N.C.’s Captive Insurance Program Recognized as an Industry Leader
North Carolina Insurance Commissioner
"I applaud and welcome the solid growth of the state's captive insurance company program," said Commissioner Causey. "In just five years, as captive insurance companies have made
Captive insurance is a type of self-insurance through which a business may form its own insurance company to insure its risks. Potential benefits of captive insurance include reduced insurance costs, stabilized pricing, customization of policy terms and conditions to meet a business's needs, and the ability to obtain coverage that is not readily available or too costly in the commercial market.
The North Carolina Captive Insurance Act enacted in
The 232 active captive insurers are comprised of the following:
* Pure captive insurers: 180
* Protected cell captive insurers: 26
* Risk Retention Groups: 6
* Special purpose captive insurers: 20
Growth of the program is attributed to the formation of new captive insurers and the transfer of other captive insurers to this state from other
The 2017 NCDOI captive insurance economic impact study is anticipated to be released in
2018 promises to be another year of achievement for
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