According to data provided by the Utah Insurance Department, 2015 saw Utah newly register 66 captive insurers, bringing the total number of captives to 447 (excluding cell captives), a net increase of 28 over the previous year. During the year, 38 captives were dissolved.

    Utah, US, is one of the world's leading domiciles for small captive insurers. Under the US 831(b) tax exemption provision, captives with annual premiums of up to US$1.2 million may enjoy tax relief.

    As the US tax authorities have tightened scrutiny of the application of 831(b) and the 831(b) provision has been revised, companies have become more cautious in choosing the captive business model, and the number of captive formation applications has shown a downward trend.