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North Carolina Considers New Tax-Friendly Captive Insurance Legislation

North Carolina State 480x377
June 01, 2018

In a newsletter, the North Carolina Captive Insurance Association (NCCIA) shared that North Carolina's General Assembly is currently looking at legislation to exempt captive insurance companies formed in other US captive domiciles from all North Carolina state taxes. The potential move lines up with North Carolina's current practice of not taxing captives formed in other US states but that insure North Carolina risks. The newsletter said that some captive domiciles "impose a 'procurement' tax on captives chartered outside their states, but insure risks for companies doing business in [their states]."

According to the NCCIA, "[T]he exemption language would prohibit the NC Department of Revenue (NCDOR) from taxing premiums earned, for example, by a captive domiciled outside of NC doing business and insuring a risk located in NC. The specific tax exemptions are for premium taxes, corporate income taxes, franchise taxes, privilege taxes and insurance regulatory charges imposed by NCDOI."

The newsletter also said that with the specific policy of supporting both onshore and offshore captive insurer's redomiciling to North Carolina, the NCCIA is also considering advocating for a future "premium tax holiday" incentive to counter a captive's initial redomiciling costs.

Also explore the North Carolina Department of Insurance—Captive Insurance Companies Division's domicile page.

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