As provided in the bylaws of the UCIA, this gathering will mainly be for voting members of record in good standing as of September 1, 2009 to:

Transcription

1 NEWSLETTER Upcoming Meetings: Thursday Sep. 17, 12 Noon at Grand America Hotel, Salt Lake City Annual Membership Meeting & Luncheon UCIA Focus: - Networking - Education - Regulatory - Industry Growth 28 August 2009 They say the only constant in life is change and 2009 has certainly been a graphic representation of that maxim. To name a few: A new U.S. federal executive administration with an agenda that pleases some and shocks others. The worldwide roller coaster weekly telling the melting and hopeful reforming of the global financial system. The earlier-predicted hard commercial insurance market instead giving way to continued softness. And change also comes to the captive industry in Utah. We wish our good friend and able regulator, Don Spann, a heartfelt farewell as he moves on to help ailing family back east, at the same time welcoming an early member of the captive movement in Utah, Ross Elliott, to that top spot that intimately affects our growing industry. As many of you know, Ross has an enviable background making him perfectly-suited for this position (see attached State of Utah News Release), he is a founding member of the UCIA, and from what I hear from all he is and will be very well-received by the local / national captive community. Even change came to the Utah Captive Insurance Association (fka Utah Captive Association). There has been some shifting in the Board of Directors, I ve stepped back in as President of the Association, and there are some exciting things to happen in the near future. Unfortunately, with the shifting in Board responsibilities, many of you will note that the UCIA is not now planning an autumn annual conference as happened the previous two years. Instead, we will host the following gathering: Annual Membership Meeting Thursday, September 17, 12:00 noon Grand America Hotel Audubon Room, 3 rd floor 555 South Main St., Salt Lake City, UT (free surface parking at Little America, fee parking underground at Grand America) As provided in the bylaws of the UCIA, this gathering will mainly be for voting members of record in good standing as of September 1, 2009 to: Page 1 of 2

2 o Approve the minutes of the 2008 Annual Membership Meeting, o Approve the direction the UCIA s committees are taking, and o Conduct any other business necessary to come before the general body of the UCIA. Please visit the UCIA website at aptive.com Please see the attached official notice and details. At your earliest opportunity, please also send an RSVP so we may gauge the numbers to expect for the luncheon (which will be served by the hotel staff at a cost of roughly $20 per person, final amount to be advised at the meeting), or your Proxy Statement if you cannot attend. One other point of change that is an exciting prospect to all captive domiciles west of the Mississippi is the Western Region Captive Insurance Conference, slated for April 2010 in Arizona. The Arizona, Nevada and Utah captive insurance associations will be hosting this event in what all will hope to be a fulfilling testament to the growth of these three western states as strong captive locations. We look forward to a great 2010 and want you to experience the change that will inevitably come to each of us! As a strong and viable association, managing that change, instead of it directing us, will be the goal of the UCIA. We look forward to seeing you next month!! - - Jon Soules President, Utah Captive Insurance Association Tel Fax Mob jsoules@moreton.com Page 2 of 2

3 NOTICE OF UTAH CAPTIVE INSURANCE ASSOCIATION 2009 ANNUAL MEMBERSHIP MEETING Date: September 17, 2009 Memo to: All UCIA Voting Members in Good Standing as of September 1, 2009 and Other Interested Parties From: Jon Soules President Subject: 2009 Annual Membership Meeting As provided by the Bylaws of the Utah Captive Insurance Association (UCIA), a not-for-profit association, notice is hereby given to all voting members of record and in good standing as of September 1, 2009, that the 2009 Annual Membership Meeting will be held as follows: Date: Thursday, September 17, 2009 Time: 12 Noon Place: Grand America Hotel, Audubon Room, 555 South Main St., Salt Lake City, UT Purpose: Annual Meeting of Members / Directors Enclosed you will find the following information: 1) 2009 Annual Membership Meeting Agenda 2) Presentation of Minutes 2008 Annual Membership Meeting 3) Listing of Directors / Terms of Office / Candidates to Stand for Election for a Threeyear Term Effective January 1, ) Proxy Statement (please sign and return if not able to attend) This notice has been prepared by Jon Soules, President, and mailed electronically and by US Postal Service via first class mail to all members of record as of September 1, 2009 and to prospective members / other interested parties If you are attending, please RSVP to: c/o Jon Soules (jsoules@moreton.com) Moreton & Company 709 E. South Temple, Ste. 700 Salt Lake City, UT Tel / Fax Otherwise, please see the Proxy Statement attached for your voting direction. Page 1 of 5

4 UTAH CAPTIVE INSURANCE ASSOCIATION 2009 ANNUAL MEMBERSHIP MEETING Grand America Hotel 555 South Main St. Salt Lake City, Utah Thursday, September 17, 2009, 12 Noon AGENDA Item Facilitator 1. Call to Order Jon Soules President 2. Verification of Quorum Jon Soules 3. Review / Approve 2008 Minutes Jon Soules 5. Call for Approval of Directors Jon Soules 4. Reports: A. Financial Report Fiscal Year Brad Eichers Board Member/Secretary/Treasurer B. Government Relations Committee Lorin Barker / Glenn Taylor Board Member C. Membership Committee Brian Merkley / Fred Turner Board Members D. Event Committee Don Noyes Board Member E. Website Committee John Hallgren Board Member 6. Other Business Open 7. Adjournment Page 2 of 5

