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North Carolina Updates Captive Law

North Carolina Pier
June 18, 2015

The North Carolina General Assembly has unanimously enacted a revision of the state’s captive insurance statute. Governor Pat McCrory is expected to sign the legislation.

Most of the revisions in the statute related to protected cell captives and special purpose vehicle (SPV) captives. Among the noteworthy changes is one that gives the North Carolina insurance commissioner the authority to modify the $250,000 capitalization requirement for SPVs.

Other revisions include:

  • A provision that allows a captive insurance company to make a written request at least 30 days prior to the annual report due date to waive the report requirement. However, the commissioner cannot simultaneously waive both the annual report requirement and the annual audit requirement.

  • Authorization for the commissioner on a case-by-case basis to exempt SPVs from rules established under the captive statutes.

  • The addition of a statutory section that allows a captive insurance company,  subject to several conditions, to establish one or more separate accounts with the commissioner’s approval.

  • The addition of a provision that defines an inactive captive insurance company and details the requirements of an inactive captive and the authority of the insurance commissioner.

  • Additional provisions related to protected cell captive insurance companies including a section that allows a protected cell of a protected cell company to be formed as an incorporated cell.

BestDay News quotes Lane Brown, North Carolina Captive Insurance Association, as saying, “We’re hoping to bring back some really large businesses that are either in the islands or in other states but who really have their principal business location in North Carolina. Potential targets for redomicile include two large second tier banks and the state's two largest health care providers.”

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