14 January 2016Actuarial & underwriting

Oklahoma awards licences to 26 captives in 2015

The Oklahoma Insurance Department (OID) saw strong growth last year in its captive insurance industry, licensing 26 new captive insurers in 2015.

This takes the total number of captive insurers regulated by the department to 73.

“The success of Oklahoma’s captive insurance industry is based in the value of the regulatory environment and the service that our department provides to captive owners,” said John Doak, Oklahoma insurance commissioner.

“As new issues and ideas emerge at both the state and federal levels, I will continue to support the protection and progression of our authority to create a fair and efficient place to do business.”

James Mills, director of captive insurance for the OID, added: “The growth seen in our state only comes through the hard work of individuals throughout our executive and legislative branches to make Oklahoma a place where businesses can flourish."

According to the OID Oklahoma’s captive insurance statutes and regulations have been updated during recent years to address recent trends in the market. The state is now able to offer flexible options for the creation and capitalisation of captive insurance companies with low tax rates and fees.