Utah

Utah

Utah is known for being a business friendly state and our Captive Division fits the well. It is known for being fair and responsive to the needs of the captives domiciled here. Along with being reasonably priced with only a nominal annual fee and no premium taxes, Utah is easy to get to with a Delta hub and a great place to visit with much to see and do.

[Last updated: 15/06/18]
Regulatory contact:
David Snowball
3110 State Office Building Salt Lake City, UT  84114
801-537-9294
twegkamp@utah.gov
Website insurance.utah.gov/captive



Name of Captive Legislation                     
Code Section 31A-37 Captive Insurance Companies Act
 
Year Legislation Passed                                               
2003
 
Recent Amendments                                    
‚ÄčIn 2019 legislation was passed allowing for captives to enter into dormancy with approval from the Commissioner. For 2020 we are introducing legislation to allow captive to reinsure pure third-party risk with prior approval of the Commissioner.  
 
Do you allow Cell Captives?                      
Yes
 
Total Number of Licenced Captives: 435                                                    
Standalone captives: 376 
Single Parent: 362
Pool Captive: 7
Group Captive: 7
RRG: 0
Cell captives: 59
 
Number of Risk Retention Groups or Group Captives                    
7
 
Number of Single Parent Captives          
407
 
Number of Cell Captives                             
69
 
Number of licences granted in the past year (2019 calendar year)           
42
 
Approximate (or Average) length of time to process a new captive          
About 1 week to review initial packet and issue Certificate of Public Good (assuming full packet submitted). From there it depends on the applicant's eagerness to finalize documents and fund the captive.
 
Captive tax rates: No State premium tax; annual license flat fee rates of:       

Captive: $5,000 plus $250 e-Commerce fee, $5,250 total
Cell: $1,000

Minimum capitalisation rate 
Pure - $250,000
Association - $750,000
Industrial and RRG - $700,000
Sponsored Cell - $1,000,000 (of which $350,000 must be maintained by the Sponsor)
Special Purpose Captive – As determined by the Commissioner
 
 
Licencing fees                             
$200
 
Industry sectors best represented in the domicile
Health Care, Manufacturing, Professional Services, and Construction (and all others)

Total Gross Premium for 2018:
$981.5 million.

Total Assets under management 2018:
$3.8 billion.
 
Captive Insurance Managers registered to conduct business in the domicile
Available at: https://insurance.utah.gov/captive/providers/management-firms
 

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