North Carolina

 
Year captive legislation was passed
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Total number of active captives
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Number of active captives (pure)
178
Number of active captives (RRG)
8
Number of individual cells/cell participants
447
Gross written premium for all captives
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Total number of active captives, prior year
246
Types of captives allowed
  • Single parent captives
  • Association captives
  • Group captives
  • Risk retention groups
  • Special purpose captives
Number of full-time employees in captive regulatory department
13
Initial licensing and incorporating fees required by the domicile

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Annual filing requirements (****Certfication Fee?)
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Annual fees
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Premium tax rate
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Premiums to surplus
For automobile liability writers, the NCDOI requires a maximum limit of 2:1 premiums to surplus. For other insurers, the requirement varies, depending on the business plan.
Minimum capital (broken out by type of captive)

Pure: $250,000 or as determined by the Commissioner; Special Purpose: $250,000 or as determined by the Commissioner; Association: $500,000; Industrial Insured: $500,000; RRG: $1,000,000; Protected Cell: $250,000 or as determined by the Commissioner; Special Purpose Financial Captive: $250,000

Applicable Acts/Enabling Legislation
Chapter 58 Article 10 Part 9 of the North Carolina General Statutes is applicable to all captives, including risk retention groups. Chapter 58 Article 22 is applicable to risk retention groups.
Captive Administrator’s name and longevity in position and also within department
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Time given for application process
2-4 weeks
Regulator
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Address and contact information of Regulatory Department
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Website Address
https://www.nccaptives.com
Are Exams done by own employees or by contract?
Yes
What is the examination cycle by type of captive?
Risk retention groups receive an examination by the NCDOI no less than every 5 years. Other captive insurers are not subject to an NCDOI examination schedule; instead, the NCDOI relies on the annual audit reports completed by independent CPAs. For non-RRG captive insurers, the NCDOI's examination resources are utilized on a target basis to address captive insurer issues that can not be resolved through other means.
Cost of exam range by pure? Average price?
Travel expenses of examiners
Cost of exam range by RRG? Average price?
Travel expenses of examiners