In less than a year since its captive-enabling legislation went into effect, North Carolina is making significant progress towards its goal of becoming a leading captive domicile.
To date, the North Carolina Department of Insurance (NCDOI) has licensed 12 captives, including five protected cell captive insurance companies that have multiple cells, and more than 16 license applications are currently under review.
NCDOI experts estimate that, by the end of 2014, North Carolina will have licensed more than 40 captives and the captive insurance programme will have added to North Carolina's economy by approximately $2 million.
"North Carolina's captive insurance programme is off to strong start, but more importantly, we are dedicated to the long-term success of the captive insurance programme," said North Carolina insurance commissioner Wayne Goodwin at the first annual conference of the North Carolina Captive Insurance Association in August.
In the past six months Atlas Insurance Management, which manages the first three captives formed in North Carolina, is managing three other North Carolina captives that are new captive formations or redomestications.
Captive Insurance Group now manages a newly-formed protected cell captive that currently holds nine protected cells, while Management Services International (MSI) is managing a pure captive that redomesticated to North Carolina.
USA Risk Group (South) is managing a protected cell captive insurer that redomesticated to North Carolina from another on-shore jurisdiction, and Willis Global Captive Practice is managing a newly-formed protected cell captive insurance company.
Sixteen captive redomestication applications submitted by captives that are managed by MSI are also currently under review by the NCDOI.
These applicants intend to redomesticate to North Carolina by 30 September 2014.
Upon approval of the redomestication of these captives, MSI will become one of the largest captive managers within North Carolina, and the number of North Carolina captives will increase to at least 28.
