North Carolina Captive Domicile after a Decade of Growth

North Carolina Insurance Commissioner Mike Causey recently announced that North Carolina has secured its position as the third-largest domicile for captive insurance companies in the United States, following Vermont and Utah. This comes a decade since North Carolina's Captive Insurance Act was passed. The state has 1,500 risk-bearing entities licensed or approved. Currently, North Carolina is home to 311 captive entities, compared to 294 in 2022. This includes 234 pure captives, 46 protected cell captives, 10 risk retention groups, and 21 special purpose captive insurers.

"To ensure our captive law remains relevant and current, the North Carolina Captive Insurance Association and the Department continue to collaboratively propose legislative changes as necessary to meet the emerging needs of industry," Mr. Causey said. "We expect North Carolina's captive insurance program to continue to respond to these needs with expansion to diverse industries and businesses of all sizes."