The diverse nature of Utah’s economy has seen it grow into a world leading captive domicile, according to Travis Wegkamp, captive director at the Utah Insurance Department.
Wegkamp suggested that Utah has been a popular choice for smaller captive looking to “get their feet wet in the industry”.
He said: “We attribute much of this popularity to our captive legislation that does not impose a state premium tax on captive insurers.”
Wegkamp noted that growth has come steadily, and at times exponentially.
He also explained that no one industry dominates the captive landscape in the state, however, “an abundance” come from the healthcare, manufacturing, professional services and construction industries.
Real estate, financial, and retail-related industries following closely behind.
Wegkamp commented: “Those that have formed and operated a captive insurance company here in Utah have discovered a truly symbiotic relationship, where the strength and diversity of our economy and fair regulations have allowed them to run a profitable and beneficial captive programme to their benefit, and the state’s as well.”
