Captive International has recently awarded North Carolina's captive insurance program its "Highly Commended" designation, recognizing the state's progress in this area. According to the North Carolina Department of Insurance, this acknowledgment places North Carolina among the top national captive domiciles.
North Carolina's captive regulation considers individual risk profiles when setting capital requirements, appealing to business owners seeking efficient risk management. "Selecting a captive domicile is an important decision and business owners consistently choose North Carolina for their risk management needs," said Causey, emphasizing the state's practical regulatory framework. The environment is further enhanced by competitive premium tax rates and no filing fees, as reported by the North Carolina Department of Insurance.
Insurance Commissioner Mike Causey noted the state’s regulatory team for their role in growing the captive insurance industry in North Carolina. “I’m proud of the hard work done by our captive insurance regulatory team to help grow this unique type of insurance industry in North Carolina,” he stated. In just over ten years, their efforts have raised the program to a top-tier status. Captive insurance, a form of self-insurance where businesses create their own entities to manage risks, has grown since North Carolina enacted a modern law to govern it in 2013. The number of licensed insurance entities in the state has now surpassed 300, making it the third largest captive domicile in the country, as stated by the North Carolina Department of Insurance.
