Utah Boosting License Fee for Captive Insurers

The Utah Department of Insurance is accepting comments until Oct. 17 on a proposed change to the rule that governs insurer fees. The department proposes to increase the initial and annual license fees for captive insurers from $302 to $5,002. However, the electronic commerce fee for captive insurers would drop from $1,000 to $250. The department also proposes elimination of an annual $200 service fee on captive insurer licenses. The rules change also adds prescription drug plans and health discount plans to organizations that must file, and adds $50 late fees for organizations that do not ...