North Carolina is to become the next US state to allow the formation of captive insurance companies, according to reports.
To support the new laws, the state has also formed the North Carolina Captive Insurance Association (NCCIA) to promote the formation of captives.
“The current primary activity of the North Carolina Captive Insurance Association is helping to pass HB 473, and it’s companion bill, SB 476. By passing these bills, North Carolina will have a state-of-the-art law permitting the creation of captive insurance companies in North Carolina,” said the NCCIA in a recent statement.
The officers of the NCCIA are Alex Webb (chairman), Thomas Adams (president/CEO), Richard Lane Brown (vice president and tax director), Jeffrey Smith (vice president and treasurer) and Jesse Coyle (secretary).
