Insurance commissioner Wayne Goodwin has announced that North Carolina is open for business as a captive insurance domicile.
The North Carolina Captive Insurance Act, signed into law on 19 June, is now in effect allowing for the formation of captive insurance companies in the state.
The law became effective with the appropriation of funding from the North Carolina General Assembly to implement the act.
Goodwin, said: “Entering the captive insurance market will provide economic opportunities for North Carolina and help accommodate the needs of businesses in our state.”
“We have a state of the art captive law, and the department of insurance is committed to making North Carolina an attractive new home for captives.”
In June this year, North Carolina governor Par McCrory signed the NC Captive Insurance Act into law. The bill received unanimous support in all committees and both legislative chambers on all three readings.
To support the new laws, the state formed the North Carolina Captive Insurance Association (NCCIA) to promote the formation of captives.
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).
