North Carolina’s Growing Captive Insurance Market

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Insurance in 2014!

In October 2013, North Carolina’s Captive Insurance Act went into effect and on January 2, 2014 the first four captive insurance licenses were issued by the North Carolina Department of Insurance (“NCDOI”). North Carolina is one of the most recent states to enact captive insurance legislation, which provides a flexible and useful risk management tool to companies looking to self-insure the risks of a parent company that are normally uninsured, or too expensive to insure through traditional insurance.

Setting up a captive insurance company requires preparing organizational documents and submitting an application to NCDOI for review and approval. These documents need to be filed with the North Carolina Secretary of State once the documents are approved by NCDOI.

Anderson Jones, PLLC offers full service legal advice for businesses including corporate and business formation, registered agent services, development and real property closing services, employment forms and drafting, and a wide range of other services. If you are interested in forming a captive insurance company or have any other questions, please contact Anderson Jones, PLLC Attorney T.J. Hooker at (919) 277-2541 or by email!

Posted on Insurance