Utah

SRS Contact:

Ann Wick
President, SRS West

Tel: 602-903-0318

Webinars:

2015 The State of the Captive Insurance Market

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Utah established its captive legislation in 2003. It has seen rapid growth and has quickly established itself as the second largest domestic US captive domicile behind Vermont. At the end of 2014, Utah had 422 active licensed captives.

Minimum Capital and Surplus

Single parent captive $250,000
Industrial insured group captive $500,000
Association captive $750,000
Reciprocal captive $1,000,000
Sponsored (cell) captive $1,000,000

Key Features of Legislation

Like most domestic domiciles, Utah’s legislation is modeled after Vermont. Like Arizona, there is no premium tax imposed on captive insurance companies. A flat annual fee is charged in lieu of premium tax. This structure is more typically found offshore than for a domestic domicile. Utah promotes its access to regulators and fast turn around times on applications, as well as the low cost of doing business in the state as key differentiators.

Specialty

Utah has a high concentration of single parent captives and small captives. The domicile has successfully attracted parent organizations headquartered in the western US states, particularly California. Over half of Utah’s captives have parent organizations from California.

SRS Presence

SRS was approved as a captive manager in Utah in 2007. Ann Wick, a seasoned captive professional, runs the western region with responsibility for overseeing the management of captives in Utah.