The state of Oklahoma added 11 new captive insurance companies in 2022 and has already issued three additional captive insurer licenses in 2023, according to the Oklahoma Insurance Department (OID).
Oklahoma also reported four captive dissolutions in 2022. The state ended the year with 52 captive insurers, a 15% increase from the prior year.
Of the state’s new captives, four were licensed as series captive insurers, four as pure captive insurers, two as special purpose and one as a sponsored captive insurer.
Oklahoma Insurance Commissioner Glen Mulready has touted Oklahoma as a business-friendly state for captives. Oklahoma’s captive law a premium tax cap of $100,000, first dollar and excess worker’ compensation as authorized lines, and no in-state annual board meeting requirement.
“Our Captive Insurance Division’s dedication and efficient regulation of captive insurance companies have helped raise awareness about captive insurance in Oklahoma,” said Steve Kinion, ODI’s captive insurance director. “We look forward to continuing this momentum and expanding our efforts in 2023.”
Topics Oklahoma
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