On Tuesday afternoon (April 13th) the Senate Commerce and Industry Committee took up Senate Bill 347, our captive insurance amendments bill. Committee Co-Chair Senator Todd Johnson (R-Union), aided by NCDOI’s Debbie Walker, explained the bill to the committee. Senator Johnson highlighted the Premium Tax Holiday which was well received by committee members. After several supportive questions a motion was made to give the bill a favorable report and refer the bill to the Rules Committee. The motion passed unanimously. The next stop for the legislation is the Senate Rules Committee which could consider it this week, next or later at the Committee’s pleasure. The Rules Committee acts as a traffic cop for what bills get to the Senate floor for consideration by the full Senate. Unless the rules are suspended all bills must go through Rules. It has become unclear whether the bill will need to go to the Finance Committee. This is good news and an excellent start for the legislation. Lea Riddle, NCCIA Chair, made the trip down from Virginia to support the bill. Committee Co- Chair Sen. Tom McInnis (R-Richmond) singled Lea out for his attendance from out of state and admonished him to “spend some money while he was here.” McInnis also recognized the support of NCCIA for the Legislation.
For more info regarding the benefits of the domiciling your Captive Insurance Company in North Carolina, Contact:
151 Crest Road
Southern Pines, NC 28387