The Montana Captive Insurance Association Inc. reported 34 new captive insurance company licenses were issued in the state during the past year, bringing the total number of licensed captives in the domicile to 114.
The data was provided to the association by the Montana Office of the Commissioner of Securities and Insurance.
“We are obviously very pleased with these impressive growth numbers and this certainly reinforces Montana’s position as the leading captive domicile in the Western United States,” MCIA President Dick Goff said in a statement. “The association is very appreciative that we have a great captive regulatory team in place, which has helped to ensure such steady and responsible growth.”
The breakdown of licensed captives is as follows:
Pure Captive Insurers: 79
Risk Retention Groups: 16
Captive Reinsurance Companies: 10
Protected Cell Captives: 6
Association Reciprocal Insurers: 2
Special Purpose Captives 1
The insurance commissioner’s office is working to pass legislation this session to improve the state’s captive statute, including the addition of Series LLC captives.
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