The Utah Insurance Department’s captive division licensed 68 new captive insurance companies in 2012, just one less than the 69 new captives licensed in 2011. The state also licensed 14 new cell captives.
Insurance commissioner Todd Kiser, said: “the flow of captives coming to Utah over the past four years is impressive.”
“In 2007 we had 93 active captives; by the end of 2012 we had a total of 286. That is an annual growth rate of 26 percent making us one of the fastest growing captive domiciles in the world.”
Director of the captive division, Ross Elliott explains why Utah is such a sought after domicile, saying: “Since the passage of the Captive Insurance Companies Act, the Utah Legislature continues support of its implementation and record growth.
“They authorise and fund us to hire competent people to keep up with our phenomenal growth. Without our professional staff, we couldn’t respond in a timely manner to the flow of information, client calls, or the required audits.”
