Introduction of House Bill 348: A New Era for Georgia’s Captive Insurance Industry
The Georgia Captive Insurance Council (GCIC) has officially backed House Bill 348, marking a significant legislative initiative aimed at bolstering the state’s captive insurance and risk retention groups for the first time since 2019.
This proposed bill seeks to introduce beneficial new reinsurance options specifically for captives, while also broadening the range of operational lines of authority available to them.
Travis Bowden, the chairman of the GCIC, commented: “I’ve often felt that Georgia’s captive insurance regulations needed to be more accommodating to new companies considering Georgia as a potential hub for captive insurance.”
He further stated, “This legislation arrives at an opportune moment as the Georgia Captive Insurance Council endeavors to rejuvenate the state’s captive insurance sector.”
The GCIC, recognized as the sole official trade association and advocacy body for Georgia’s captive insurance and risk retention groups, emerged following the dissolution of the Georgia Captive Insurance Association in 2023.
Bowden also emphasized: “With robust legislation like House Bill 348, Georgia is poised to expand its captive footprint. On behalf of the captive insurance sector, I strongly advocate for the passage of this bill.”
“By eliminating outdated and cumbersome regulations and empowering captive professionals to offer more choices during the formation process, Georgia can further its resurgence as a prominent captive insurance domicile,” he concluded.
