GCIC backs Georgia captive bill

The Georgia Captive Insurance Council (GCIC) has announced its formal support for Georgia House Bill 348 during this year’s legislative session.

House Bill 348 is the first new piece of legislation that aims to help Georgia’s captive insurance companies and risk retention groups since 2019. The bill calls for advantageous new reinsurance options to be provided to captive companies. In addition, the bill also allows captive companies to have more lines of authority to operate within.

“During my years as the Georgia Department of Insurance’s Supervisor of Captives and Risk-Bearing Entities, I often felt that Georgia’s captive insurance language needed to be more friendly to new companies that are exploring Georgia as a potential captive insurance domicile”, said GCIC chairman of the board Travis Bowden. “This bill comes at the perfect time as the Georgia Captive Insurance Council works to help revive the Georgia captive insurance industry”, Bowden continued.

The GCIC serves as the only official trade association and advocacy group for Georgia captive Insurance firms and Risk Retention Groups, replacing the defunct Georgia Captive Insurance Association that chose to formally dissolve in 2023.

“With strong legislation like HB 348, Georgia will continue to grow its captive presence. On behalf of the captive insurance market sector, I strongly urge this legislation to be passed”, Bowden stated. “By removing outdated and onerous regulations and helping captive professionals provide more options during formations, Georgia can add to its already growing resurgence as a captive insurance domicile. It’s my hope that the members of the Georgia General Assembly vote in the affirmative on this much-needed legislation.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.