5 UTAH CAPTIVE INSURANCE ASSOCIATION 2008 ANNUAL MEMBERSHIP MEETING MINUTES 1. With Jon Soules stepping back in as President of the UCIA in the 2 nd quarter of 2009 at the request of the Board of Directors, and due to there being no President elected and/or serving in 2008, it appears no Annual Membership Meeting was held in 2008, and therefore, no minutes to report. 2. However, there was an annual educational conference held in September 2008, but at which there appears to be no UCIA business transacted. 3. Review / Approval of Minutes This being the next Annual Membership Meeting of the UCIA since December 2007, there are no previous minutes to approve. Page 3 of 5

6 Listing of Directors / Terms of Office to be Approved by the General Membership The current make-up of the Board of Directors is as per the below, including mid-term replacements Don Noyes and John Hallgren upon the resignations of Mark Farmer and Darrell Lindsey, with Term Expirations as listed: DIRECTORS AND TERMS AS OF 2009 Name Term Expiration Affiliation Representation Lorin Barker Brad Eichers 12/31/09 (extended) Service Provider 12/31/09 (extended) Captive Owner Brian Merkley 12/31/09 Captive Owner Fred Turner 12/31/10 Captive Owner Glenn Taylor 12/31/10 Service Provider Don Noyes 12/31/12 Captive Owner John Hallgren 12/31/12 Service Provider It should be noted that under the Bylaws of the UCIA, a majority of the Board of directors will always be constituted with Captive Owner Affiliation representation. Page 4 of 5

7 PROXY STATEMENT 2009 ANNUAL MEMBERSHIP MEETING The undersigned hereby appoints Brian Merkley to cast my vote at the 2009 Annual Membership meeting of the Utah Captive Insurance Association, to be held September 17, 2009 at the Grand America Hotel, Salt Lake City, Utah, on any matters to be presented to members for voting. I understand this proxy and the rights granted hereto may upon my request, be returned to me should I attend this meeting an vote in person. This proxy shall only be valid for the Annual Meeting as noted above. Company Name: Voting Representative Name: Signature of Voting Representative: Dated this day of, 2009 at (city), (state). Proxy must be received by September 16, Please return completed proxy to: UCIA Annual Meeting c/o Jon Soules Moreton & Company 709 E. South Temple Salt Lake City, UT Fax: (Fax shall serve as original) Page 5 of 5

8 Jon M. Huntsman, Jr. Governor Gary R. Herbert Lieutenant Governor State of Utah DEPARTMENT OF INSURANCE D. Kent Michie Commissioner State Office Building, Room 3110 Salt Lake City, UT Telephone: (801) Facsimile: (801) For Immediate Release: Contact: Jilene Whitby August 10, 2009 (801) New Captive Insurance Regulator Announced Commissioner Kent Michie announced today that he has reluctantly agreed to accept a request by Donnie Spann that he resign as the Utah Insurance Department s Captive Insurance Director effective August 21, Mr. Spann feels the need to move back to Tennessee to be with family who are experiencing health issues and to provide comfort and care to them. Donnie has built an incredible record of achievement for the Captive Division," reported Commissioner Michie said. "In his three years with us, he has built the number of captive insurance companies domiciled in Utah from 2 in 2005 to 123 today. Utah has become known as one of the fastest growing captive domiciles in the world. These companies generate about $167,000,000 in gross premiums and $116,000,000 in net premiums. The companies, domiciled in Utah, have more than $752,000,000 in assets that they are managing. Commissioner Michie announced that Mr. Spann s resignation creates an opportunity to replace him with a person of the same professional caliber and character as Mr. Spann. He announced that Ross C. Elliott has agreed to join the department as its new captive insurance director. Mr. Elliott will join the department on August 10, 2009 and participate in the Vermont Insurance Captive Association conference and work with Mr. Spann as he leaves the department. Mr. Elliott was employed by Alta Holding, a captive insurance management services provider company since Prior to his employment with Alta Holdings, he operated his own captive management company for about three years. For seventeen years, Ross was general manager of Landcar Insurance Services, a group of three insurance companies that comprised the insurance division of the Larry H. Miller Group. He is a current member of the board of directors of Bear River Mutual Insurance Company and is well known in the insurance industry in Utah. We are fortunate to have Ross available to fill the shoes that Donnie has left," Commissioner Michie said. "I am confident in Ross experience, attention to detail and ability to grow this important program of the department in the future. He will complement the team we already have in place to continue servicing this important and vital part of the Utah insurance market. We look forward to future growth in the program under his management. * * * The Utah Insurance Department is a state agency whose mandate is to regulate insurance marketed and sold in Utah. Currently they license over 86,000 agents, agencies and insurers; audit domestic insurers to verify financial stability and compliance with insurance laws; take administrative actions against licensees found to be in violation of the insurance laws; take calls from consumers who have questions or complaints; and educate licensees and consumers regarding insurance. Visit our website at or call our toll free instate number or local number