The Montana Captive Insurance Association (MCIA) reported 34 new captive insurance company licenses were issued in Montana during the past year, bringing the total number of licensed captives in the domicile to 114.
The data was provided to the association by the Montana Office of the Commissioner of Securities and Insurance (CSI).
"We are obviously very pleased with these impressive growth numbers and this certainly reinforces Montana's position as the leading captive domicile in the Western US," said MCIA president Dick Goff.
"The association is very appreciative that we have a great captive regulatory team in place, which has helped to ensure such steady and responsible growth."
The breakdown of licensed captives is as follows:
Pure Captive Insurers 79
Risk Retention Groups 16
Captive Reinsurance Companies 10
Protected Cell Captives 6
Association Reciprocal Insurers 2
Special Purpose Captives 1
In comparison, the State of Vermont licensed 32 new captives in 2012, but still has an overall number of 984 licenses.
Montana's captive association is working with the CSI to pass legislation this session that would further improve the state's captive statute, including the addition of Series LLC captives.
The association has also recently announced the programme for its annual conference, which is scheduled for 23-25 July 2013 in Whitefish, Montana.
