In less than a year since its captive-enabling legislation went into effect, North Carolina is making significant progress towards its goal of becoming a leading captive domicile.
To date, the North Carolina Department of Insurance has licensed 12 captives, including five protected cell captive insurance companies that have multiple cells, and more than 16 license applications are currently under review. NCDOI experts estimate that North Carolina will have licensed more than 40 captives and the captive insurance program will have favorably impacted North Carolina’s economy by approximately $2 million by the end of 2014.
“North Carolina’s captive insurance program is off to strong start, but more importantly, we are dedicated to the long-term success of the captive insurance program,” said N.C. Insurance Commissioner Wayne Goodwin at the first annual conference of the North Carolina Captive Insurance Association in August.
“The North Carolina Captive Insurance Act became effective in October 2013 after receiving unanimous support in the General Assembly. We started out with what I believe is a truly state-of-the-art captive insurance law that provides a sensible pro-business approach to captive regulation. And we continue to review and improve our legislation to be responsive to the needs of captive insurers,” Goodwin said.