Utah Insurance Department

As one of the world's top captive insurance domiciles, Utah is recognized as a business-friendly and innovative state that fosters and supports creative solutions. If you are seeking a domicile as committed to your captive's success as you are, then Utah is the choice for you; where risk management, cost control, and regulation connect.

Alternative risk transfer programs include the following.

  • Single-Parent Captives
  • Group Captives
  • Risk Retention Groups
  • Segregated Cell—Sponsored Captives
  • Branch Captives
  • Producer-Owned Captives
  • Not-for-Profit Captives
  • Special Purpose Captives

Entities from all over the country and globe are welcome to Utah as their captive domicile. For more information, see the Utah Insurance Department website.

Company Contacts

Director of Captive Insurance
(801) 957–9200
Assistant Director
(801) 957–9228

Mailing Address:
4315 S. 2700 W.
Ste. 2300
Salt Lake City, UT 84129

Virtual Contact:
Website: Utah Captive Insurance

Captive Domicile Summary

While there are several reasons why Utah has, for many years, been a major captive domicile, a key factor has been the high quality and accessibility of the state's captive regulatory staff, captive managers and others say.

"There is a knowledgeable and helpful staff," said Richard Ence, chief financial officer of Thatcher Co. Inc. in Salt Lake City and a member of the Utah Captive Insurance Association's board of directors.

Brandy Alderson, senior account manager and vice president with Marsh Captive Solutions in Salt Lake City, said, "There is a very large and accessible staff. They will pick up the phone and get back to you very quickly."

Utah Captive Insurance Director Travis Wegkamp in Salt Lake City says being accessible is part of Utah's goal "as being a great state to do business."

Location also is a factor in the growth of Utah, which at the end of 2021 had 384 captives, including cell captives. A majority of captive parents are based in not-too-distant California, which lacks a captive statute.

Legislative updates to the state's captive statute, which was approved by state lawmakers in 2003, also have helped growth.

For example, legislation passed in early 2019 allows captives, if their parents so choose, to move into dormancy. By going into dormancy, captives are subject to much smaller capital and surplus requirements. For example, a single-parent captive would only have to maintain $25,000 in capital and surplus, a fraction of the $250,000 that is normally required under Utah's captive statute.

In addition, dormant captives are not required to submit an annual audit or hold an annual meeting in the state. Dormant captives are assessed a $2,500 annual renewal fee, half of what most other captives are required to pay.

By moving into dormancy, "the pause button is pressed" so a parent does not have to liquidate the captive and then, when the need returns, can easily reactivate the captive, said Victoria Fimea, an attorney and a member of the Utah Captive Insurance Association's Board of Directors. 

Another positive for captive sponsors: application forms and annual reporting forms can be filed online. "Virtually everything can be filed online," said Tempe Robins, director of operations and compliance for Strategic Risk Solutions in Scottsdale, Arizona.

Organizations have another benefit, a financially significant one, in setting up captives in Utah: unlike many other domiciles, Utah does not require captives to pay annual premium fees. Captives, though, are assessed an annual $6,125 licensing fee.

Capital and surplus requirements vary by captive type. For example, the minimum capital and surplus requirements are $250,000 for a single-parent captive; $500,000 for a sponsored captive, of which $250,000 must come from the sponsor/core;$700,000 for an industrial captive; and $750,000 for an association captive.

Future captive growth is promising, observers say. "Utah will continue to grow," said Ms. Robins, adding that Utah will continue to attract new captives, as well as captives from other domiciles.

"The future looks very strong. There is a stable and knowledgeable staff and a legislature that is willing to update the captive statute when necessary. That shows how Utah is positioning itself as a long-term captive domicile," said Ms. Fimea.

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The Utah Captive Insurance Association teams up every year with the Arizona, Missouri, and Nevada captive associations to host the Western Region Captive Insurance Conference (WRCIC).

The next conference is scheduled for June 27–29, 2022, in Las Vegas, Nevada. For more information about the conference, contact the WRCIC at (602) 7672994, or email at [email protected].

Captive Domicile Statistics

Total Captive Count* Utah
Year Captives
2021 384
2020 396
2019 432
2018 441
2017 480
*Includes active and cell captives.
Captives' Gross Written Premiums Utah
Year Premium Volume
2021 $2.0 billion
2020 $1.6 billion
2019 $1.1 billion
2018 $944.5 million
2017 $1.0 billion

Domicile Benefits

In Utah, we understand that as companies become more sophisticated they are better able to understand and take greater control of their own risk management operations. It is our goal to provide affordable, diverse, and flexible solutions that protect against any company's dynamic business environment.

  • In lieu of state premium taxes, a flat annual fee is charged. Naturally, personal and real property owned in Utah will be taxed; that money supports the Uniform School Fund.
  • Regulators and legislators are readily available with consistent, reasonable, and effective regulation.
  • Easy access to quality experienced service providers.
  • Utah is one of the leading domiciles committed to continual technological advancements. Currently all forms, documents, applications, and payments can be seamlessly submitted and/or uploaded online through the Licensing & Forms tab of our website. 
  • Utah is able to process applications for a Certificate of Authority (CoA) within 30 days. A CoA may be issued in much less time if the applicant is highly motivated to complete all the executed documents and fully fund the new captive.
  • We expect to continually add additional resources as the Utah market expands and grows.

Utah is recognized as an innovative state, fostering and supporting creative solutions. If you are looking for an onshore domicile to form a captive insurance company, then Utah is your desired destination—where risk management, cost control, and regulation connect.

Why Utah?

There are multiple advantages to forming a captive in Utah. Consider the following when making your decision: 

  • The cost of doing business in Utah is significantly lower than in other states. Specifically related to captive insurers:
    • Annual license fee of $6,375 (includes $250 e-commerce fee) for captives and $1,000 flat fee for cells in lieu of a premium tax
    • Competitive minimum capitalization requirements for all captive types as follows:
      • Pure—$250,000
      • RRG—$700,000
      • Association—$750,000
      • Sponsored—$500,000 (minimum of $200,000 must be provided by the sponsor)
  • Dedicated captive insurance staff that is readily accessible and responsive to your needs and inquiries
    • A dedicated fund set up for the Captive Insurance Division means the necessary dedication and resources are provided by the state to insure we're here to meet your needs now and in the future
  • Salt Lake City is home to an international airline hub (Delta) and is a central location for western states. You can get here from just about anywhere with a quick direct flight.
  • Utah is committed to continual technological advancement. We are essentially paperless, using online forms and PDFs for most all documentation and statements.
  • Utah favors business-friendly statutes. Based on regulations and other contributing factors, Utah is consistently voted one of the best states to do business.
  • Utah has access to a quality job market with one of the lowest unemployment rates in the nation.
  • Utah has a unique environment with a strong economy and diverse outdoor activities.
    • As part of your annual board of directors meeting in the state, be sure to enjoy some of what Utah has to offer:
      • Visit one of the Mighty 5 National Parks (Arches, Bryce Canyon, Canyonlands, Capital Reef, and Zion)
      • Get "lost" in Utah's unique back country
      • Enjoy the greatest snow on earth at one of our many ski resorts

These factors should induce one to ask, "Why not Utah?" Visit Utah.

As you consider Utah for your domicile of choice, please visit the following links that will give you additional information about Utah and the business and work environment it can provide you: