As of 1 February 2015, the North Carolina Department of Insurance has approved 53 domestic captives.
With 49 of those approved during 2014, the department surpassed its earlier estimate that 40 captives would be licensed by the end of the year. It also approved 31 captive managers to manage North Carolina captives.
North Carolina Insurance Commissioner Wayne Goodwin said that the state's captive insurance programme “exceeded expectations” in what was only its first full year in operation.
The 11 licensed protected cell captive insurers that were approved during 2014 currently house more than 120 protected cells.
"When captive insurance companies form in or relocate to North Carolina, they create jobs, generate premium tax revenue and bring business to the hospitality industry in our state," said Goodwin.
"I am proud of our progress toward becoming a leading captive domicile and look forward to what I'm confident will be another successful year."
Goodwin credited the early success of the programme to North Carolina's “well-crafted” captive insurance law, the department's pro-business approach to regulation, and the participation of captive managers and the North Carolina Captive Insurance Association.
