On July 1, the Arizona Captive Insurance Act will go into effect, and the Arizona Department of Insurance Captive Division will begin accepting applications to establish captive insurers in the state.
An Arizona captive must maintain a principal place of business and hold at least one board of directors meeting in Arizona each year. The insurer must also engage a “captive manager” that resides in Arizona, and must establish any necessary business relationships with accountants, banks, attorneys, and other professionals doing business at a location in Arizona.
Two private associations have already been formed to promote the development of captive insurance in Arizonathe Arizona Captive Insurance Association and the Arizona Captive Insurance Council.
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