3 February 2015Services

North Carolina surpasses licensing estimate

The North Carolina Department of Insurance has surpassed its estimate of licensing 40 captives by the end of 2014.

In 2014, 49 captives were approved, bringing the total to 53 captives. The department became authorised to license captive insurance companies in late 2013.

Wayne Goodwin, Insurance Commissioner, said: "When captive insurance companies form in or relocate to North Carolina, they create jobs, generate premium tax revenue and bring business to the hospitality industry in our state. I am proud of our progress toward becoming a leading captive domicile and look forward to what I'm confident will be another successful year."

Goodwin credits the early success of the program to North Carolina's well-crafted captive insurance law, the department's sensible, pro-business approach to regulation, and the participation of captive managers and the North Carolina Captive Insurance Association.

The 11 licensed protected cell captive insurers house more than 120 protected cells and 31 captive managers have been approved to manage North Carolina captives.