The North Carolina captive insurance industry experienced rapid growth in 2016, according to the state’s Department of Insurance.
The department revealed that the captive industry made a $23 million impact on the state last year.
The economic impact of captives in North Carolina has grown significantly each year for the first three years of the programme in the state. In 2014, the economic impact of captives was $2.5 million. In 2015, the impact was $15.3 million.
Last year, the number of captive insurers in North Carolina more than doubled, and the number of cells and series approved increased by more than 50 percent.
The state is now in its third full year of operation. It has over 550 risk-bearing captive insurance entities under the regulation of the North Carolina Department of Insurance, as of 23 January this year.
Mike Causey, the North Carolina insurance commissioner, suggested that businesses are finding the state’s regulation a plus when selecting a jurisdiction in which to domicile a captive insurance company.
Causey said: “Our captive law provides for low formation and operations costs, our customer service is second to none.”
North Carolina’s annual captive insurance conference is being held on 21 to 23 August in Charlotte.
