We are now between legislative sessions, the short budget session (2018) and the regular session (beginning January 2019 following the November 6 General election).
Looking back during this year, the Association was involved in several legislative matters affecting the captive insurance industry. The premium tax exemption for Foreign captives (licensed in states other than NC)(Senate Bill 99) and technical corrections making clarifying changes to the NC Captive Act (House Bill 382). As we look to the 2019 session, your Association is focused on keeping NC competitive and making it more competitive.
We anticipate legislation which will continue to make technical corrections, revise and clarify the premium tax calculation, add Alien captives (those licensed off shore, Bermuda, Caymans for example) to the premium tax exemption just approved, and making NC more attractive for Foreign and Alien captives to re-domesticate in North Carolina.
As NCCIA works with NCDOI to formulate the 2019 legislative program, we will keep its members informed of developments. If you have suggestions as to changes needed in the NC Captive law and regulations, please let us hear from you by September 30, 2018 at the latest. Lane.firstname.lastname@example.org
We look forward to seeing you in Charlotte!