Utah
- Year captive legislation was passed
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- Total number of captives
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- Number of captives (pure)
- 366
- Number of captives (group/association)
- 7
- Number of individual cells/cell participants
- 59
- Gross written premium for all captives
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- Total number of active captives, as of the prior year
- 441
- Types of captives allowed
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- Single parent captives
- Association captives
- Group captives
- Risk retention groups
- Special purpose captives
- Number of full-time employees in captive regulatory department
- 11
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Initial licensing and incorporating fees required by the domicile
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- Annual filing requirements
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- Annual fees
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- Premium tax rate
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- Premiums to surplus
- Traditional insurance guidance recommended as a best practice.
- Minimum capital (broken out by type of captive)
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Pure = $250,000; Sponsored = $1,000,000 ($350,000 minimum from Sponsor); Association = $750,000; RRG = $700,000
- Applicable Acts/Enabling Legislation
- Utah Code Annotated Title 31A Chapter 37, Captive Insurance Companies Act
- Captive Administrator’s name and longevity in position
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- Time given for application process
- We request a week, or two at the most, to review the initial application assuming we have a full packet. If everything appears appropriate we issue a Certificate of Public Good which then puts the ball in the applicant's court to finish the process at their leisure; forming the corporation, capitalizing, executing finalized documents and paying the necessary fees.
- Regulator
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- Address and contact information of Regulatory Department
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- Website Address
- https://insurance.utah.gov/captive
- What is the examination cycle by type of captive?
- 5 years for all captive types; all may qualify for audit-in-lieu of examination.
- Average/Estimated Exam Cost for Single Parent Captive
- $4,000-$8,000