As reported in Captive.com by Christina Mancini in 2008:

"Utah entered the rapidly-expanding arena of western captive domiciles in 2003 when the state passed its first captive legislation. The legislation was subsequently enhanced in 2004, by the elimination of premium taxes.

The most recent amendment to Utah’s captive legislation -- Substitute Captive Insurance Company Amendments -- was approved by the Legislature with no opposition. The bill was signed into law on March 18, 2008 by Governor Jon M. Huntsman, and became effective on May 5, 2008. As of this writing, Utah had already licensed its first special purpose financial captive insurance company (SPFC). This bill amends the Captive Insurance Companies Act, Title 31A, Chapter 37 and adds a new Chapter 37a that creates a new type of captive insurance company and enacts the regulations that apply to these risk management structures. It also adds a new chapter to the Captive Insurance Companies Act that provides for the organization and operation of a SPFC."

A recent study by the Corporation for Enterprise Development ranked Utah among the top eight states in terms of economic performance, business vitality, and development capacity.