A Salt Lake City Insurance Law Firm Meets Your Needs
Experience is important
For over 21 years, attorneys at Smart, Schofield, Shorter have been representing clients on a wide range of insurance issues.These issues range from simple to extremely complex. During this time, we have established a good working relationship with the Utah Insurance Department, as well as with other state insurance departments. We represent domestic and foreign companies, health insurers, property and casualty companies, worker’s compensation carriers, captives, H.M.O.s, producers, agencies, etc.
We have experience in the following areas:
We also handle all types of administrative and legislative work for insurance carriers. Our insurance attorneys have experience with:
- Specialized insurance regulation
- Business transactions, including formation
- Acquisitions and sales
- Regulations regarding the transfer of licenses
- License acquisition
Our legal team provides representation in administrative actions before the Utah insurance department. We can also help insurers with lobbying and other legislative tasks.
Captive insurance formation
Captive insurance is essentially a way for a business to self-insure. We have experience assisting businesses with forming a properly structured captive insurance company. There are a number of benefits to forming a captive which may include:
- Parent company receives a tax deduction for insurance premiums paid to the captive
- Ability to protect assets from creditors
- Lower insurance premiums than conventional insurance
- Gift and estate tax savings for shareholders
- Income tax savings for the parent company and the captive
- Ability to accumulate wealth in a tax-favored entity
- Distributions to the owners of the captive at favorable income tax rates
- Ability to insure otherwise uninsurable risks
There are numerous requirements that must be met to correctly form a captive insurance company. Smart, Schofield, Shorter can review your business’ needs and help you determine if captive insurance is a beneficial option for you.
Call a Salt Lake City insurance law firm with experience
The attorneys at Smart, Schofield, Shorter look forward to working with you. Contact us online or call 801-747-0647 today for your consultation.