Georgia’s new captive legislation backed by GCIC
The Georgia Captive Insurance Council (GCIC) has applauded Governor Kemp’s signing of Georgia House Bill 348 last week.
The GCIC pointed out that House Bill 348 is the first new piece of legislation that aims to support 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, making Georgia an even more competitive, stronger captive insurance domicile.
“By signing House Bill 348 into law, Governor Kemp has once again helped to strengthen Georgia’s commitment to the financial services industry”, said GCIC Chairman of the Board and former Georgia Department of Insurance Captive Insurance Supervisor Travis Bowden. “This bill comes at an ideal time as the Georgia Captive Insurance Council works to revitalise 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.
“As I spoke with numerous members of the Georgia State House of Representatives and State Senate on this legislation, the value of greater self-insurance and competitive risk retention options was something the members strongly agreed upon”, Bowden continued. “Captive insurance companies and Risk Retention Groups continue to drive the conversation of risk management options in Georgia. On behalf of the captive insurance industry, I thank Governor Kemp and HB 348’s sponsors for their leadership on this excellent legislation. Other domiciles around the world have noticed that Georgia captives are back!”
The GCIC is based in Atlanta and plans to share more updates in the coming weeks.
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