For Immediate Release:
June 29, 2022
Growing Oklahoma Captive Industry
By Oklahoma Insurance Commissioner Glen Mulready
Oklahoma is a great place to do business. As one of the fastest-growing domiciles for captives in the country, the Oklahoma Insurance Department (OID) is attracting more and more companies to do business here. A captive insurance company provides great flexibility to business owners who want to take control of their insurance programs. Captives exist to underwrite the risk of their owner(s) and affiliates. Between 2017 and 2021, Oklahoma’s captive premium volume increased significantly, rising to $214.4 million in 2021, up from $147.3 million in 2017.
Oklahoma now has 40 licensed captives—more than one-third of these were issued during my first two years in office. In 2019 and 2020, captives domiciled in Oklahoma generated over $1 million in premium taxes to help fund public safety pensions and the state’s general revenue fund. With OID’s supportive, efficient regulatory platform, companies of various industries around the country recognize Oklahoma as a highly competitive jurisdiction.
To help Oklahoma continue to be the hub of innovation and technology, OID is hosting its first Oklahoma Captive & Insurance Business Transfer (IBT) Conference on August 24-25 at the Omni Oklahoma City Hotel. This two-day conference will address new and emerging risks facing companies and organizations worldwide. We’ll bring together subject matter experts to share insights on captive insurance and IBTs and educate stakeholders on the benefits of these cutting-edge mechanisms. This conference will demonstrate how captives can offer solutions that may not be available in the traditional insurance marketplace.
It’s the first in-person conference we are hosting since the COVID-19 pandemic. And I’m excited to showcase Oklahoma’s endless possibilities to risk managers, business owners, regulators, financial executives and insurance professionals. Registration is required to attend the event and limited seats are available. For more information about the event, visit www.oid.ok.gov/CIBTC/ and follow OID on Facebook, Twitter, Instagram and LinkedIn.
If you have questions about other insurance issues, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.