3 December 2015Actuarial & underwriting

Utah insurance department launches online application for captive insurers

The Utah Captive Insurance Division has started a new online application, aimed at streamlining and simplifying the captive insurance company application process.

The division said that it will better protect applicant information, adding that the captive insurer application will allow providers access to an easy-to-use, secure environment where they can digitally fill out and submit applications for new insurance companies.

"Utah has done it again," said Dave Snowball, the captive insurance director for Utah.

"Our new captive insurer application gives applicants step-by-step directions to the required online forms, which makes the process quick and easy. The new application also lets you upload 'non-fillable' forms to our highly secure server, which encrypts the file upon upload."

This is the second submission process that Utah's Captive Insurance Division has made totally automated. The first presented for use was the online annual statement, which was released in Spring 2015 and is now fully functional.

"Utah's Captive Insurance Division is committed to being an aggressive captive insurance domicile that looks for strategies to be convenient and simple in the ways it works with owners and providers," added Snowball.

"Utah will continue to look for ways to improve systems and procedures to provide the best service possible."

As the process is new, the use of the new captive insurer application will not be required until April 1, 2016. However, applicants are being encouraged by to use the application during the testing period (particularly the online portal for sending documents into the department) so the transition is seamless and any modifications can be worked through before the deadline.