For Immediate Release: January 13, 2014

NCDOI Announces New Director of Captive Insurance

RALEIGH -- North Carolina Insurance Commissioner Wayne Goodwin is pleased to announce that Debbie Walker has been named the Director of Captive Insurance for the N.C. Department of Insurance.

As head of the department's Captive Insurance Section, Walker will be responsible for analyzing captive insurance license applications and overseeing the ongoing regulation of licensed captive insurers in North Carolina.

"I can think of no one better equipped to take on the exciting challenge of growing the captive insurance market in North Carolina," said Goodwin. "In addition to a wealth of professional experience, Debbie Walker brings an exceptional level of customer service to this position."

Walker, a Certified Public Accountant, has worked in financial regulation at the N.C. Department of Insurance for more than 20 years and was named Chief Financial Analyst in 2006. Prior to coming to NCDOI, she held various accounting roles in the private insurance industry.

"I am enthusiastic about my new role as Director of Captive Insurance, and I look forward to working with captive managers, captive insurers and other captive service providers," Walker said. "It is my goal and the Department's goal to make North Carolina a respected and leading captive domicile. I feel confident that, with our sensible pro-business approach to regulation and our responsive and knowledgeable staff, we will be successful."

North Carolina became a domicile for captive insurance companies in late October 2013 with the enactment of the North Carolina Captive Insurance Act. 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 the parent company and affiliates. Captives are used as a risk management tool to help meet needs of the captive's owners.

The North Carolina Department of Insurance licensed its first four captive insurance companies in December 2013.

To learn more about captives and North Carolina's captive insurance law, visit www.nccaptives.com.

--NCDOI--