Posted on 18 Jan 2013 by Neilson
Thirty-four new captive insurance company licenses were issued in Montana in 2012, bringing the total number of licensed captives in the domicile to 114, according to the Montana Captive Insurance Association Inc.
The growth "reinforces Montana's position as the leading captive domicile in the Western United States," said Dick Goff, the association's president, in a statement.
The breakdown of licensed captives is as follows: Pure captive insurers: 79; risk retention groups: 16; captive reinsurance companies; 10; protected-cell captives: six; association reciprocal insurers: two; and special purpose captives: one.
The Montana Office of the Commissioner of Securities and Insurance provided the data to the association.
Explaining Montana's growth in captives, "First and foremost, just wonderful regulators" Goff said in an interview in last year. The association's members range from professional organizations, such as lawyers, doctors and hospitals, to mom-and-pop shops, retailers or manufacturers.
The Montana association also said it's working to pass legislation this session that would improve the state's captive statute.
Steve Matthews, captive insurance coordinator for Montana, told Best's News Service in the past that Montana was seeing the formation of reinsurance captives.