Insurance Captives: Utah and other domestic jurisdictions

A captive insurance company or a “Captive” is an insurance company formed to insure the risks risks of its parent and/or affiliate organization(s). Captives give their insured business entities control over the operations and tailor coverage to the organization’s specific needs. Captives are very common among large national and multinational business. Utah is becoming a popular destination for captives.  Captives in Utah are regulated by the Utah Captive Insurance Division. Utah’s captives have no premium taxes and impose no taxes other than an annual fee.  Utah’s regulators very accessible and easy to work with. Captive have many income tax advantages as well. There was a time when captives were largely an off-shore endeavor. However, with states now providing favorable legislation to Captives more and more captives are organizing or forming domestically. If your organization needs assistance forming a captive, changing jurisdictions (domesticating it, etc), or is in need of representation in this area click here to contact Paul.

Comments are closed.