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Custer County commissioners halt Captive Resources plan, direct staff to pursue Berkeley insurance option
Summary
After a workshop on employee health coverage, the board voted to stop pursuing Captive Resources—citing offshore banking and capital concerns—and directed staff to move forward with Berkeley as an alternative, while flagging constitutional limits on county ownership interests.
Custer County commissioners voted Jan. 14 to stop pursuing a proposed health-insurance arrangement with Captive Resources and directed staff to pursue an alternative captive insurer, Berkeley, that staff officials said better aligns with banking and constitutional constraints.
The board’s discussion, conducted as a workshop and public briefing, focused on four options presented by staff and outside advisors: remain with Captive Resources, attempt a standalone contract with HCC (which declined to quote), enroll with other captive providers such as Berkeley or Pareto, or buy a standalone commercial policy. Bob Smith, the county’s human-resources and risk-management representative, reviewed price, capital and collateral structures and said the Captive Resources plan would require both capital and collateral and involved banking and operational elements…
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