NC Insurance Commissioner Mike Causey congratulated Rep. Linda Johnson recently at a Raleigh meeting of insurance executives for her diligence in helping establish North Carolina's captive insurance company program.
"Thanks to Rep. Linda Johnson and her hard work to help establish North Carolina's captive insurance program, we have continued growth in that industry and look forward to its further development," said Commissioner Causey. "North Carolina continues to prove to be a great place for captive insurers and much of the credit goes to Rep. Johnson."
In October of 2013, after the passage of the North Carolina Captive Insurance Act, North Carolina became a jurisdiction for the formation and operation of captive insurers. North Carolina's captive insurance company program has grown significantly since that time. As a result, the captive insurance company industry has favorably impacted North Carolina's economy by creating jobs and generating premium tax revenue and business revenue.
As of Jan. 23, 2017, over 550 risk bearing captive insurance entities are under the regulation of NCDOI, including 190 captive insurers that are licensed or provisionally licensed and 363 cells or series that are approved or provisionally approved.
"I am so thankful for the support of the legislature for this new industry for our state. The steady growth of the captive insurance industry is something we can count on to produce jobs and help our economy," said Johnson. "I greatly appreciate the support of Insurance Commissioner Mike Causey and look forward to continuing to work with the NC Department of Insurance to help grow this industry."
Captive insurance is a form of self-insurance through which a business may form its own insurance company to insure its risks. Potential benefits of captive insurance are reduced insurance costs, stabilized pricing, customization of policy terms and conditions to meet a business's needs, and the ability to obtain coverage that is not readily available or too costly in the commercial market.
Learn more about the North Carolina captive insurance company program at www.nccaptives.com.