Pick Me, Pick Me
When Domiciles Compete, Small Businesses Win
The past months have witnessed a flurry of activity as U.S. domiciles compete to attract new potential new captive insurance companies to choose to do business in their state. Competition among domiciles is a win for owners of captive insurance companies and also makes captive ownership more accessible and affordable for business owners who might be considering self-insuring business risk through a captive insurance company.
Recent examples of states entering the fray to attract captive insurance companies are listed below.
The Texas Department of Insurance (TDI) has begun accepting applications from captive insurance companies wishing to relocate to Texas. TDI will license the companies under an amendment to their current law approved by the 83rdTexas Legislature and signed by Governor Rick Perry.
Read Texas CIC Article In CAPTIVE REVIEW
The North Carolina Captive Insurance Act was signed into law on June 19 and is now allowing for the formation of captive insurance companies in the state. The Act passed with unanimous support of the North Carolina General Assembly, and became effective with the appropriation of funding from the North Carolina General Assembly to implement the Act.
Read North Carolina CIC Article In CAPTIVE REVIEW
The southwestern U.S. state of Arizona licensed two new pure captives last month. The captives, Best Practices Re and Xenia Assurance were both licensed on the 11 October and bring the total number of captives in the onshore domicile to 103. Arizona has maintained steady captive growth since it established its captive legislation in 2003.
Read Arizona CIC Article In CAPTIVE REVIEW
The owner of one of the largest grocery store chains in Manhattan has set up a captive insurance subsidiary in Connecticut. Red Apple Group, which operates Gristedes Foods and Red Apple gas stations, has formed the Red Apple Risk Insurance Company in Hartford, obtaining its license this month from the Connecticut Insurance Department. Red Apple subsidiary becomes the state’s third licensed captive insurance company since it introduced captive legislation in 2011.
Read Connecticut CIC Article In CAPTIVE REVIEW