North Carolina now ranks as the third largest captive domicile in the US, below Vermont and Utah, announces commissioner Mike Causey.
The state currently hosts 311 captive entities, up from 294 in 2022, with Utah holding 439 and Vermont licensing 659.
Since the passage of the state’s Captive Insurance Act in 2013, North Carolina has licensed more than 1,500 captive companies, a significant rise from the three it started with.
Causey says: “North Carolina’s competitive premium tax rates and laws provide us with a lot of discretion in the regulation of captive insurers, which helps us remain attractive to captive owners and captive managers.
“Laws drafted over the years designed to meet the insurance needs of North Carolina businesses have had a positive economic impact, attracting new businesses to our state.”
The commissioner emphasises that the North Carolina Captive Insurance Association and the Department continue to propose legislative changes to keep the law relevant to the needs of the industry.
The state also aims to expand its captive programme to support diverse industries and businesses.
