The Utah Captive Insurance Division licensed 68 new captive insurance companies in 2016, as well as 13 cell captives.
Last year’s figures bring Utah’s captive total to 462 active captive companies and 74 active cells.
In addition to the captive growth, the Utah captive division implemented new processes for insurers, including an upgrade to its online forms and applications.
According to the Utah captive division, 2017 will be another “great year” for the domicile.
Travis Wegkamp, captive insurance director for Utah said: "The 831(b) election resulted in changes that required some adjustment, but ultimately it will provide several improvements and benefits.”
He added: "We have also submitted a few changes for legislative consideration. The most notable would be the creation of a specific certificate of authority for captive companies formed as a pool."
