For Immediate Release: February 2, 2015
First Full Year a Success for North Carolina's Captive Insurance Program
RALEIGH -- Insurance Commissioner Wayne Goodwin is pleased to report that North Carolina's captive insurance program exceeded expectations in its first full year in operation.
The North Carolina Department of Insurance became authorized to license captive insurance companies in late 2013. As of Feb. 1, 2015:
- The Department of Insurance has approved 53 North Carolina domestic captives. With 49 of those approved during 2014, the department surpassed its earlier estimate that 40 captives would be licensed by the end of the year.
- The 11 licensed protected cell captive insurers house more than 120 protected cells.
- Thirty-one captive managers have been approved to manage North Carolina captives.
Captive insurance is typically a form of self-insurance in which an insurance company is formed to insure the risks of the parent company and its affiliates. Captive insurance helps accommodate business' risk management needs and has a positive impact on North Carolina's economy.
"When captive insurance companies form in or relocate to North Carolina, they create jobs, generate premium tax revenue and bring business to the hospitality industry in our state," said Goodwin. "I am proud of our progress toward becoming a leading captive domicile and look forward to what I'm confident will be another successful year."
Goodwin credits the early success of the program to North Carolina's well-crafted captive insurance law, the department's sensible, pro-business approach to regulation, and the participation of captive managers and the North Carolina Captive Insurance Association.
Learn more about the North Carolina Department of Insurance Captives program at www.nccaptives.com.