13 May 2013Analysis

North Carolina captive association forms

As two captive insurance bills wind their way through the North Carolina state legislature, an association has formed to help them find their way. The North Carolina Captive Insurance Association (NCCIA) is headed up by chairman Alex Webb and president/CEO Thomas L. Adams.

The association’s first goal according to their fledgling website is to help pass HB 473 and its companion bill SB 476, which would permit companies for form captive insurance companies in North Carolina. Following that, the NCCIA will focus its activity on educating the public, businesses and industry on the value of captive insurance programs. In addition, the NCCIA will run continuing education programs for captive owners.

Webb commented: “North Carolina is behind the curve in providing access to captive companies under state regulation. Currently captive insurance companies must be domiciled in one of 31 states that grant them legal status or they must go offshore to Bermuda or a similar venue. Captive insurance companies offer considerable savings to corporations and associations who form them while having a substantial impact on the state’s economy through purchase of services, in addition to paying premium taxes to North Carolina’s revenue fund.”