North Carolina Insurance Commissioner Mike Causey has affirmed that the State’s captive insurance programme remains among the world’s strongest domiciles, as it enters its second decade of operation.
The number of risk- bearing captive entities licensed or approved (including conditional licenses and approvals) since inception through 2022 is now more than 1400 North Carolina, with its strong economy, is an attractive and welcoming home for captive insurers, says Causey.
All indications signify that 2023 will be another year of growth for North Carolina’s captive insurance industry as companies of all sizes seek increased flexibility and lower costs while managing their risk profiles in the hardening market, he adds.
Commissioner Causey goes on to say: “We are excited by the continued success of our captive programme here in North Carolina as we approach the 10th anniversary of the passage of the 2013 Captive Insurance Act.
“Our programme’s growth is fueled by helping meet the risk management needs of captive owners and members with business-friendly regulation and a focus on professional, responsive customer service. North Carolina is one of the top places for captive insurers to set up shop.”
