Captive Insurance News

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Corporate Regulation and Governance in Captives

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Delve into captive insurance governance matters including board attributes, board structure, and board accountability. With 30 years of insurance experience from the auditing, regulatory, and management side, Derick White, managing director of corporate governance and regulation for Strategic Risk Solutions, offers key insights into captive board governance.

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Utah Proposed Changes to Captive Administrative Rule

Utah Rocks Arches
July 31, 2015

The Utah Insurance Department Captive Insurance division has proposed several changes to captive-related administrative rule R590-238 The most significant change is the definition of what constitutes a captive manager:

"Captive Insurance Manager" means a person that: (a) is on the Utah Approved Captive Management Firms list; (b) pursuant to a written contract with a captive insurance company, provides and coordinates services including but not limited to: (i) accounting; (ii) statutory filings; (iii) signed annual statements; and (iv) coordination of related services; (c) acts as an intermediary that facilitates and assists the captive in meeting its statutory requirements under Title 31A.

Among the other changes is a clarification that:

All captive insurance companies are to use the "Captive Insurance Company Annual Statement Form" except Risk Retention Group (RRG) insurers and special purpose financial captives which shall use the NAIC’s Annual and Quarterly Statements.

Written comments on the proposed changes will be accepted until September 14, 2015. The earliest possible effective date is September 21, 2015. No hearing is scheduled on the proposed changes.

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