The North Carolina Department of Insurance has approved the application of Atlas Management to operate as a captive insurance manager in North Carolina.
This approval is a result of the June 2013 signing of the NC Captive Insurance Act, allowing North Carolina to become a captive insurance domicile. Prior to this legislation, North Carolina's captive insurance companies were required to be domiciled in another state that granted legal status or go offshore.
Martin Eveleigh, chairman of Atlas, said: “After years of forming captives in other US states, I’m very pleased to have the opportunity to now establish and manage them on our home turf. Captives domiciled in North Carolina will benefit from reasonable capital requirements and competitive premium tax rates.
"Importantly, the regulatory team at the North Carolina Department of Insurance has already demonstrated its commitment to being flexible and business-friendly.”
Atlas Insurance Management will be attending the North Carolina Captive Insurance Association seminar on 10 December in Raleigh, North Carolina. The seminar will help companies and individuals better understand the advantages of captive insurance companies and the benefits of b
