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Many captive insurance programs utilize a “Disclosure Document,” sometimes called a “Confidential Information Memorandum,” “Private Placement Memorandum” or “Prospectus,” that details program ownership, governance, exit and other rights and obligations.  When is a Disclosure Document required or desirable?  What information should be included?  How often should it be updated?  Who approves the Disclosure Document?  Who gets a copy?  This article traces the origins of the captive Disclosure Document in the U.S. Securities laws, and discusses how Disclosure Documents have evolved to meet the specialized needs of the captive insurance marketplace.

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