Oklahoma reports surge in captives

The Oklahoma Insurance Department (OID) has announced that there are now more than 50 licensed captives in the state and that it is one of the fastest-growing domiciles for captives in the US.

According to the OID Oklahoma added 11 new captive insurance companies in 2022. Four were licensed as series captive insurers, four as pure captive insurers, two as special purpose and one as a sponsored captive insurer.

In addition, the OID had four captive insurer dissolutions in 2022, netting seven new captives. In 2021, Oklahoma ended the year with 45 active captive insurers and the seven new additions resulted in 52 captive insurers—a 15% percent growth rate from 2021 to 2022.

“2022’s results represent the continuous growth of Oklahoma’s captive insurance program,” said Insurance Commissioner Glen Mulready. “I am not only pleased with 2022’s growth, but to date in 2023, Oklahoma has already issued three additional captive insurer licenses. This growth is attributable to Oklahoma’s business-friendly environment, modern captive insurance laws and experienced captive insurance staff.”

“Our Captive Insurance Division’s dedication and efficient regulation of captive insurance companies have helped raise awareness about captive insurance in Oklahoma. We look forward to continuing this momentum and expanding our efforts in 2023,” OID’s captive insurance director Steve Kinion said.