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Forming a Captive in North Carolina

Detailed below are the general steps involved in forming a captive insurance company in North Carolina:

Step 1 – Self Assessment

Any person considering the formation of a captive insurance company should conduct some type of self-assessment to determine whether a captive insurance company is right for their business.

Step 2 – Initial Discussion with the North Carolina Department of Insurance

Call or email the North Carolina Department of Insurance to arrange a meeting or phone call to discuss the proposed captive and to obtain feedback from NCDOI. Prior to the meeting or phone call, a written summary of the proposed captive should be provided to NCDOI for review. The level of detail needed in the summary will depend on the complexity of the proposed captive.

A meeting or phone call can be arranged by contacting Kathy Hart at 919-807-6180 or Kathy.Hart@ncdoi.gov.

Step 3 – Prepare Organizational Documents and Application

Prepare organizational documents and application and submit to NCDOI for review and approval. Organizational documents will need to be filed with the North Carolina Secretary of State once approved by the Commissioner of Insurance.

Continue to Filing Requirements and Forms...