Utah Captive Insurance
The focus of the Utah Captive Insurance Division is to implement the Utah Captive Insurance Companies Act and promote Utah as domicile for captive insurance companies. We believe that businesses and companies can take greater control of their own insurance risks through a properly organized captive insurance company. Our captive infrastructure is rapidly developing and Utah is a solution for meeting risk management needs.
Utah is the second largest captive insurance domicile in the U.S. and number 5 in the world, in number of captive insurers. The year over year growth rate for the past five years is 26.8%. The parent companies originate from about 30 states although there is a high concentration from the western states. The industries represented are a broad, cross-section of the economy, including manufacturing, real estate, healthcare, construction, finance, and professional services.
Some of the reasons that attract this business to Utah include: Utah is business-friendly, location and accessibility, the diversity of tourism venues, low taxation, educated work force, and experienced regulators.