North Carolina Amends Its Captive Insurer Law

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In October 2013, North Carolina enacted the North Carolina Captive Insurance Act, joining 30 other states with captive-enabling legislation. On July 7, 2014, North Carolina enacted House Bill 267, which amends the Act. The North Carolina Department of Insurance described the amendments as improving the Act to be “more competitive with other captive states, provide additional flexibility to the insurance commissioner in the regulation of captives, and allow for the formation of additional types of captives in North Carolina.” A copy of North Carolina House Bill 267 is available here.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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