CICA > Domiciles > Utah

Utah

 
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Year captive legislation was passed
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Total number of captives as of year-end 2022
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Number of pure / single parent captives as of 2022
342
Number of group / association captives as of 2022
2
Number of sponsored / cell company captives as of 2022
11
Number of individual cells / series as of 2022
54
Number of other types of captives (industrial insured, special purpose, SPFI, pooling, branch) as of 2022
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Total gross premium written and assets under management (AuM) as of year-end 2021
Gross premium: USD $2,141,990,076; AuM: USD $7,073,725,450
Types of captives allowed
  • Single parent captives
  • Association captives
  • Group captives
  • Protected cell/segregated portfolio companies
  • Risk retention groups
  • Special purpose captives
  • Special purpose financial captives
  • Microcaptives set up using 831(b) regulations*
Number of full-time employees in captive regulatory department
11
Initial licensing and incorporating fees required by the domicile

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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)

Pure captive, $250,000; industrial insured, $700,000; association captive, $750,000; sponsored captive, $500,000 with $200,000 from sponsor/core

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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Speed of licensing
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