UTAH
levying a premium tax on the new insurers, a flat licence renewal fee was instituted. The revenue from the fee is dedicated to funding a new captive division in the Insurance Department, ensuring that the department has sufficient resources to respond to the needs of captives—be it new formations, business plan changes, and other communications.
The captive division continues to enjoy unparalleled support from the governor’s office, the legislature, and an experienced and engaged insurance commissioner.
As the number of captives licensed in Utah has grown, professional staff have been added to meet the regulatory needs. These individuals, who are exclusively dedicated to the captive division, are impressively qualified. Advanced degrees are common, including Master’s degrees in accountancy and business administration, and substantial tax and insurance operations experience. Once they are on board, employee education and training has been a constant focus. New insurance industry credentials are valued and are being actively sought. We are pleased to add the following designations to the captive division: CFE, AFE, FLMI, PIR, and APIR. Three more individuals are currently completing their Associate in Captive Insurance (ACI) courses. The benefit to the captive insurance industry is obvious. Utah is open for
business: we know what we are doing and are dedicated to ensure the success of captive companies.
As Utah’s captive industry matures, the state’s regulatory infrastructure continues to grow and develop to provide the necessary support services required to respond to captive companies’ needs. Rather than review and approve all types and sizes of captives, Utah has followed a strategic development path where experience has been developed with single-parent, pure captive structures before transitioning to more complex facilities such as sponsored captives or special purpose vehicles. This specific direction has resulted in Utah’s development of niche expertise in pure captive structures.
Quality of life ... and business Annual board meetings, as well as other company functions, are easily accommodated for all, whether they want a quick in-and-out meeting or they plan to stay and enjoy all Utah offers.
Utah’s strategic geographic location in the heart of the American West means that its moniker, ‘the crossroads of the West’, is more than just a catchphrase. By road, rail and air, the state is optimally positioned
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