Meta Platforms has submitted a request to the US Department of Labor (DoL) for an Employee Retirement Income Security Act (ERISA) exemption to allow its captive insurer to reinsure certain employee benefits.
The exemption would allow Meta’s health and welfare benefit plan to establish an insurance contract with Prudential Life Insurance Company of America. The contract would cover group term life insurance, accidental death and dismemberment benefits, and survivor income benefits for Meta employees.
Prudential would retain primary responsibility for delivering these benefits to employees but would reinsure the associated risks through Ekahi Insurance Company, a captive insurer owned by Meta Platforms.
Ekahi operates as a cell within Honu Insurance Company, a Hawaii-domiciled entity specifically structured for captive insurance solutions. Under this arrangement, Prudential would remain fully accountable to the benefit plan, ensuring continuity of coverage regardless of Ekahi’s performance.
