Upcoming changes to Georgia’s insurance laws should increase interest in forming captives in the state, according to River Oak Risk.
The amendments, put forward under Senate Bill 347, passed the Georgia Senate on 26 February and have been sent to the Georgia House insurance committee for review.
The bill revises the current law and includes extensive changes to the captive insurance provisions.
Revisions include adding a new definition for agency captive, expanding the definition of a risk retention group captive, and allowing accident and sickness insurance to be written by a pure captive insurance company.
Other proposed changes include permitting companies that do not maintain their place of business in Georgia to be licensed under the state’s laws.
Kim Bunting, COO at River Oak Risk, a captive risk management specialist, commented: “The current changes should increase interest of businesses based in Georgia and outside of Georgia in forming (and redomesticating as appropriate) captives under Georgia law as the law continues to be modified to meet the needs of businesses and their owners.”
