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SALT LAKE CITY--Donnie Spann, a longtime insurance regulator, has been named as the first director of the Utah Department of Insurance's Captive Insurance Co. Division.
Until his retirement last month, Mr. Spann worked for 30 years for the Tennessee Insurance Department, including 18 years as chief examiner.
Mr. Spann's appointment comes at a time of rapid growth for the Utah captive insurance industry. Currently, Utah has 21 captives, up from 15 at the end of last year and two at the end of 2004. Utah captive regulators said they expect to license several more captives by the end of this year.
Unlike most states with captive laws, Utah, which passed its captive statute in 2003, does not impose premium taxes on business written through captives.