Oklahoma's captive insurance program surges with 25% growth in 2023

The growth is establishing the state as a leading voice in the industry, claims Commissioner.

Oklahoma's Insurance Commissioner, Glen Mulready, has announced that the state's captive insurance program continues to surpass expectations as it grows.

“I am pleased to see the continued growth of the captive program, which offers economic opportunities for our constituents and contributes revenue to the state,” said Mulready.

Oklahoma’s captive program reported a 25% net gain of captive insurers for 2023 from January 1 through September 30. In this period, it licensed 14 new captive insurers, had three dissolutions, for a net gain of 11 new captive insurers.

As of September 30, there are 55 actively licensed captive insurers, along with one dormant captive insurer. The current active license types include 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.

In 2022, Oklahoma's captive insurers generated $297 million in direct and assumed premium. This represents a 39% growth from 2021, where the total premium was $214 million.

“While I am very pleased with the level of captive growth, I am equally aware of Oklahoma's prominent role in the captive insurance industry,” Mulready added. “Whether it involves submitting written comments to the Internal Revenue Service or providing verbal comments at an IRS hearing, Oklahoma consistently takes a decisive stance. In the realm of captive insurance, Oklahoma has emerged a principal voice of advocacy and leadership.”