North Carolina is joining the growing number of states allowing for the formation of captive entities within their borders.
On Wednesday, Gov. Pat McCrory signed into law HB-473 that will allow the formation of all types of captives, including financial captives, in the state beginning in July.
The capital and surplus requirements for pure captives, in which one corporate owner insures its own or its subsidiaries' risks, and protected-cell captives specializing in insuring certain types of risks, are set at a minimum of $250,000. The same requirement applies to financial captives that insure finance companies.
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