Oklahoma increases captive numbers to 59
Oklahoma's Insurance Department has claimed that its captive insurance program had yet another triumphant year of growth, marking 2023 as a milestone in its continuous success story.
The OID reported what it said was a ‘remarkable’ 31% net gain in licensed captive insurers for the year ending December 31, 2023.
During 2023, the OID issued 20 new licenses, with six dissolutions, resulting in a net gain of 14 new captive insurers. This brings Oklahoma's total captive insurers to 59, which the OID said reinforces the state's position as a thriving hub for captive insurance activities and is a 'significant achievement'.
The licenses now include 34 pure captive insurers, one association captive insurer, 14 special purpose captive insurers, two sponsored captive insurers, four entity-protected (incorporated) cells, one protected cell, and three series captive insurers. Additionally, while not part of the licensing process, Oklahoma diligently tracks the federal tax election made by the captive insurers. Of the 59, 16 opted for the Internal Revenue Code section 831(b) election, while 43 chose the section 831(a).
"I commend the good work of Oklahoma’s captive team, Captive Insurance Director Steve Kinion and Captive Insurance Analyst Victor Gallardo,” said Insurance Commissioner Glen Mulready. “Steve is very experienced with captive insurance and highly respected in the industry. Victor represents the next generation of captive insurance leaders. They exemplify having a firm but fair approach to captive insurance regulation."
