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The North Carolina Department of Insurance licensed 42 captive insurance companies in 2015, bringing its year-end total to 92, state officials reported.
“From the start, we have been committed to growing and continuing improving the captive insurance program in North Carolina,” Insurance Commissioner Wayne Goodwin said Tuesday in a statement.
“I am proud that in such a short time, we have become one of the fastest-growing states for captive insurance in the country,” Mr. Goodwin said.
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.
A St. Louis-based utility company has refiled an application with the U.S. Labor Department for permission to use its South Carolina captive insurer to fund life insurance and long-term disability risks.