During the past 5 years, there have been a few other states that have emerged as captive domiciles. They have gotten their start like most other domiciles that have come into existence since the turn of the century by mimicking the Vermont law which is considered the gold standard in the industry and then putting that states own slight spin on some portion of the law. One of the keys to USA Risk Group’s success has been our ability to adapt to new environments as new environments have materialized and our clients have shown a desire in pursuing these alternative locales to do business. Montana, Nevada, and Kentucky and Utah have all shown a promising future in the captive world, with Utah now being the 2nd to largest domicile in the US. USA Risk Group has had positive dealings with the regulators in these states and is ready to continue our move into these domiciles as clients materialize that desire to be located here.
Other Emerging Domiciles
Similar to the emerging domiciles, there are an even bigger number of states that have put out a shingle for captive insurance business. In total, including emerging domiciles, there are over 35 states that have some form of captive insurance legislation. Again, most have simply copied the law from some other jurisdiction and put their own spin on some portion of the law. USA Risk Group is prepared to move into these other domiciles if we find a client that wants to be located in a particular state with captive law and that the establishment of the business in that particular domicile is a prudent business decision for the benefit of the client.
USA Risk Group, Inc.
2386 Airport Road, Barre, VT 05641, USA