North Carolina Insurance Commissioner Wayne Goodwin has named Debbie Walker as director of captive insurance for the state.
As head of the insurance department’s new captive insurance section, Walker will be responsible for analyzing captive insurance license applications and overseeing the regulation of licensed captive insurers in the state.
Walker, a certified public accountant, has worked in financial regulation at the insurance department for more than 20 years and was named chief financial analyst in 2006. Prior to working for the department, she held various accounting roles in the private insurance industry.
“It is my goal and the department’s goal to make North Carolina a respected and leading captive domicile,” Walker said. “I feel confident that with our sensible pro-business approach to regulation and our responsive and knowledgeable staff, we will be successful.”
North Carolina became a domicile for captive insurance companies in late October 2013 with the enactment of the North Carolina 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 the parent company and affiliates. Captives are used as a risk management tool to help meet needs of the captive’s owners.
The North Carolina Department of Insurance licensed its first four captive insurance companies in December 2013.