The North Carolina Captive Insurance Association (NCCIA) has become the first US captive insurance association to adopt a code of ethics.
The code is the result of a year-long effort by the NCCIA’s committee on ethics, chaired by Jonathan Reich, a Womble Carlyle attorney.
It requires current and aspiring members of the NCCIA to sign a written pledge to adhere to the ten canons of the code.
Thomas Adams, NCCIA president and chief executive officer, said: “The newly adopted code is the result of a year-long effort by the NCCIA’s committee on ethics chaired by Jonathan Reich as part of North Carolina’s commitment to maintain a high quality captive industry in the state.
“In making the decision to become a captive domicile, Insurance Commissioner Wayne Goodwin, the NCCIA and the legislative leadership agreed that the industry here would be a leader in the captive industry through ethical application of the captive insurance statute.
“The newly adopted code of ethics is a natural step in the progression of North Carolina’s rise to be a leading domicile in the nation.” The NCCIA Board believes that the Code will help grow the industry in the state and help demonstrate to the public that captives will be managed ethically and responsibly in North Carolina.
Martin Eveleigh, chairman of NCCIA, added: “NCCIA believes the step of adopting a code of ethics is the mark of a responsible industry. NCCIA has not copyrighted its code of ethics in order to encourage other domiciles to simply adopt it as their own standard or to use it as a starting point to begin an industry-wide discussion on captive ethics or to draft a similar code. The important thing is for the industry to get it done so that members are reminded that there is a right way to participate in the captive industry.”
NCCIA, North America, Code of Ethics, Womble Carlyle, Jonathan Reich