CICA Advocacy Reporter, Mike Mead shares the following: The Charlotte, NC, News Observer reports today that the North Carolina has a bill to introduce captive insurance laws into the state. The bill, Senate Bill 476, introduced by Sen. Wesley Meredith, a Fayetteville Repubican, aims to put North Carolina on track to provide jobs and revenue for the state. At this point the initiative appears to have broad support. It has also been introduced in the House as House bill 473. This Act includes pure captives, association captives, industrial insured captives, rrgs, segregated cells and special purpose vehicles. Most capital is set at $250,000. Captives with less than $1,200,000 in premium may request an exemption from the annual audit requirement. Details of the Act can be found at www.ncleg.net A quick read shows the Act to be very good and competitive. Oh boy another domicile.
