Pam Sanchez
Financial examiner
Utah Insurance Department, captive division
Personal bio:
I am originally from San Diego, California, but have lived in Utah most of my life and call it home. I enjoy spending time with my husband and two kids, ages four and 10 months old. We like to travel as much as we can and experience new places and food.
Professional profile:
I double majored in Accounting and International Business at Westminster College in Salt Lake City and went back to complete a master’s degree in Accountancy a year later. While in college I was keeping the books for my dad’s restaurant businesses and then worked as a payroll clerk. It was in graduate school that the door into the captive arena opened for me when I interned at a local CPA firm, Larson & Co, which specialises in insurance accounting.
How did you end up in the captive industry?
After my internship at Larson & Co, I was hired by Ross Elliott who was director at the time for the Captive Division with the Utah Department of Insurance. At the department, I worked as an analyst reviewing annual statements and audits. Three years later I had the opportunity to transition away from audit and regulation and was hired as the assistant controller for Kornerstone Administrative Services, a company that sells and manages finance and insurance protection products for vehicles and has a Utah domiciled captive. At Kornerstone I assisted with preparing financials and reconciling accounts for both the parent company and their self-managed captive.
Do you see yourself as representing groups that are underrepresented in the captive industry?
I am the daughter of first generation Mexican immigrants and the only person in my family with a graduate degree. I feel honoured to not only represent an emerging generation of captive talent but also represent women and Latinos who are normally underrepresented in the finance and captive insurance industry. At the beginning of my career it was intimidating to walk into a conference and not only be among the youngest, but also a woman, and furthermore, possibly the only Latina person in the room. As I’ve grown into this industry I feel confident in my knowledge and experience and feel proud of what I represent. Most importantly, my academic and professional successes fulfil the ‘American dream’ and the ‘better life’ my parents came here for a life filled with the luxury of working in an industry I know and enjoy while still having time to be a mum and spend time with those who matter most, my young family.
What is your impression of the industry and what are your aspirations for your career in the captive insurance industry?
I foresee proactive growth for captives as companies continue to see the value in self-insurance and alternative risk financing mechanisms. I hope to grow alongside this industry while contributing my knowledge and expertise within the regulatory environment or eventually back into the private sector. For now, I love having the opportunity to work with a diversity of companies involved with captives domiciled in Utah but located across the nation while having a good work-life balance.
What advice do you have for anyone considering a role in the industry?
Talk to people and ask questions! One of the most important lessons I have learned in my career is to overcome self-inflicted intimidation and ask the question. A significant portion of what I know about captives and accounting I can attribute to the fact that I started asking the right questions at the right time. On the other hand, there were times when I added unnecessary stress to myself by not asking for help or clarification. Networking is also important, the captive community is small and tight-knit and the chances of working with the same people are high so, get to know your peers!
Todd Kiser Utah Insurance commissioner “Pam Sanchez’s professional experience and resourcefulness are an asset to Utah’s captive division and to the industry as a whole. Her understanding of both the industry and regulatory perspectives makes her a trusted member of our team and a fair, effective regulator. I appreciate her ability to share her experience with her teammates and to lead by example.”
