The North Carolina Department of Insurance (NCDOI) Captive Insurance Companies Division licensed 64 new captive insurance companies last year.
The department’s 2017 year-end figures also show that 60 protected cells or series were licensed in 2017, meaning as of 31 December 2017 the total number of captive insurers domiciled in North Carolina, both active and terminated, was 672.
This is a reduction in the number of formations in comparison to 2016 when the state licensed 85 captives and approved 132 protected cells or series.
Of the 672 captives domiciled in the Tar Heel state, 243 were standalone captives and 429 were cells.
Thomas Adams, president and CEO of the North Carolina Captive Insurance Association, commented: “The tentative numbers of new captives and cells approved for 2017 confirms that North Carolina has become a key domicile for captive insurance companies in the United States.”
He added: “This growth shows the strength of captive legislation adopted by the state which obviously compares most favorably with that enacted in other states.”
According to the NCDOI Captive Insurance Companies Division, the year-end 2017 statistics, as of 28 February 2018, are not final.
