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Monday, September 23, 2013
OKLAHOMA CITY – Oklahoma Insurance Commissioner John D. Doak has created a Captive Insurance Advisory Board to attract more businesses to Oklahoma. The establishment of the board follows the passage of HB1108, which reformed Oklahoma’s captive law. A captive is an insurance company that is created and wholly owned by one or more non-insurance companies to insure the risks of its owner or owners.
“HB1108 was an important piece of legislation that made significant changes to captive law,” said Doak. “The development of captives could really benefit our state. The Advisory Board’s extensive knowledge and experience will spread the word that Oklahoma is a great place to establish a captive.”
Advisory Board Chairman Charlie Caldwell, President & CEO of Midlands Management Corporation, brings to the board more than 45 years of insurance industry experience and is recognized as an authority in captive formation.
“Calling this group together really sends the message, nationwide, that Oklahoma is open for business, particularly in the captive space,” said Caldwell. “There is a lot of flexibility in the Oklahoma captive law that gives us an advantage over other states.”
Under the direction of Caldwell, the board will meet throughout the year to recommend procedural, public policy and legislative changes and discuss the recruitment of captive insurance companies to Oklahoma. The first meeting was held Monday in Oklahoma City.
The board also includes Rep. Dan Kirby, R–Tulsa, Chairman of the House Insurance Committee.
“A lot of good ideas came out of today’s meeting,” said Kirby. “I think we’re going in the right direction. The Commissioner is on the right track and really doing all he can to attract more captive business to the state. I really appreciate all the work he has done.”
Other board members include: Mark Blongewicz, Hall Estill Law Firm, Dan Case, Executive Director of the Oklahoma Trucking Association, Darryl Christner, CFO and Treasurer of John Christner Trucking, Jay Eshelman, Area President at Gallagher Risk Management Services, Scott Garrison, Executive Risk Consultant at Hub International, Chris Jarvis, President & Co-Founder of Jade Risk Management, David Javdan, Managing Director at Alverez & Marshal, Attorney Owen Laughlin, Carl Martincich, Director of Risk Management for Love's Travel Stops, James Pratt, Controller for Creek Nation, David Snyder, General Counsel for Dallas Auto Dealers Ethos Group and Bob Smith, Manager of Corporate Insurance at OGE Energy Corporation. OID board representation includes Deputy Commissioner Dr. Rick Farmer, Chief Actuary Frank Stone and Assistant General Counsel James Mills.
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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.