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Tuesday, January 12, 2016
OKLAHOMA CITY – 2015 marked another strong year of growth for Oklahoma’s captive insurance industry. Oklahoma Insurance Commissioner John D. Doak has fought for regulatory and legislative reforms in recent years to welcome this growth.
“The success of Oklahoma’s captive insurance industry is based in the value of the regulatory environment and the service that our department provides to captive owners,” Doak said. “As new issues and ideas emerge at both the state and federal levels, I will continue to support the protection and progression of our authority to create a fair and efficient place to do business.”
Oklahoma currently regulates 73 captive insurers, with 26 licenses issued during the last year. Captive insurers in general are insurance companies owned by individuals or companies for the purpose of managing the risks of their owners.
“The growth seen in our state only comes through the hard work of individuals throughout our executive and legislative branches to make Oklahoma a place where businesses can flourish,” said James Mills, Director of Captive Insurance for the Oklahoma Insurance Department (OID).
Oklahoma’s captive insurance statutes and regulations have been updated during recent years to encompass the best of modern trends. The state is now able to offer flexible options for the creation and capitalization of captive insurance companies with low tax rates and fees.
To learn more about the OID’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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