The Oklahoma Insurance Department has licensed 37 captives in 2014, bringing the total number of captives to 47.
Oklahoma has licensed pure, association, sponsored, and special purpose captives, and is also able to license branch and industrial captives under the state’s modernised captive laws.
John Doak, Oklahoma Insurance Commissioner, said: “Oklahoma is now an extremely competitive domicile with a straightforward and efficient captive formation process. My staff and I are committed to making Oklahoma the domicile of choice through modernised laws and regulations, business-friendly requirements and forms, and fast, responsive service to our industry.
Doak and his administration have taken steps to foster a business friendly environment for the captive industry and streamline Oklahoma’s procedures for licensure.
“It is great to see that our efforts have made Oklahoma one of the nation's top destinations for captive insurance companies to do business. This was our exact intention and it is very rewarding to see companies across the country recognise that Oklahoma is a great place to do business. I look forward to seeing continued growth in this market and I'm committed to working to make that happen,” said Rep. Glen Mulready, House author of the recent legislative changes.
James Mills, the director of the Captive Insurance Division, is encouraged that the Oklahoma Captive Insurance Association has been formed by the industry in response to Oklahoma’s modernised regulatory approach.
“It is very promising to see the industry respond so favourably to the work we are doing,” said Mills. “I look forward to working with them to continue Oklahoma’s success as a captive domicile.”
The Oklahoma Insurance Department, North America, John Doak, Rep. Glen Mulready, James Mills, Insurance