North Carolina Commissioner Vows Support for Captive Insurance

North Carolina Insurance Commissioner Mike Causey says he intends to work with both state legislators and the state's captive insurance industry to enhance North Carolina's status as a top captive domicile.

"I plan to continue our work with the legislators and the NC Captive Insurance Association to make North Carolina the best state in the nation for captive insurance companies to call home," Mr. Causey said in a statement provided to and released by the North Carolina Captive Insurance Association (NCCIA).

State captive executives say Mr. Causey, who was recently reelected to a second term as insurance commissioner, has been a strong captive booster. "The commissioner has done a great job as a promoter of captive insurance. We congratulate him on his reelection," said Tom Adams, president and CEO of the Southern Pines, North Carolina-based NCCIA.

"Commissioner Causey has provided solid direction for this program that has since become the fourth largest captive domicile in the United States," said Debbie Walker, senior deputy commissioner of the Captive Insurance Companies Division of the North Carolina Department of Insurance in Raleigh.

So far in 2020, North Carolina has licensed 16 captives and has a total of 232 captives. North Carolina lawmakers enacted the state's captive statute in 2013.