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Member, Beacon International Group, Ltd.
North Carolina’s captive insurance company law generated more than $15 million in economic benefits in 2015, according to a study conducted by the state’s Department of Insurance and released Tuesday.
Those $15.3 million in benefits — up from $12.8 million in 2014 — include premium taxes paid by captive insurers and service provider and hospitality revenues generated by North Carolina businesses that provide services to the captive insurance industry.
In addition, the law has led to the creation of 50 jobs in the state, the insurance department said.
North Carolina has 96 captive insurers, including 42 that were licensed in 2015, with state regulators expecting more growth this year.
“The Department of Insurance continues to receive applications for new captive insurers, as well as from companies that want to redomicle a captive insurer here,” North Carolina Insurance Commissioner Wayne Goodwin in Raleigh said in a statement.
North Carolina is one of the newest captive domiciles with state lawmakers passing legislation in 2013 authorizing the formation of captive insurers in the state.
The Alabama Senate is expected to soon take up legislation passed unanimously by the state House of Representatives last week to update the state’s 10-year-old captive insurance company statute.