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OFFICIAL NEWSLETTER OF NCCIA

VOLUME 4; NUMBER 7
JULY 2018

RECENT NEWS

In Just four Weeks The Largest Assembly of the Captive Industry in the Southeastern United States Will Get Underway

(Southern Pines)…..In just four weeks the largest assembly of the captive industry in the Southeastern United States will get underway with the opening of the NC Captive Insurance Association Annual conference in uptown Charlotte.

The conference is being held in the dynamic uptown area at the LeMeridien and Sheraton Hotels. Charlotte is one of the country’s key financial centers and home to numerous captives and captive service providers. The conference kicks off Monday afternoon with a plenary session featuring former Vietnam War POW Lt. Col. Quincy Collins followed by the opening of the conference exhibit hall and a reception sponsored by Management Services International.

Individuals from across the US and abroad will be at the conference providing ample opportunities for networking. The NC Department of Insurance will be well represented with Commissioner Mike Causey speaking at the annual Commissioner’s Luncheon on Tuesday afternoon. If you are an attorney or CPA you can obtain up to 10.5 hours of continuing education credits.

Gold sponsors at this year’s conference include Atlas Insurance Services, Butler & Stowe CPA’s, Management Services International, Rives and Associates, CPA’s and Webb & Coyle Attorneys.

NCCIA Chairman Leon Rives said in discussing the conference this week “we are extremely pleased with the response to the conference. We are seeing a nice growth in attendance from out of state and increased media interest in the event.” Continuing he said “it’s is gratifying to see the popularity of North Carolina as a captive domicile, we thought when the legislation passed back in 2013 that North Carolina could be an industry leader and with the popularity of the conference we see that feeling is justified.”

Individuals registered for the conference will receive a letter on August 13th giving access to the conference app and other information about this year’s conference. (To register click here.)
 

We Are Now Between Legislative Sessions

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.brown@nccia.org

            We look forward to seeing you in Charlotte!

 

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