Thanks to broad bipartisan political support in the state for the enactment of captive legislation, North Carolina looks set be the latest US domicile to enter the captive field.
Speaking with Captive International, Thomas Adams, president and CEO of the North Carolina Captive Insurance Association said that captive legislation is expected to be enacted by July 1st, with the measure “widely accepted as a means to provide economic stimulus to the state”. He said that the lack of opposition was indicative of consensus on the significance of the bill, with North Carolina hoping to attract local business to the home state option.
Adams said that the expectation was that the state would attract both redomestications from other domiciles and new formations; drawn by a locally based regulator and a “strong, state-of-the-art captive law that will set North Carolina at the forefront of captive legislation globally”.
“As a result of this legislation North Carolina and local companies will naturally gravitate towards having a captive in the state—be that a new or existing entity. Rather than shopping for a domicile, the natural place to do business will be home.”
Adams said that he anticipates North Carolina welcoming its first captives before the end of the year, something he described as a “great Christmas present for the state”.
North Carolina, domicile, captive insurance, US