Oklahoma licenses 14 new captives in 2023
Oklahoma licensed 14 new captive insurers in 2023, bringign the total number of captives in the state to 55, the state's insurance department has reported.
The increase in captives saw a net increaseof 11 as three other companies were dissilved in the year.
Steve Kinion, director of captive insurance, said: "The Captive Insurance Division of the Oklahoma Insurance Department is dedicated to establishing Oklahoma as the preferred domicile.
"Through updated laws, collaborative relationships, business-friendly criteria, and a proactive staff, OID is at the forefront of the rapidly expanding captives market. As one of the fastest-growing domiciles nationwide, OID continues to draw in a growing number of companies seeking to conduct business in the state.
"OID remains steadfast in its commitment to aligning state statutes and regulations with the evolving requirements of the global captive insurance industry."
The Insurance Department's annual report added that its captive team represented Oklahoma at the European Captive Forum in Luxembourg.
"The ECF is the leading networking and educational event for captive owners, captive managers, domiciles, and those who serve and advise both the European and international captive insurance communities.
"The OID captive programme has reported a significant 25% net increase in captive insurers during the period from January 1 to September 30, 2023. Within this timeframe, the programme successfully licensed 14 new captive insurers, experienced three dissolutions, resulting in a net gain of 11 new captive insurers. As of September 30, the programme proudly maintains 55 actively licensed captive insurers, including one dormant captive insurer.
Tjere are currently 30 pure captive insurers, one association captive insurer, 15 special purpose captive insurers, two sponsored captive insurers, four entity-protected (incorporated) cells, one protected cell, and two series captive insurers, the report said.
It added that in 2022, Oklahoma’s captive insurers generated $297 million in direct and assumed premium.
"This represents a substantial 39% growth compared to the previous year, 2021, when the total premium amounted to $214 million."
