WHAT IS CAPTIVE INSURANCE?

The primary purpose to setting up AVOA is to battle the sky-rocketing insurance premiums that AGLC has made mandatory, for all VLT Operators.

A “captive insurer” is generally defined as an insurance company that is wholly owned and controlled by its insureds; its primary purpose is to insure the risks of its owners, and its insureds benefit from the captive insurer’s underwriting profits.

The captive insurance program we are working on is designed so that the insurer provides annual rebate incentives for VLT Operators, (that do not submit any insurance claims).

The rebates that each VLT Operator receives is prorated (based on each individuals premiums, as well as their claim history), and the annual rebate is credited towards future insurance premiums, for that particular VLT operator.

The purpose of this captive insurance is to provide the most cost effective insurance premiums for Alberta VLT Operators.