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Utah Captive Domicile Shows Solid Positive Growth in 2016

Utah Road Sign-SF
February 01, 2017

Despite changes in legislation concerning the 831(b) election, the Utah captive insurance domicile saw positive growth in 2016. Overall, 68 new captive companies were formed, along with additional cells. This brings Utah's captive industry totals to 462 active captive companies and 74 active cell companies.

In addition, the Utah Captive Division expects 2017 to be another great year. "The 831(b) election resulted in changes that required some adjustment, but ultimately it will provide several improvements and benefits," said Travis Wegkamp, captive insurance director for Utah. Some ownership changes have taken place and some business plans have changed to accommodate the adjustments required for the 831(b) election. "We have also submitted a few changes for legislative consideration," Mr. Wegkamp said. "The most notable would be the creation of a specific Certificate of Authority for captive companies formed as a pool."

In an effort to make it easier for captive insurers to conduct business in the domicile, the Utah Captive Division implemented new and innovative processes for insurers on Upgrades for online forms and applications and other features were rolled out to further strengthen security, ease of use, and efficiency. "Our hope with these updates and changes has been to make the formation and reporting process as easy and secure as possible for our captives," Mr. Wegkamp said. "So far we have had very positive feedback regarding the usability and updates to our online processes."

The Utah Captive Division along with the Utah Captive Insurance Association will host the Western Region Captive Insurance Conference (WRCIC) in Salt Lake City May 22–24, 2017.

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