Topics Related to Captive Insurance

Insurance Commissioner Mike Causey today announced that North Carolina’s Captive Insurance Program continues to grow and contribute to the state’s economy more than a decade after its inception.“Businesses with unique insurance needs are finding North Carolina a great place to conduct business through its Captive Insurance Program,” Commissioner Causey said. “We’re excited by the continued growth of our captive program and welcome the innovation that service providers bring to address emerging risks in the industry.”

Insurance Commissioner Mike Causey today announced that North Carolina has once again been recognized as one of the top captive domiciles in the nation.Captive International, a prominent captive insurance industry publication, has designated North Carolina’s program as “Highly Commended.” The publication recognizes leaders in the industry based on effectiveness, expertise and innovation.

North Carolina Insurance Commissioner Mike Causey announces today that the state of North Carolina is now the third largest domicile for captive insurance companies in the U.S., trailing only Vermont and Utah.A captive insurance company is a type of self-insurance that businesses use to manage their own risks. A ‘domicile’ is the country, state or territory that licenses a captive insurer and has primary regulatory oversight over that insurer. The captive's primary jurisdiction, be it a state, territory or other jurisdiction, is known as its “domicile”.

North Carolina Insurance Commissioner Mike Causey today congratulated the state’s Captive Insurance Program for topping 1,500 licensed entities since the program began 10 years ago.“Since the passage of the Captive Insurance Act 10 years ago, North Carolina’s program has experienced tremendous growth,” Commissioner Causey said. “I am excited that the Department’s Captive Insurance Program continues to attract businesses to our state.”

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.

North Carolina Insurance Commissioner Mike Causey declared that the state’s Captive Insurance Program remains among the world’s strongest domiciles as it enters its second decade of operation.

North Carolina Insurance Commissioner Mike Causey is praising a new state law which updates North Carolina’s Captive Insurance Act and impacts the premium taxes paid by captive insurers. 

North Carolina Insurance Commissioner Mike Causey today announced that Lori Gorman has been selected as the new Deputy Commissioner of The Captive Insurance Company Division.

“Lori has an in-depth knowledge and understanding of the financial oversight that will complement the Captive Insurance Company Division,” Commissioner Causey said. “Her calm and personable demeanor will be an asset to the Department and the industry.”

Insurance Commissioner Mike Causey has announced that Debbie Walker, Senior Deputy Commissioner of the North Carolina Department of Insurance, is retiring effective March 31, 2022, after 30 years of loyal service.

North Carolina Insurance Commissioner Mike Causey announced that 2020 proved to be another highly successful year for the Department of Insurance’s captive insurance program.  The number of risk- bearing captive entities licensed or approved (including conditional licenses and approvals) since inception through year-end 2020 exceeded the 1000 milestone rising to 1,081.