CICA > Domiciles > North Carolina

North Carolina

 
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Year captive legislation was passed
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Total number of captives as of year-end 2022
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Number of pure / single parent captives as of 2022
215
Number of risk retention groups (RRGs) as of 2022
10
Number of sponsored / cell company captives as of 2022
51
Number of individual cells / series as of 2022
730
Number of other types of captives (industrial insured, special purpose, SPFI, pooling, branch) as of 2022
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Total gross premium written and assets under management (AuM) as of year-end 2021
AuM: USD $1.2bn
Types of captives allowed
  • Single parent captives
  • Association captives
  • Group captives
  • Protected cell/segregated portfolio companies
  • Risk retention groups
  • Special purpose captives
  • Special purpose financial 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
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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)

$250,000 – Pure
$500,000 – Association/Group
$1,000,000 – RRG
$250,000 – Cell
$250,000 – SPFV

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
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Speed of licensing
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.
Average/Estimated Exam Cost for Single Parent Captive
Travel expenses of examiners
Average/Estimated Exam Cost for Risk Retention Group
Travel expenses of examiners