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SALT LAKE CITY--The Utah Department of Insurance in 2006 licensed a record 16 captive insurance companies, doubling the state's captive roster to 30.
Of the new formations, 15 were single-parent and one was a risk retention group. Additionally, one captive that was licensed in 2005 voluntarily decided not to renew its license last year.
Nearly half of the new captives were formed by parents in the real estate or construction industries, said Donnie R. Spann, the state's captive insurance director.
"We had a great year," Mr. Spann said, crediting the growth in part to the state's attractive captive statute. Among other things, Utah does not impose premium taxes on captives.