The Oklahoma Insurance Department announced that it issued 37 new captive insurance licenses last year, bringing the total number of licensed captives in the state 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 modernized captive laws.
Captive insurance companies are used for a wide variety of reasons, but mainly to insure risks of a single company or industry group. Incentives for captives in Oklahoma include very low tax rates and fees, potential tax advantages over other risk transfer methods, and a supportive regulatory environment.
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 modernized regulatory approach.
“It is very promising to see the industry respond so favorably to the work we are doing,” said Mills. “I look forward to working with them to continue Oklahoma’s success as a captive domicile.”
Source: Oklahoma Insurance Department
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