21 June 2013Law & regulation

North Carolina captive bill signed into law

HB 473, the North Carolina Captive Insurance Act, has been signed into law by Governor Pat McCrory. The bill passed with unanimous support in all committees and both legislative chambers before making its way to the McCrory’s desk

Thomas Adams, president and CEO of the North Carolina Captive Insurance Association (NCCIA), said: “This legislation was seen as an economic development tool by the legislature. When you read the legislation it’s easy to see that this is designed to make North Carolina a friendly domicile for captives.”

Alex Webb, chairman of the NCCIA, added: “The leadership understood that captive insurance companies are a key tool to free capital for both small and large businesses. It’s now up to those of us who are instrumental in providing assistance to companies starting captives to step up and get the word out that North Carolina is open to this business.”

Webb noted that certain provisions of the new legislation “are making it easy for companies to redomicile” to North Carolina from other captive domiciles.