6 December 2013

North Carolina is full steam ahead in the captive race

According to Martin Everleigh, manager of captive manager Atlas Insurance Management, his company already has three captive applications pending. They could be before the North Carolina Department of Insurance (DOI) as soon as next week.

Atlas is one of six captive managers licensed in the state, which became a domicile following legislation signed into law in June 2013. The state began accepting applications in September.

Everleigh said: “after years of forming captives in other US states, I’m very pleased to have the opportunity to now establish and manage them on our home turf. Captives domiciled in North Carolina will benefit from reasonable capital requirements and competitive premium tax rates. Importantly, the regulatory team at the North Carolina Department of Insurance has already demonstrated its commitment to being flexible and business friendly. ”

Everleigh told AM Best’s news service that North Carolina would likely take captives from states like Delaware. He added: “there’s too much going into Delaware for that state to handle.”