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The Coca-Cola Co. plans to improve the healthcare coverage it provides for its retirees and their dependents, while also improving its bottom line, with an innovative financing arrangement involving a trust and a captive insurance company. Since 2000, when the U.S. Department of Labor gave Columbia Energy the go-ahead to use a captive insurer to reinsure the long-term disability benefits provided to employees, about 20 companies have won approval to provide ERISA-regulated employee benefits via a captive. But to date, companies have only used captives for group term life or long-term disability benefits.

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