The North Carolina Department of Insurance (NCDOI) has revealed that at the end of 2019 there were 682 risk-bearing captive insurance entities licensed, including 235 active captive insurers and 447 active cells or series.
Of the 235 captive insurers, 178 were pure captives, 29 were protected cell captives, 20 were special purpose captives and eight were risk retention groups.
In 2019, North Carolina licensed 26 new captives, and 61 new cells, however, the state did see 37 captive closures.
Debbie Walker, senior deputy commissioner of North Carolina Department of Insurance, said: “Although the number of terminations was higher in 2019 than in past years, we are pleased with the number of new 2019 formations."
Walker added: “2020 has started off on a very positive note for the state. To date, we have licensed two captive insurers in 2020 and we have three captive insurer applications under our review.”
The state’s captive insurance company programme celebrated its sixth anniversary in October 2019 following the 2013 enactment of the North Carolina Captive Insurance Act.
