NORTH CAROLINA CAPTIVE INSURANCE ASSOCIATION
COMMENTS FROM THE COMMISSIONER
North Carolina Insurance Commissioner Mike Causey shares the success story about North Carolina’s captive insurance program.
Since its 2013 inception, each year the captive insurance program has experienced growth in the number of captive insurers forming and redomesticating to North Carolina.
This success has taken place because of North Carolina’s appropriate yet pro-business approach to regulation; the support and participation by captive insurer owners, captive managers and other captive insurer service providers; and the contributions of the North Carolina Captive Insurance Association.
As a result, the captive insurance industry has favorably impacted North Carolina’s economy by creating jobs, generating premium tax revenues, and generating North Carolina business revenues.
Commissioner Causey looks forward to what is in store for the future of the North Carolina captive insurance program as the North Carolina Captive Insurance Association, the captive insurance industry, and the North Carolina Department of Insurance work together for the common goal of a strong, healthy captive insurance industry in North Carolina.
North Carolina continues to prove to be a great place for captive insurers.
About NC Captive Insurance
Proper insurance as risk protection is an integral aspect of every business enterprise, whether it is a Fortune 500, mid-sized S Corporation, or a family run LLC/FLP. Insurance, however, has a very broad definition and covers anything from liability to property/casualty to key man life insurance. On the one side of the spectrum, insurance can be seen through “technique solutions” such as corporations, limited liability companies or other risk protection vehicles. We feel it is important for every business attorney to also consider a true “direct insurance” solution: captive insurance. The NCCIA had a leading role with helping to pass North Carolina’s state-of-the-art Captive Insurance Company Act (Session Law 2013-116) NC General Statute 58-10-335 et al (the “Act" Download PDF). This law was passed unanimously with the avid support of many of Raleigh’s finest legislators. This law was then subsequently updated and improved by the Technical Corrects Act (the “TCA”) to the Act (Download PDF). These recent experiences have helped us to reevaluate risk awareness and how to confront insurance/risk protection weaknesses for a wide variety of businesses and their owners.