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Offering federal exemptions to captives to encourage the administration of ERISA-regulated benefits has met an unexpectedly tepid response. Many companies are still interested in creating captives, especially if they can find simpler approval options.

In the wake of a severe shortage of fronting insurers for captives a few years ago, more and more companies are trying to reduce their dependence on fronts--either by setting up risk retention groups or by writing business directly.