(Southern Pines)….Winners of the CAPTIVE REVIEW US Awards were announced on Wednesday, October 7 in a virtual awards ceremony. In the category Domicile of the Year – less than $5bn gross premium the North Carolina Captive Insurance program was declared the winner for the 2020 Award.
The independent judges who made the selection stated that, “North Carolina’s focus on low frictional costs combined with a high degree of regulatory compliance for risk financing is a valuable asset to risk managers, captive managers and owners seeking to partner with their regulators in best managing their captives to serve value for their firms.”
North Carolina, completing its seventh year as a domicile, has shown a pattern of steady growth and the number of captives has increased in each year. The growth has been fueled by captives of all types and include both new entities as well as captives who have redomiciled to North Carolina from other locations. The program has received strong bi-partisan support in the legislature which has further fueled its successful operation.
North Carolina’s Commissioner of Insurance Mike Causey told the Newsletter “Congratulations to the professional staff in the Captive Insurance Division, NCDOI and their keen regulatory oversight coupled with superior service that made this award possible. This with North Carolina’s business friendly climate makes North Carolina the ideal choice to locate your captive insurance operations.”
Lea Riddle, Chairman of NCCIA said, “NCCIA believes North Carolina richly deserves receiving the 2020 Domicile of the Year Award for states with under 5bn in gross premium. We want to extend our thanks to Commissioner Causey and his staff in the Captive Insurance Division led by Sr. Deputy Commissioner Debbie Walker who have taken the program and grown it into the leading domicile that it has become. We would welcome the opportunity to show you why North Carolina would be the best choice to domicile your captive.”
(The North Carolina Captive Insurance Association is the trade association representing the captive insurance industry in North Carolina.)