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North Carolina: New Law Revises Taxation of Some Captive Insurance Companies
S.B. 347, signed by gov. 6/14/22. New law revises North Carolina’s taxation of certain captive insurance companies, providing among other changes that two or more domestic captive insurance companies under common ownership and control “other than a protected cell captive insurance company or a special purpose captive insurance company with a cell or series structure” are taxed as a single captive insurance company for North Carolina purposes. The legislation also permits certain captive insurance companies formed and licensed under the laws of a jurisdiction other than North Carolina that choose to “redomesticate” to North Carolina prior to December 31, 2022, to be exempt from North Carolina premium taxes otherwise due for the remainder of the year and for the calendar year following such redomestication. Please contact us with any questions.
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