public Onshore (USA) verified Last Verified: 2026-11-06

Utah

Utah licenses captives under the Utah Captive Insurance Companies Act, Title 31A, Chapter 37, administered by the Utah Insurance Department Captive Insurance Division. The chapter covers agency, association, branch, industrial insured, pooling, pure, risk retention group, sponsored, special purpose, and special purpose financial captives, and cells of a sponsored captive may be protected cells or incorporated cells. The Division's year-end 2025 workbook, provided by Director Travis Wegkamp on 5 November 2026, counts captives and cells together as risk-bearing entities (RBEs). Year-end 2025 was 605 RBEs: 352 pure captives, 3 group captives, 20 cell structures, 222 series/cell captives, and 8 other (pools and agencies). In 2025 the workbook records 172 formations (41 pure, 5 cell structures, and 126 series/cell) and 31 captive licences surrendered (27 pure, 1 cell structure, and 3 series/cell). It shows a dash, not a number, for 2025 formations and surrenders in the group and other columns; those year-end counts are 3 group captives and 8 other in both 2024 and 2025. Year-end 2024 was 464 RBEs: 338 pure, 3 group, 16 cell structures, 99 series/cell, and 8 other. Year-end captive premium was USD $4,130,262,068 in 2024 and USD $3,500,139,380 in 2025. The Division states that the decrease is accounted for entirely by 1 captive, a large commercial carrier no longer using its captive as a reinsurance pass-through, which accounts for a $1B decrease in gross premium. Year-end captive assets under management were USD $13,138,451,175 in 2024 and USD $14,531,806,939 in 2025. A certificate of authority expires annually and is renewed by 1 July. The governing body meets at least once a year in Utah, with a quorum and at least one out-of-state individual physically present, unless the captive is a member of the Utah Captive Insurance Association at the highest membership level. The Division's benefits page states that a flat annual fee is charged in lieu of state premium tax. Real and personal property in Utah remains taxable.

Quick Facts

Verified 2026-11-06
Jurisdiction
Onshore (USA)
Legislation
Utah Captive Insurance Companies Act, Title 31A, Chapter 37, Utah Code
Tax Environment
The Division's benefits page states that a flat annual fee is charged in lieu of state premium taxes, and that real and personal property owned in Utah is taxed. The basics page states the same: no state taxes, with real and personal property taxes still applying. The annual captive fee published by the Division is USD $7,250 plus a USD $250 e-commerce fee, USD $7,500 in total, and USD $1,000 for a cell. No Utah corporate income tax on captives is stated on those pages.
Contact
Travis Wegkamp, Director of Captive Insurance
captive@utah.gov
Last Verified
verified 2026-11-06
Financial Requirements

Minimum Capital & Surplus

Structure Type Minimum Capital
Pure captive USD $250,000 default minimum of unimpaired paid-in capital and surplus (Utah Code section 31A-37-204(2)(a)(i)(A)). A reduced option, the greater of 20 percent of total aggregate risk and USD $50,000, exists for a pure captive that is not a pool (section 31A-37-204(2)(a)(i)(B)). The Captive Insurance Division states that this reduced option has never been used.
Pure captive acting as a pool Not less than USD $250,000 (section 31A-37-204(2)(a)(i)(A)). The reduced option in section 31A-37-204(2)(a)(i)(B) does not apply to a pure captive acting as a pool.
Agency captive The Captive Insurance Division treats an agency captive as a subgroup of a pure captive. The minimum is the pure-captive default of USD $250,000. Section 31A-37-204(2) does not state a separate dollar floor for an agency captive.
Association captive Not less than USD $500,000 (section 31A-37-204(2)(a)(ii)).
Industrial insured captive or risk retention group Not less than USD $700,000 (section 31A-37-204(2)(a)(iii)).
Sponsored captive Not less than USD $250,000, of which a minimum of USD $50,000 is provided by the sponsor (section 31A-37-204(2)(a)(iv)).
Cell Section 31A-37-204 does not set a cell floor. The Division's basics page states that a cell has no regulatory minimum and that the sponsor sets it.
Special purpose captive An amount determined by the commissioner after considering the business plan, feasibility study, and pro formas, including the nature of the risks to be insured (section 31A-37-204(2)(a)(v)).
Special purpose financial captive Not less than USD $250,000 of unimpaired paid-in capital and surplus on the day the certificate of authority is issued (Utah Code section 31A-37a-302(1), Special Purpose Financial Captive Insurance Company Act, Chapter 37a). Section 31A-37a-302(2) requires the company to maintain not less than USD $250,000 while the certificate is in force.
Branch captive None has been licensed. Section 31A-37-204(2) does not state a separate dollar floor for a branch captive, and no floor is stated here. Section 31A-37-204(4) requires a U.S. trust fund as security for branch liabilities, measured by the capital and surplus required by Chapter 37 plus reserves on business written through the branch, without stating a standalone dollar amount.
Form of capital Required paid-in capital and surplus may be cash or a cash equivalent, an irrevocable letter of credit that the commissioner approves and that is issued by a Utah-chartered bank, a Federal Reserve member bank, or an FDIC member bank, or marketable securities determined under section 31A-37-204(1). The commissioner may require additional capital based on the type, volume, and nature of the business.
info

