Does AZ explicitly approve service providers or maintain a list of approved providers?
Does AZ explicitly approve service providers or maintain a list of approved providers?
NO. Unlike some other U.S. captive domiciles, Arizona does not approve ANY service providers, and therefore, does not maintain a list of such providers. DIFI expects captive owners and their advisors to engage qualified service providers, including captive managers, actuaries, auditors, banks, investment managers, and others as applicable.
However, for captive managers, we expect an opportunity to become familiar with any manager that does not or has not managed an Arizona captive. Any such managers should submit to us a completed Captive Insurer Management Firm Profile available on our website and be prepared to answer any questions we may have before they engage with a current or proposed AZ captive.
And, although we do not approve the manager, per se, we will review management agreements and any other relevant information available and may have questions or concerns with terms, etc.
Finally, we reserve the authority to require an AZ captive insurer to change providers if warranted, e.g. if a provider is not providing adequate service to its client in complying with AZ requirements. Note that we are not otherwise in a position to identify, recommend or discourage the use of any particular service provider, though we may be able to give our perspective in general terms.