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OFFICIAL NEWSLETTER OF NCCIA

Vol. 8, No. 7 | August 2022

August 29, 2022, Southern Pines—
Sadly, the summer of 2022 is coming to an end. In fairness the loss of summer feels greater due to the two Covid Summers we have endured. The good news is that in conversations with our members it seems captive insurance has endured and even prospered during these times with a number of our members having record years so far.

With the legislature’s passage of SB 347 and it’s subsequent signing by the Governor, the NCDOI is beginning to see the type of inquiries for redomestication to North Carolina by both captive companies and managers that the association expected when the legislation was filed. This is great news for the domicile and reenforces the perception of North Carolina as a leading domicile.
The NCDOI has publicized the new legislation within the industry, such as the article that recently appeared in Captive International’s US Focus issue seen here – The time is right. With the passage of SB 347 and its premium tax holiday provisions, captive owners that formed their captive insurance companies in other domiciles previously now have a strong incentive in the form of cost savings when they redomesticate to North Carolina, a welcoming domicile for captive insurers.  It is our hope that captive managers will make captive owners aware of the opportunities presented by this new legislation. 

According to the department, NCDOI is also beefing up its staff to maintain the quality of service the industry has grown to expect from North Carolina. If you are interested in the job descriptions, visit the NC DOI Careers page.

If you have not yet looked at the easy process for redomestication, please give a call to Lori Gorman, Deputy Commissioner for Captives at NCDOI or her staff. You will be amazed at the ease of the process and very low cost. The department’s number is 919.807.6165.

2023 Annual Conference in Asheville

The NCCIA Annual Conference Committee begins its work with a committee meeting via Zoom on September 21st according to Susan Euteneuer, Committee Chair. Euteneuer told the Newsletter “This year’s meeting will feature numerous changes.” The conference is moving to Asheville, in North Carolina’s mountains for the 1st time, and will be held in a downtown location, the Renaissance Hotel, rather than a resort setting.

The conference will get underway on Monday morning, May 8 through noon on May 10. Asheville is ranked #2 of cities in the United States that people would like to visit. Just outside of town is Mount Mitchell, the highest point east of the Mississippi and at 6,684 feet is the highest peak east of the Mississippi. The city also boasts currently 3 James Beard award winning chefs and restaurants. According to Euteneuer, “with all of these attractions look for a lot of new networking opportunities in addition to outstanding educational programing.” So, save the date, May 8 – 10, 2023 in Asheville. Plan to be there for the first captive domicile conference of 2023.

Coming Up in 2023

NCCIA Chair Diana Hardy, Government Affairs Chair, Alex Webb and NCCIA President & CEO Tom Adams met with officials of NCDOI and the Captive Division in late August to discuss possible legislative initiatives when the 2023 Legislature meets beginning in January. When asked about the meeting Chair Hardy said “It’s too early to discuss the specifics of the legislation, but rest assured NCCIA and the Department will be there to pursue updates to the Captive Act when it convenes.” The legislature is currently meeting in pro-forma sessions to prevent the governor from taking executive actions without legislative oversight. Most legislators are more fixed on the November elections than on the legislative agenda at this point in time.
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