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24 June 2013
Raleigh
Reporter Jenna Jones

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NC captive legislation is official

North Carolina governor Par McCrory has signed the NC Captive Insurance Act into law. The bill—supported by the NC Captive Insurance Association (NCCIA)—received unanimous support in all committees and both legislative chambers on all three readings.

Thomas Adams, president and CEO of the NCCIA, said: “This legislation was seen as an economic development tool by the legislature … when you read the legislation it is easy to see that this is designed to make NC a friendly domicile for captives.”

Alex Webb, chairman of the NCCIA, added: “[Everyone] understood that captive insurance companies are a key tool to free capital for both small and large business.”

“It’s now up to those of us who are instrumental in providing assistance to companies starting captives to step up and get the word out that NC is open to this business. When you read the law you will see that North Carolina is also making it easy for companies to re-domicile in [the state].”

Funding for the new law is contained in the state budget bill, which is expected to pass in the next several weeks.

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