North Carolina’s insurance commissioner Mike Causey has congratulated representative Linda Johnson for her help in establishing the captive insurance company programme.
In a meeting with insurance executives in Raleigh, Causey said: "Thanks to representative Linda Johnson and her hard work to help establish North Carolina's captive insurance programme, we have continued growth in that industry and look forward to its further development."
Last year, the number of captive insurers in North Carolina more than doubled, and the number of cells/series approved increased by more than 50 percent.
The state is now in its third full year of operation. It has over 550 risk-bearing captive insurance entities under the regulation of the North Carolina Department of Insurance, as of 23 January this year.
Of the total number of captive insurance entities, 190 are captive insurers that are licensed or provisionally licensed, and 363 cells or series’ are approved or provisionally approved.
Of the standalone captives, 150 are pure captives, 23 are protected cell captives, 12 are special purpose captives and five are risk retention groups.
Johnson said: "I am so thankful for the support of the legislature for this new industry for our state. The steady growth of the captive insurance industry is something we can count on to produce jobs and help our economy. I greatly appreciate the support of Causey and look forward to continuing to work with the North Carolina Department of Insurance to help grow this industry."
