North Carolina’s Insurance Commissioner Wayne Goodwin on Wednesday delivered the keynote presentation, “Why North Carolina?” to captive insurance managers and service providers, regulators, legislators and other interested parties at the first North Carolina Captive Insurance Association (NCCIA) seminar in Raleigh.With the state’s Captive Insurance Act signed into law on June 19, North Carolina joined more than 30 other states that allow for the formation or re-domestication of captive insurance companies in the state.
Commissioner Goodwin expressed his appreciation to the association for its efforts to draw captive business to North Carolina and his optimism about the future of captive insurance in the state.
“North Carolina has a law that makes us competitive with the most successful captive domiciles in operation,” said Goodwin. “We will use a consistent and sensible approach to regulation, always remaining responsive to the needs of the captive industry.”
The seminar was designed to introduce interested companies to the new captive insurance law and regulations. Other presenters included the Department of Insurance regulatory staff as well as state legislators who supported the state’s Captive Insurance Act.
Captive insurance is typically a form of self-insurance in which an insurance company is formed by one or more non-insurance companies to insure the risks of its parent company and affiliated companies. Captives create jobs for those who perform services for the captive, and they generate premium tax revenues for the state or jurisdiction in which they are established.
Source: North Carolina Department of Insurance