North Carolina Department of Insurance Restructures Oversight of Risk Retention Groups

The June 2026 newsletter from the North Carolina Captive Insurance Association (NCCIA) highlighted an upcoming organizational change at the North Carolina Department of Insurance affecting oversight of domestic risk retention groups. According to the June 2026 NCCIA newsletter, the restructuring will take effect July 1, 2026.

Under the new structure, the department's Financial Analysis Division will assume responsibility for regulating all licensed North Carolina domestic entities subject to National Association of Insurance Commissioners accreditation guidelines, including domestic risk retention groups and companies transferred to the Regulatory Action Section, according to the NCCIA newsletter.

The Financial Analysis Division is led by Deputy Commissioner Joe Greene, who reports to Senior Deputy Commissioner Jessica Price. The newsletter said Risk Retention Group Financial Analysis Manager Tuba Geredelioglu and her staff will report to Mr. Greene, while analysts Steven Holmberg and Maxwell Sylvestre will continue working with Ms. Geredelioglu to help maintain continuity during the transition.

The restructuring does not affect oversight of North Carolina-domiciled captive insurance companies or approved cell structures. According to the NCCIA newsletter, those entities will continue to be regulated by the Captive Insurance Companies Division under Deputy Commissioner Lori Gorman.

NCCIA noted that the restructuring is expected to affect only a small portion of North Carolina's captive insurance market. According to the newsletter, domestic risk retention groups will retain their existing status, with the primary change involving senior-level oversight within the department.

The association also indicated that, because the Financial Analysis Division oversees portions of the traditional insurance market, affected entities may experience differences in regulatory processes over time as responsibilities transition. The newsletter said NCCIA will continue monitoring the changes and provide updates to members as additional information becomes available.