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Thursday, September 4, 2014
OKLAHOMA CITY - Oklahoma has been named a finalist for the U.S. Captive Domicile of the Year award presented by Captive Review, an industry trade magazine.
“This is the result of many, many hours of hard work by numerous individuals at the Oklahoma Insurance Department,” said Oklahoma Insurance Commissioner John D. Doak. “We knew updating the state’s captive law would allow the market to grow, but we had no idea it would grow so much so quickly. I want to congratulate my staff for this prestigious honor.”
Prompted by Gov. Mary Fallin’s goal to make the state more business friendly, Oklahoma amended its laws in 2013 to strengthen its ability to be competitive in captive insurance. Since the new law went into effect on Nov. 1, the Oklahoma Insurance Department has approved 11 new captives.
Benefits to Oklahoma’s captive law include:
• Ability to obtain a Provisional License
• Premium tax capped at $100,000
• No investment restrictions except for association captives and risk retention groups
• No in-state annual board meeting requirement
• Pure captives – Initial paid in capital and surplus of $150,000
• Ability to cover workers’ compensation risk
Companies interested in bringing captive operations to Oklahoma can contact James Mills, Director of Captive Insurance, at James.Mills@oid.ok.gov.
The U.S. Captive Review Awards recognize and reward those domiciles and providers of captive insurance products and services who have outperformed their peers and demonstrated the highest levels of excellence. The awards will be presented Oct. 6 in Chicago.
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.
Kelly Collins Dexter