The State of Georgia licensed 18 new captive insurance companies in 2017.
All of the new captives in 2017 were single-parent captives, and the total number of active captives in the state is 42 as of December 31, 2017.
Breaking down the total number of licenses, Georgia now has nine association captives and 33 single-parent captives.
In May 2017, Governor Nathan Deal signed a law to revise certain definitions in the state’s captive law, both easing the process for forming a captive, and allowing captives to be a limited liability company.
Section 4 of Senate Bill 173 granted pure captives or agency captives to be incorporated as a stock insurer or organised as a manager-managed limited liability company.
The bill also confirmed which risks an agency captive can reinsure, such as the risk of insurance or annuity contracts placed by or through the agency, brokerage, managing general agent or reinsurance intermediary by which it is owned or controlled.
It also allowed agency captives to reinsure the contractual liability arising out of service contracts or warranties.
Georgia, Legislation, Captive insurance, North America