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Georgia law aims to attract more captive insurers

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Georgia Gov. Nathan Deal last week signed a bill designed to make the state a more attractive and competitive captive domicile.

S.B. 173 was sent to the governor in April after being adopted by a 51-0 margin in the state’s Senate and a 164-2 margin in its House of Representatives.

The bill has three broad objectives: clarifying and updating the general definitions in the state’s captive law, streamlining the corporate formation of captive insurance companies and allowing captives to be limited liability companies. 

Georgia had 28 captives in 2016, up from 16 in 2015 and 13 in 2012, according to Business Insurance data.