12.09.2015, 8:31:00 AM

NC legislative retirements present challenges for captive insurance industry

The North Carolina House of Representatives and Senate will undoubtedly see leadership changes in 2016 because several senior leaders and incumbents have already announced they are not standing for re-election.  Additionally, some of the lawmakers in Raleigh who were involved in the initial passage of captive insurance legislation in North Carolina in 2013 have stepped down from the legislature in the past two years.  The cumulative result is that the captive industry will have at least a half-dozen new faces on Jones Street in 2016 to introduce and explain captive insurance to. 

Notably, Senator Tom Apodaca, current co-chair of the Senate Standing Committee on Insurance and Chair of the Senate Rules Committee, has announced his retirement.  Additionally, Senators Bob Rucho (Mecklenburg), and Josh Stein (Wake County) have also announced they will not be standing for relection.  Josh Stein has announced he will be running for Attorney General.

In the House of Representatives, one of the original sponsors of North Carolina's captive insurance enabling act, Rep. Paul Tine (Dare County) will be stepping down.  Additionally, Leo Daughtry (Johnston County) and Paul Stam (Wake County) have both announce their retirement from the General Assembly as well.   

Each of these six lawmakers supported North Carolina's initial foray into captive insurance in 2013 and technical corrections bills in 2014 and 2015.  Their replacements - regardless of party affiliation - will likely have to be educated regarding the benefits to North Carolina and middle market businesses which the captive insurance industry has brought to the state. 

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