Regulatory Framework

Utah Captive Insurance Companies Act, Title 31A, Chapter 37, Utah Code

Applicable Statutes & Regulations

Title 31A, Chapter 37, Utah Code, including section 31A-37-102 (definitions), section 31A-37-201 (certificate of authority, in-state meeting or Utah Captive Insurance Association membership, and renewal by 1 July), and section 31A-37-204 (paid-in capital). Special purpose financial captive minimum capital is section 31A-37a-302 of the Special Purpose Financial Captive Insurance Company Act, Title 31A, Chapter 37a, enacted in 2008 and still the current published text. The Division also cites section 31A-37-501 and rule R590-238 for the annual statement, economic-benefit statement, audit, and actuarial opinion. The Chapter 37 text used here is the version effective 6 May 2026.

account_balance_wallet

Tax Environment

The Division's benefits page states that a flat annual fee is charged in lieu of state premium taxes, and that real and personal property owned in Utah is taxed. The basics page states the same: no state taxes, with real and personal property taxes still applying. The annual captive fee published by the Division is USD $7,250 plus a USD $250 e-commerce fee, USD $7,500 in total, and USD $1,000 for a cell. No Utah corporate income tax on captives is stated on those pages.

Detailed Profile

Regulatory & Statistical Profile

bar_chart Captive Market Volume

Reporting Year 2025
Total RBEs 605
New captive formations 172
Captive licences surrendered 31

pie_chart Structure Distribution

Pure captives 352
Group captives 3
Cell structures 20
Series/cell captives 222 as of 2025
Other - Pools & Agencies 8

checklist Authorized Captive Structures

Pure captivesAssociation captivesIndustrial insured captivesAgency captivesBranch captivesPooling captivesSponsored captivesProtected cells and incorporated cellsSpecial purpose captivesSpecial purpose financial captivesRisk retention groups formed in Utah

payments Fees & Solvency Compliance

Year Legislation Passed
Pending verification
Licensing Speed
Pending verification
Premium Tax Rate
No state premium tax. The Division charges the flat annual fee in lieu of state premium tax. Real and personal property taxes still apply.
Incorporation / Initial Fee
Division basics page: USD $200 application submission fee; initial licence fee of USD $7,250 without proration (USD $1,000 for a cell); initial e-commerce fee of USD $250 without proration, not charged to a cell. Incorporation is a nominal fee paid to the Utah Department of Commerce.
Annual Maintenance Fee
Annual renewal fee of USD $7,250 due before 1 June (USD $1,000 for a cell) and an annual e-commerce fee of USD $250 due before 1 June, not charged to a cell. The benefits page states the captive total as USD $7,500, including the e-commerce fee. The certificate of authority expires annually and is renewed by 1 July under section 31A-37-201(8).
Annual Filing Requirements
The annual statement of financial condition is due before 1 March, verified under oath of two executive officers, and is filed on the Department portal. A statement of economic benefit to Utah is due before 1 March. An audited financial report and a statement of actuarial opinion are due on or before 30 June for the year ended 31 December. A risk retention group also files the applicable NAIC annual statement blank. There is no mandatory examination period. The commissioner may call an examination at any time, and a called examination typically covers the preceding five years, at the captive's cost. The governing body meets in Utah at least annually, unless the captive holds the highest level of Utah Captive Insurance Association membership.

Considering Utah for Your Captive?

Our consultants provide end-to-end guidance on domicile selection, feasibility, and formation. Let us help you determine if Utah is the right fit.