North Carolina's insurance commissioner, Mike Causey, has reported that North Carolina continues to experience growth in its captive insurance industry, now in its sixth year.
North Carolina's captive insurance program was established in 2013 when the North Carolina General Assembly approved the North Carolina Captive Insurance Act.
Since then, the North Carolina Department of Insurance (“NCDOI”) has licensed 293 captive insurers and approved 531 cells and series. Currently, 688 risk-bearing captive insurance entities are regulated by the NCDOI, including 244 active captive insurers and 444 active cells or series.
The 244 captive insurers are comprised of the following:
| Pure captive insurers: | 185 | |
| Protected cell captive insurers: | 29 | |
| Risk Retention Groups: | 10 | |
| Special purpose captive insurers: | 20 |
Since its inception, the program has experienced annual growth in the number of captive insurers licensed in the state. The insurers are primarily writing property and casualty lines of business, but the formation of medical stop- loss captive insurers also continues.
Learn more: www.nccaptives.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].