The Western Region Captive Insurance Conference, LLC (WRCIC) is a Limited Liability Corporation linking the Arizona, Missouri, Nevada and Utah captive insurance associations together to jointly host an annual industry conference. The WRCIC, formed in 2017, consists of 2 board members from each state association whose sole purpose is to provide a quality annual industry conference. It is their vision to continue to grow this conference to attract additional state domiciles and become THE premier Captive Insurance conference in the West.
To this end, the AzCIA was involved early on in the development of Arizona's captive-enabling legislation, Title 20, Chapter 4, Article 14 of Arizona's Revised Statutes. This legislation, sponsored by Rep. Ted Carpenter, and enthusiastically supported by both the AzCIA and the Arizona Department of Insurance, has paved the way for a stable and progressive captive environment in Arizona.
The Missouri Captive Insurance Association represents the captive insurance companies domiciled in Missouri, the service providers supporting the MO captive industry, and those parties wishing to learn more about the captive concept. Our goal is to serve as the center for information distribution, education and networking for all parties interested in the Missouri captive insurance industry.
We formed the association in 2010 through a nucleus of persons and firms already highly involved in and experienced with the captive marketplace. When Missouri legislation was passed authorizing domestication in our great state, we recognized the need to partner with the Missouri Captive Department to promote and support this new state law. We welcome all involved parties in joining us to advance the benefits and advantages of captives. We can help businesses reduce costs while creating jobs and revenue for Missouri citizens. Missouri promises to maintain a progressive attitude toward the
formation, licensing, and regulation of captive companies. Mandated requirements are minimal and each application is treated individually. Our association will work with interested parties, affiliated service suppliers and regulators to assure the efficiency of formation and the ease of maintenance for all Missouri captives.
Nevada is not only one of the older captive domiciles in the United States, it is also a domicile that has enjoyed steady growth. In the 5 years between 2013 to 2017, the number of captives licensed in Nevada, whose captive statute marks its 20th anniversary in 2019, increased over 40 percent, rising from 143 in 2013 to 201 in 2017. Single-parent captives, which Nevada law defines as pure captives, account for the bulk of that growth. In 2017, 167 single-parent captives held licenses in Nevada, up more than 60 percent since 2013. A key factor, captive managers say, that has driven Nevada's captive growth is the quality of their regulatory staff.
The Utah Captive Insurance Association is a not-for-profit Association. The Association seeks to promote all alternative market mechanisms and services both in the United States and internationally and to increase the visibility of Utah as a center and domicile for alternative risk financing entities, activities and facilities.
The objective of the Association is to provide information and education to Association members and others interested in the concept of alternative risk financing for existing risks not adequately served by the commercial insurance industry.
According to the provisions of the Utah Insurance Code, and understanding the authority granted under the Utah Captive Law, it is clear that the regulation of captives in Utah will permit the organization and operation of captive entities and alternative risk transfer options, and will provide a business-like common sense approach to any and all parties requesting approval of a formal facility to manage the risks of business owners, individually or as a group. The flexibility and responsiveness of the Utah Captive regulators will be friendly and thorough after reasonable and professional considerations.