Utah

 
Year captive legislation was passed
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Total number of active captives
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Number of active captives (pure)
366
Number of active 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, prior year
441
Types of captives allowed
  • Single parent captives
  • Association captives
  • Group captives
  • Risk retention groups
  • Special purpose captives
Number of full-time employees in captive regulatory department
11
Initial licensing and incorporating fees required by the domicile

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Annual filing requirements (****Certfication Fee?)
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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 = $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 and also within department
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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.
Cost of exam range by pure? Average price?
$4,000-$8,000