Intel Corp has received approval by the US Department of Labor (DOL) of their application to fund their employee benefits in their captive. Spring Consulting Group has submitted the application to the DOL on behalf of Intel.
Intel was seeking to reinsure their life and accidental death and dismemberment coverage through their existing, Hawaii-based captive. They received preliminary approval on 6 November 2013.
“We are delighted that Intel’s request was approved and to see that all of the hard work that our combined teams put into the project pay off,” said Karin Landry, head of Spring’s Intel team.
This case is a landmark ruling that is sure to be cited in the future as other employers look to create new, fast-track processes and to have Spring play a role in it is very exciting.”
