Newly Passed North Carolina Law Aims to Bring in More Captive Insurance Companies, Risk-Retention Groups

North Carolina lawmakers have recently passed a significant new bill aimed at attracting captive insurance companies and risk-retention groups to the state. This legislative measure, known as Senate Bill 319, received unanimous support from both parties and was endorsed by the North Carolina Captive Insurance Association, which represents the interests of captive insurers in the region. Governor Roy Cooper officially signed the bill into law on July 2, 2024, and it took effect immediately, demonstrating the state's commitment to fostering a competitive insurance environment.

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About the author:
Andrew Rennick, CPCU