insures the risks of the operating business. A captive is much more than an exotic form of self-insurance: It is the creation of a new insurance company that has the potential to grow from being a mere captive into a full-blown insurance company seeking to profit from underwriting the risks of others. Adkisson's Captive Insurance Companies provides a basic introduction to captives and their benefits, including: utilize your own experience ratings; recapture underwriting profits; underwrite exposed risks and deductibles; access the reinsurance markets; and transfer wealth between generations. This book also provides a unique look at the wealth transfer, accumulation and preservation advantages of captives, as well as an overview of the types of captives, taxation of captives, and captive domiciles.
http://www.amazon.com/gp/product/0595422373?ie=UTF8&tag=http...

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Note added at 14 mins (2007-10-26 15:18:35 GMT)
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In case you need info on SOX controls:
http://www.answers.com/topic/sarbanes-oxley-act-of-2002-sox

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Note added at 18 mins (2007-10-26 15:22:07 GMT)
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And here is another possible meaning of "captive" that may fit, depending on your wider context:

http://www.sharedxpertise.com/file/3958/everest-research-ins...
Selected response from:

Alexander Demyanov
Local time: 07:02
Grading comment
Spot on! Thanks to all
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +3captive insurance companyAlexander Demyanov
4permanent full-time employees
jccantrell


  

Answers


6 mins   confidence: Answerer confidence 5/5 peer agreement (net): +3
captive (as a noun)
captive insurance company


Explanation:
Book Description
A captive insurance company is, in a nutshell, an insurance company formed by a business owner to insure the risks of the operating business. The operating business pays premiums to the captive, and the captive insures the risks of the operating business. A captive is much more than an exotic form of self-insurance: It is the creation of a new insurance company that has the potential to grow from being a mere captive into a full-blown insurance company seeking to profit from underwriting the risks of others. Adkisson's Captive Insurance Companies provides a basic introduction to captives and their benefits, including: utilize your own experience ratings; recapture underwriting profits; underwrite exposed risks and deductibles; access the reinsurance markets; and transfer wealth between generations. This book also provides a unique look at the wealth transfer, accumulation and preservation advantages of captives, as well as an overview of the types of captives, taxation of captives, and captive domiciles.
http://www.amazon.com/gp/product/0595422373?ie=UTF8&tag=http...

--------------------------------------------------
Note added at 14 mins (2007-10-26 15:18:35 GMT)
--------------------------------------------------

In case you need info on SOX controls:
http://www.answers.com/topic/sarbanes-oxley-act-of-2002-sox

--------------------------------------------------
Note added at 18 mins (2007-10-26 15:22:07 GMT)
--------------------------------------------------

And here is another possible meaning of "captive" that may fit, depending on your wider context:

http://www.sharedxpertise.com/file/3958/everest-research-ins...

Alexander Demyanov
Local time: 07:02
Works in field
Native speaker of: Native in RussianRussian
PRO pts in category: 16
Grading comment
Spot on! Thanks to all

Peer comments on this answer (and responses from the answerer)
agree  Cristina Chaplin
13 mins
  -> Thanks, Cristina!

agree  Mehmet Hascan: http://www.captive.com/service/kpmg/kpmg_article2.html - Captives (creating your own insurance entity) was a widely used alternative tool. - http://findarticles.com/p/articles/mi_m0BJK/is_2002_May/ai_8... - http://www.dcrisksolutions.com/serv02.htm
37 mins
  -> Thanks, Mehmet!

agree  xxxcmwilliams: yes, could be insurance company or bank
44 mins
  -> Thanks!
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3 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
captive (as a noun)
permanent full-time employees


Explanation:
Used in the software contracting world all the time. If a company is short of workers, it may hire contractors to come in, perform the work and then leave when the job is done. They may also offer them positions with the company with full benefits, etc. These guys are then known as captives instead of contractors.

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Note added at 48 mins (2007-10-26 15:52:11 GMT)
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A few references:
http://pacepros.com/CENewsletter_html/cenewsletter_011215.ht...

http://english.ttu.edu/gscic/Ch3/CHPT3.htm

http://www.amazon.com/Arco-Making-Money-Technical-Writing/dp...
(look at the review by Ann Grove)

jccantrell
United States
Local time: 04:02
Native speaker of: Native in EnglishEnglish

Peer comments on this answer (and responses from the answerer)
neutral  Alexander Demyanov: Could you provide some reference?//Thanks, I can see how it could be a noun, though only the amason ref uses it as such. Also: "working on a _1040_ tax status" (ttu.edu)? The only alternative I know is tax evasion. They probably mean W-2.
16 mins
  -> I can only say that years working at TRW, Boeing, Lockheed Martin and they ALL use it this way. --//-- In everyday speech, you call them captives. Nobody uses "captive employees" when just talking about them.
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