The captive insurance industry has positively impacted the economy of North Carolina, according to chief deputy commissioner of the North Carolina Department of Insurance (NCDOI) Debbie Walker.
Speaking during a session at the North Carolina Captive Insurance Association conference held in Charlotte, Walker said that the captive insurance industry has added $71 million to the state’s economy in the years between 2014 and 2017.
Walker highlighted that for the year 2017 alone, the NCDOI licensed 66 companies and 68 cells.
Speaking on the growth of her jurisdiction, she said that NCDOI was ”really proud of the growth and that the industry is choosing North Carolina as their domicile”.
“We have really grown and that has allowed us to remain responsive and up to date with legislation and regulation.”
She highlighted that it has been “a full five years since our captive program was passed” and that “we are really happy with the product we’ve got”.
Walker also discussed captives formed by SMEs, growth in medical stop-loss programs, producer-owned captive insurers, along with incorporated cells v protected cells as key aspects of that may dominate the industry in the near future.