Insurance Commissioner Mike Causey today announced that North Carolina has once again been recognized as one of the top captive domiciles in the nation.
Captive International, a prominent captive insurance industry publication, has designated North Carolina’s program as “Highly Commended.” The publication recognizes leaders in the industry based on effectiveness, expertise and innovation.
“I’m proud of the hard work done by our captive insurance regulatory team to help grow this unique type of insurance industry in North Carolina,” Commissioner Causey said. “In just over a decade, our regulators have worked to make North Carolina’s captive industry top notch.”
Captive insurance is a form of self-insurance through which a business may form its own insurance company to manage its risks.
The North Carolina General Assembly enacted a modern captive insurance law, known as the Captive Insurance Act, in 2013. Since then, the state’s captive program has grown and is now the third largest captive domicile in the nation with more than 300 licensed insurance entities.
Selecting a captive domicile is an important decision and business owners consistently choose North Carolina for their risk management needs. With its prudent, business-friendly approach to captive regulation, including reasonable capital requirements that take into consideration each insurer’s specific risk profile, North Carolina is a great state to call home.
North Carolina offers low-cost formation and operation with no filing fees and competitive premium tax rates. Our team of dedicated in-house analysts, examiners and actuaries are accessible and fully committed to customer service.
North Carolina’s program also enjoys the support of Commissioner Causey, other state leaders and the North Carolina Captive Insurance Association working collaboratively for the long-term success of North Carolina’s captive insurance industry.
You can learn more about the state’s captive insurance program at www.nccaptives.com.