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 2026-11-06Minimum 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. |
Regulatory Framework
Utah Captive Insurance Companies Act, Title 31A, Chapter 37, Utah Code
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.
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.
Regulatory & Statistical Profile
bar_chart Captive Market Volume
pie_chart Structure Distribution
checklist Authorized Captive Structures
payments Fees & Solvency Compliance
gavel Regulatory Contact Office
- link insurance.utah.gov / captive open_in_new
- link insurance.utah.gov / about-us-captive open_in_new
- link insurance.utah.gov / benefits open_in_new
- link insurance.utah.gov / captives-in-utah-basics open_in_new
- link le.utah.gov / C31A-37-S102_2026050620260506.html open_in_new
- link le.utah.gov / C31A-37-S201_2026050620260506.html open_in_new
- link le.utah.gov / C31A-37-S204_2026050620260506.html open_in_new
- link le.utah.gov / C31A-37a-S302_1800010118000101.html open_in_new
- link insurance.utah.gov / UIDAnnualReport2024.pdf open_in_new
- link utahcaptive.org open_in_new
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