The Georgia Captive Insurance Council (GCIC) has endorsed House Bill 348, the first significant legislative effort since 2019 aimed at supporting Georgia's captives and risk retention groups.
The bill calls for advantageous new reinsurance options to be provided to captives and also allows them to have more lines of authority to operate within.
GCIC chairman Travis Bowden remarks: "I often felt that Georgia's captive insurance language needed to be more friendly to new companies that are exploring Georgia as a potential captive insurance domicile.
"This bill comes at the perfect time as the Georgia Captive Insurance Council works to help revive the Georgia captive insurance industry."?
The GCIC, established as the sole official trade association and advocacy group for Georgia's captive insurance firms and risk retention groups, succeeded the Georgia Captive Insurance Association, which dissolved in 2023.
Bowden adds: “With strong legislation like House Bill 348, Georgia will continue to grow its captive presence. On behalf of the captive insurance market sector, I strongly urge this legislation to be passed.
“By removing outdated and onerous regulations and helping captive professionals provide more options during formations, Georgia can add to its already growing resurgence as a captive insurance domicile.”
