Governor Brian Kemp has signed House Bill 348 (HB 348) into law, introducing the first new legislative support for Georgia’s captive insurance sector since 2019.
The bill provides expanded reinsurance options for captive insurance companies and allows them to operate across more lines of authority.
Supporters say the changes will enhance Georgia’s competitiveness as a captive insurance domicile.
The Georgia Captive Insurance Council (GCIC), the state’s sole trade and advocacy body for captives and risk retention groups, welcomed the move. The GCIC was formed following the formal dissolution of the Georgia Captive Insurance Association in 2023.
Travis Bowden, chairman of the GCIC and former captive supervisor at the Georgia Department of Insurance, says the legislation comes at a pivotal time for the sector.
“By signing House Bill 348 into law, Governor Kemp has once again helped to strengthen Georgia’s commitment to the financial services industry,” Bowden notes.
He adds: “This bill comes at an ideal time as the Georgia Captive Insurance Council works to revitalise the Georgia captive insurance industry.”
Bowden stresses that legislators expressed strong support for expanding self-insurance and risk retention options. “Captive insurance companies and risk retention groups continue to drive the conversation of risk management options in Georgia,” he says.
“On behalf of the captive insurance industry, I thank Governor Kemp and HB 348’s sponsors for their leadership on this excellent legislation. Other domiciles around the world have noticed that Georgia captives are back.”
