Causey: North Carolina now third largest US captive domicile
North Carolina Insurance Commissioner Mike Causey has announced that North Carolina is now the third largest domicile for captive insurance companies in the US, trailing only Vermont and Utah.
According to the North Carolina Department of Insurance (NCDOI) the state has become an award-winning domicile in the decade since the passage of the state’s Captive Insurance Act. North Carolina has licensed or approved more than 1,500 risk-bearing entities after licensing just three captives in its inaugural year.
“North Carolina’s competitive premium tax rates and laws provide us with a lot of discretion in the regulation of captive insurers, which helps us remain attractive to captive owners and captive managers alike,” Commissioner Causey said. “Laws drafted over the years designed to meet insurance needs of North Carolina businesses have had a positive economic impact, attracting new businesses to our state.”
The NCDOI said that the state is now home to 311 captive entities, up from 294 in 2022, with Utah holding 439 and Vermont licensing 659.
“To ensure our captive law remains relevant and current, the North Carolina Captive Insurance Association and the Department continue to collaboratively propose legislative changes as necessary to meet the emerging needs of industry,” Commissioner Causey said. “We expect North Carolina’s captive insurance program to continue to respond to these needs with expansion to diverse industries and businesses of all sizes.”
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