For Immediate Release: December 11, 2013
Goodwin Delivers Keynote at Inaugural Captive Insurance Seminar
N.C. Captive Insurance Association hosts event to introduce new captive insurance law
RALEIGH -- Insurance Commissioner Wayne Goodwin today delivered the keynote presentation, "Why North Carolina?" to captive insurance managers and service providers, regulators, legislators and other interested parties at the first N.C. Captive Insurance Association seminar in Raleigh.
With the Captive Insurance Act signed into law on June 19, North Carolina joined more than 30 other states that allow for the formation or re-domestication of captive insurance companies in the state.
Goodwin expressed his appreciation to the association for its efforts to draw captive business to North Carolina and his optimism about the future of captive insurance in the state.
"North Carolina has a law that makes us competitive with the most successful captive domiciles in operation," said Goodwin. "We will use a consistent and sensible approach to regulation, always remaining responsive to the needs of the captive industry."
Captive insurance is typically a form of self-insurance in which an insurance company is formed by one or more non-insurance companies to insure the risks of its parent company and affiliated companies. Captives create jobs for those who perform services for the captive, and they generate premium tax revenues for the state or jurisdiction in which they are established.
Read the law and learn more about forming a captive insurance company at www.nccaptives.com.
(Photo caption: Insurance Commissioner Wayne Goodwin, third from right, with the North Carolina Captive Insurance Association Board of Directors.)