NC Captive Law

This document is an unofficial compilation of the original captive law passed in 2013 and all subsequent amendments thereto:

Captive Insurance Act

While every effort was made to ensure the accuracy and completeness of the captive insurance statutes available on the North Carolina Department of Insurance's web site, these statutes include recent amendments that have not yet been issued in official codified form.  The North Carolina Department of Insurance will not be responsible for any errors or omissions which may occur in this file, and users should consult the following Session Laws in question:

Minimum Capital & Surplus Requirements

Captive Type Minimum Capital & Surplus
Pure $250,000*
Association $500,000
Industrial Insured $500,000
RRG $1,000,000
Protected Cell $250,000*
SPFC $250,000
Special Purpose $250,000*
* Or such other amount as determined by the Commissioner

Premium Tax Rates

Direct Premium Collected Premium Tax Rate
Up to $20M 0.40%
$20M and more 0.30%
Assumed Reinsurance Premium Collected Premium Tax Rate
Up to $20M 0.23%
$20M to $40M 0.15%
$40M to $60M 0.05%
$60M and over 0.03%
*Minimum Premium Tax: $5,000 ($10,000 for protected cell captive insurers with more than 10 cells)
**Maximum Premium Tax: $100,000 ($200,000 for protected cell captive insurers with more than 10 cells)