North Carolina passes legislation to ease captive requirements

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.