Oklahoma

Oklahoma

In 2013, Oklahoma Insurance Commissioner John Doak worked with the Oklahoma Legislature to complete a major revision of the state’s captive insurance law. The Oklahoma Insurance Department Captive Insurance Division works hard to ensure that Oklahoma is the domicile of choice through modernized laws and regulations, business-friendly requirements and forms, and fast, responsive staff.

[Last updated: 18/08/16]
Regulatory contact:
James Mills, director of captive insurance
Oklahoma Insurance Department
Captive Insurance Division
Five Corporate Plaza
3625 NW 56th, Suite 100
Oklahoma City, OK 73112-4511

Telephone: 405.521.2828



Name of Captive Legislation
Oklahoma Captive Insurance Company Act
36 O.S. § 6470.1 et seq.
 
Year Legislation Passed
Oklahoma’s original captive legislation was passed in 2004, with its most recent substantial revisions in 2013, with annual legislative consideration for improvements.
 
Do you allow Cell Captives?
Yes.
 
Total Number of Licenced Captives
74 captives (not cells)
 
Number of licences granted in the past year (2015 calendar year)
26
 
Captive tax rates
Direct premiums: 0.02%; Assumed premiums: 0.01%; $100,000 annual maximum tax; additional $50,000 maximum for captives meeting employee requirements and minimum tax described more fully in statute. 36 O.S. § 6470.19
 
Minimum capitalisation rate
Pure: $250,000 ($150,000 at licensure with remaining $100,000 before renewal)
Association: $750,000
Industrial: $500,000
Sponsored: $500,000
RRG Captive: $1,000,000
Special Purpose: $250,000
Branch: $250,000
 
Licencing fees 
Application fee: $200
Annual license fee: $300
 
Total premiums received by the Captives
2015: $111,486,111
 
Captive Insurance Managers registered to conduct business in the domicile
Approved Actuaries, Managers, and CPAs, as well as applications for approval, are maintained at https://www.ok.gov/oid/captiveagents.html

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