SB 347: Captive Insurance Amendments

• Clarifies confidentiality protections for information filed with the Insurance Commissioner regarding dividends, distributions, plan changes, and investments by captive insurance companies

• Allows captive insurance companies with less than $1,200,000 in written premium to request exemption from annual audit requirements if compliance would cause financial hardship, with decisions made on case-by-case basis

• Authorizes the Commissioner to conduct financial analyses of captive insurance companies at no cost to the company and establishes confidentiality protections for all audit and analysis documents

• Defines "governing board" to standardize terminology across captive insurance statutes and requires Commissioner approval of captive managers before and after licensing

• Prohibits captive insurance companies from providing fidelity and surety insurance for bail bonds and provides tax exemptions for companies redomesticated to North Carolina by December 31, 2022