Utah Insurance Commissioner Kent Michie said in a statement he has "reluctantly agreed" to accept Mr. Spann's request to resign as the Utah Insurance Department's captive insurance director.

He said 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."

Mr. Spann has built an "incredible record of achievement for the Captive Division," he added.

In his three years in Utah, Mr. Spann increased the number of captive insurance companies domiciled in the state from two in 2005 to 123.

Mr. Spann and Mr. Elliott both are attending the Vermont Captive Insurance Association conference here. Mr. Elliott told National Underwriter the two are longtime friends. Mr. Spann worked for the Tennessee Insurance Department. At one time he worked as a field examiner, performing the statutory examinations of insurance companies.

They joked that Utah is the only domicile with two captive regulators–until Mr. Spann's departure Aug. 21.

"Utah has become known as one of the fastest growing captive domiciles in the world," Mr. Michie said, adding that the 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.

Mr. Michie said Mr. Spann's resignation created an opportunity to replace him with a person of the same professional caliber and character.

Prior to his employment with Alta Holdings, Mr. Elliott operated his own captive management company for about three years.

He also served as 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.

"We are fortunate to have Ross available to fill the shoes that Donnie has left," Mr. 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."