North Carolina General Assembly Advances SB 319

According to a recent update from the North Carolina Captive Insurance Association (NCCIA), SB 319 recently saw significant movement in the North Carolina General Assembly. The bill emerged from the Rules Committee and was referred to the House Insurance Committee for a hearing and consideration. The committee amended the bill at the request of the NCCIA to extend the termination date for captive insurers looking to redomesticate to North Carolina, giving them a full 2 years to complete the move. Captives redomesticating will also receive a 2-year premium tax holiday. 

During the hearing, the bill received a favorable report and was re-referred to the Rules Committee. The legislation includes provisions making North Carolina an attractive state for risk retention groups.

Next, the Rules Committee must decide when to send the bill to the full House for its second and third readings. Following this, SB 319 will return to the Senate for concurrence.

NCCIA President and CEO Tom Adams said, "Our lobbying team is doing a great job of moving the legislation forward." He continued, "While the session is growing late, we have ample time to move SB 319 over the finish line to enactment."