UTAH BANKERS ENDORSES KEYSTATE’S BANK CAPTIVE PROGRAM

SALT LAKE CITY, UT. (September 2015) The Utah Bankers Association (UBA) has endorsed KeyState’s captive management services allowing Utah’s banks to be presented with the benefits of a captive program.

 

Banks with over $1 billion in assets will have the opportunity to form their own captive insurance company through the program.  The captive augments a bank’s commercial policies by covering the existing commercial deductible layers, increasing coverage levels on existing policies (excess layers), and identifying other currently unfunded risks to insure where commercial insurance is not available to the bank. The captive insurance company is implemented by Crowe Horwath LLP, a national CPA firm, and then managed on an ongoing basis by KeyState Captive Management.  If properly structured, the captive may also allow the bank to take advantage of a significant small business incentive available under a section of the tax code.

 

“Banks all over the country are utilizing the benefits of the captive program managed by KeyState,” Howard Headlee, UBA President, says.  “We are enthusiastic to move forward with the program and bring this opportunity to all Utah banks that meets the program’s requirements.”    

 

The KeyState Captive Program has been endorsed by fourteen state banking associations or their for profit subsidiary with several other endorsements in progress.

 

 

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About Utah Bankers Association

The Utah Bankers Association is the professional and trade association for Utah's commercial banks, savings banks and industrial loan corporations. Established in 1908, the UBA serves, represents and advocates the interests of its members, enhancing their ability to be preeminent providers of financial services. Learn more about the UBA at http://www.uba.org or call 801-364-4303.

 

 

About KeyState Companies

Founded in 1990, The KeyState Companies are based in Las Vegas, NV and provide banks with innovative and independent services and expertise in risk management, investments, treasury, regulatory compliance and corporate governance. KeyState is not a broker dealer. Learn more about KeyState Companies at http://www.key-state.com or call (702) 598-3738.