By: J. Michael Low, Partner, Kutak Rock LLP
President Arizona Captive Insurance Association
Chairman Western Region Captive Insurance Conference
Apart from having a great climate, with over 300 days of sunshine a year, the state also offers a pro-business, forward thinking captive insurance jurisdiction. Benefits of owning an Arizona captive insurer are several:
• Unlike most captive jurisdictions, no premium taxes are required to be paid by captive insurers. After licensing, the only fee charged is an annual renewal fee of $5,500 payable to the Arizona Department of Insurance.
• There is an exemption from the annual audit and actuarial opinion requirements for small captive insurers. Essentially, captives with less than $1 million dollars in direct or assumed premium and less than $1 million dollars in loss reserves and loss expenses are exempt from providing annual actuarial opinions and independent financial audits.
• There is no regularly scheduled statutory examination for pure captives. While the Director of the Department reserves the right to conduct financial examinations at any time, such examinations are rare and only triggered under extraordinary circumstances, such as a hazardous financial condition.
• Arizona has one of the strongest confidentiality laws in the U.S. which protects the information filed with or made available to the Arizona Department of Insurance. By statute, the Arizona Director can only identify the name of the captive insurer, the date of its licensing, the type of captive insurer, including the business or industry of the owners or members.
• By statute, the approval of an Application for a captive insurer license is expected 30 days after the submission of a complete application. Based on recent conversations with Department representatives, the average time for license review and approval once a complete application is received is generally within a 25-30 day window.
Arizona's captive program has been in existence for 18 years, dating back to 2001, and there are currently 125 licensed Arizona captive insurers. As a mature captive program, Arizona is ranked as the 10th largest captive jurisdiction in the United States. Captive division personnel are experienced, helpful and extremely supportive of the program. Arizona is generally known as a business-friendly jurisdiction and that is certainly true of the Arizona Department of Insurance Captive Insurance Division. Arizona will be hosting the Western Region Captive Insurance Conference May 20-22, 2019, in Scottsdale. Come to the Conference, enjoy the sunshine and learn about Arizona's captive insurance program.
Read the full article in Captive Insurance Times
Salt Lake City, UT; Phoenix, AZ; and St. Louis, MO – May 20, 2019 - The 9th Annual Western Region Captive Insurance Conference, LLC, this year scheduled for May 20th through 22nd in Scottsdale, Arizona, announces its session line-up, including keynotes.
This year’s opening keynote speaker is Tom Jones, a recognized expert in the captive insurance field who will be sharing his expertise. Additionally the lunch keynote will be Keith Schraad, Arizona’s Department of Insurance Director. Other sessions include a Captive 101 session, tracks on tax, investments, captive utilization, structures, analytics and emerging issues. And the 2-day conference ends with the ever-popular
“Regulator Round-up” with regulators from multiple states around the country.
“We are very pleased to be able to highlight Tom Jones’ work in the captive field and have him interact with conference attendees throughout the conference, including being on a panel for the tax track. His knowledge and expertise are second to none and having him as our keynotes adds an additional layer of value to our attendees,” Mike Low, AzCIA Board Chair and WRCIC, LLC Chair says.
Pertinent information for this conference:
For further program details, online registration or exhibitor/sponsor information visit www.westerncaptiveconference.org. Any additional questions can be directed to Melody King at the WRCIC office by phone at 800-423-4134 or by email at email@example.com.
Tee up your captive's future with the Arizona, Missouri, and Utah captive insurance domiciles at this year's 9th Annual Western Region Captive Insurance Conference scheduled for May 20–22 in Scottsdale, Arizona.
Hosted jointly by the Arizona, Missouri, and Utah captive insurance associations, this golf-themed event features a schedule packed full of sessions about captive taxation, captive investments, captive utilization, emerging issues, analytics, structures, and domicile regulation. Mixed in will be ample opportunities for golfing with clients and colleagues as well as networking and happy hour events along with various offsite activities.
Salt Lake City, UT; Phoenix, AZ; and St. Louis, MO – May 20, 2019 - The Boards of Directors of Arizona Captive Insurance Association (AzCIA), Missouri Captive Insurance Association (MOCIA) and Utah Captive Insurance Association (UCIA) are pleased to announce their continued co-sponsorship of the 2019 Western Region Captive Insurance Conference (WRCIC). Details of the 9th Annual Western Region Captive Insurance Conference, LLC are as follows:
Theme: Tee Up Your Captive’s Future
Dates: May 20-22, 2019
Location:The Scottsdale Resort at McCormick Ranch, Scottsdale, Arizona
Mike Low, AzCIA Board Chair and WRCIC, LLC Chair says, “Hosted in Scottsdale this year, the Western Regional Captive Conference is one of the most dynamic in recent memory. From the multiple tax reform changes to operating in the aftermath of Avrahami, the 2019 conference has a vast amount of information to share. The program has depth and continues to offer insight into captive uses, regulation management, and strategy. The AzCIA is pleased to be a continuous sponsor of this conference since its inception.”
Ross Elliot, UCIA Board Member and WRCIC, LLC Committee Member says, “We are honored to continue to be part of this great conference and look forward to hosting the prestigious Western Region Captive Insurance Conference. This year’s conference sessions have been structured to provide substantive captive education for owners, providers, regulators, and friends. We invite you to attend this outstanding conference and share insights and challenges with your peers and industry experts as we “tee up our future” in Captive Insurance.
Optional activities, will provide you with great networking opportunities, while having lots of fun! And don’t miss the annual WRCIC Golf Tournament on Monday and a group activity Tuesday night at Top Golf playing their signature golf games.
WRCIC | 7729 E Greenway Rd, Suite 300, Scottsdale, AZ 85260 | 480-289-5769 | firstname.lastname@example.org