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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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North Carolina Domicile’s Captive Insurance Company Program

North Carolina Flag Against Blue Sky and Clouds
February 02, 2017

North Carolina reported that its captive insurance industry continues to experience growth in the number of captive insurers forming and redomesticating to the state. In October of 2013, after the passage of the North Carolina Captive Insurance Act, North Carolina became a jurisdiction for the formation and operation of captive insurers. North Carolina’s captive insurance company program has grown significantly since that time.

As of January 23, 2017, over 550 risk-bearing captive insurance entities are under the regulation of the North Carolina Department of Insurance (NCDOI), including 190 captive insurers that are licensed or provisionally licensed and 363 cells or series that are approved or provisionally approved. The 190 standalone captive insurers are comprised of the following.

Pure captive insurers 150
Protected cell captive insurers 23
Risk retention groups 5
Special purpose captive insurers 12         

During 2016, the number of North Carolina licensed captive insurers more than doubled, and the number of cells or series approved grew by more than 50 percent. This growth is attributed to both new captive insurer formations and captive insurer redomestications from other U.S. and off-shore captive insurer jurisdictions. The growth of small captive insurers continues to be strong, but North Carolina is also experiencing growth in larger captive insurers and risk retention groups. 

The NCDOI credits the success of North Carolina’s captive insurance program to a number of factors, including the North Carolina Captive Insurance Act and a prudent yet pro-business approach to regulation; the support of and participation by captive insurance company owners, captive managers, and other captive insurance service providers; the contributions of the North Carolina Captive Insurance Association; and the support of the leadership of the state of North Carolina.

Learn more about North Carolina's captive insurance company program on the NCDOI’s captives web page.

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