What is Ncdoi?
www.ncdoi.gov. The North Carolina Commissioner of Insurance regulates the insurance industry in North Carolina, licenses insurance professionals in the state, educates consumers about different types of insurance, and handles consumer complaints.
What are group captives?
WHAT IS A GROUP CAPTIVE? A Group Captive functions as a licensed and admitted, limited-purpose property and casualty insurance company, owned and managed by its members under IRC Section 831(a) with an emphasis on risk control and loss prevention practices.
What do captives do?
The Purpose of a Captive To be very clear, the purpose of an insurance company and, therefore, a captive is to pay losses (your own losses) and to afford you (the owner) more control over your risk and any losses that do occur. Put another way, captives are an alternative risk transfer mechanism used to finance risk.
Why are captives offshore?
Choosing to domicile your captive offshore can bring greater regulatory flexibility; offshore captives usually allow lower minimum capital requirements and may not require regulatory examinations. Some jurisdictions have developed an environment that is particularly supportive of certain types of captive.
What does the NC insurance commissioner do?
The commissioner of insurance is the head of the North Carolina Department of Insurance, serves as a member of the Council of State, and is also the State Fire Marshall. Among its duties, the Department of Insurance regulates the insurance industry, handles insurance-related complaints, and licenses insurance agents.
What is DOI in insurance?
Department of Insurance (DOI) means the State agency or regulatory authority that, among other things, licenses, oversees, and regulates Issuers, Agents, and Brokers, as applicable.
What is group captive power?
A captive power plant is one which is dedicated to one or more industrial unit(s). As far as group captive is concerned, the beneficiaries should hold at least 26% of the equity and together consume 51% of the power generated during the year. Though dedicated, it may also inject electricity to the grid.
How does captive work?
The captive provides the owner or its affiliates with insurance coverage for risks that the owner wishes to retain, and the insured entities pay premium to the captive. Any profits made by a captive are retained within the parent company’s group rather than being ‘lost’ to the insurance market.
What is a captive person?
plural captives. Definition of captive (Entry 2 of 2) 1 : one who has been captured : one taken and held usually in confinement Something there is in us that finds captivity captivating, particularly when the captives are prisoners of war.—
What is captive offshore?
Offshore Captive — a special purpose insurance company domiciled outside of the country where the insured risk is located. The motives for using an offshore captive may include tax planning. Regulatory differences between onshore and offshore have become significantly less as the offshore captive industry has matured.
How do captives make money?
Like any business, a captive investor and shareholder enter into a transaction to earn a profit and retain the important ability to manage the operating company’s risks. Once profitable, dividends are generally available within the purview of the department of insurance and its regulatory scheme for shareholders.