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Member, Beacon International Group, Ltd.
Legislation signed last week by North Carolina Gov. Pat McCrory will allow the state insurance commissioner to determine the amount of capital and surplus needed for special-purpose captives.
The measure, H.B. 163, also would give the insurance commissioner authority to exempt a captive from filing its annual report, as well authority to exempt an inactive captive from state premium taxes and filing annual reports.
North Carolina, whose captive statute was passed in 2013, has 53 captives.
Richard Irvine, tax leader at PricewaterhouseCoopers L.L.P., has said that "captives in Bermuda will need to continue to monitor the ever-changing global tax landscape," reported The Royal Gazette.