Tuesday, November 21, 2023

N.C.’s Captive Insurance Program obtains ‘Highly Commended’ status

RALEIGH
Nov 21, 2023

North Carolina Insurance Commissioner Mike Causey today congratulated the state’s captive insurance industry for achieving a top award.

Captive International, a leading captive insurance trade publication, recognized the N.C. program as one of the top domiciles in the nation by giving it the Highly Commended designation.

“I want to congratulate the captive insurance industry in North Carolina for achieving this high honor,” Commissioner Causey said. “I want to especially commend our captive insurance team at the Department of Insurance for providing effective regulation with excellent customer service that allows the industry to flourish. More and more, businesses are learning that North Carolina is a great place to live and work.”

Captive International’s U.S. Awards recognizes leaders in the captive industry after receiving feedback from the industry based on effectiveness, expertise and innovation.

North Carolina enacted its modern captive insurance law, known as the Captive Insurance Act, in 2013 and licensed its first three captives late that same year. Over the next decade, the North Carolina captive industry has experienced exceptional growth. 

Currently one of the largest captive domiciles in the United States, North Carolina has reached an important milestone for its program this year, with more than 300 captive insurance companies licensed or provisionally licensed as of Sept. 30.  These captive insurance companies consist of 227 pure captives, 70 protected cell or series structures and 10 risk retention groups.

North Carolina has low cost of formation and operation for captives domiciled in the state.  Some key highlights include reasonable capital requirements that take into consideration each insurer’s specific risk profile, no filing fees, competitive premium tax rates and no mandatory examinations except for risk retention groups.  North Carolina’s captive regulatory team boasts a dedicated in-house staff of analysts, examiners and actuaries with a focus on providing excellent customer service.

Commissioner Causey, other state leaders and the North Carolina Captive Insurance Association continually work to demonstrate their commitment to the long-term success of the North Carolina captive insurance industry.

Learn more about the state’s captive insurance program, at www.nccaptives.com.
 

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