OKLAHOMA CITY, Jan. 30, 2015 /PRNewswire/ -- New captive insurance regulation is providing a boost to Oklahoma's economy. During the past two years, Oklahoma Insurance Commissioner John D. Doak and his administration have taken steps to foster a business friendly environment for the captive industry and streamline Oklahoma's procedures for licensure.
Oklahoma now has 47 licensed captives, with 37 new licenses issued last year. 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.
"Oklahoma is now an extremely competitive domicile with a straightforward and efficient captive formation process," Doak said. "My staff and I are committed to making Oklahoma the domicile of choice through modernized laws and regulations, business-friendly requirements and forms, and fast, responsive service to our industry."
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.
"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 recognize 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 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."
To learn more about the Oklahoma Insurance Department's Captive Insurance Division, visit captive.oid.ok.gov.
About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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SOURCE Oklahoma Insurance Department