The Oklahoma Insurance Department (OID) licensed 11 captive insurance companies in 2022, and now has more than 50 licensed captives in the state.
Four of the new captives were licensed as series captive insurers, four were pure captives, two special purpose and one a sponsored captive.
Oklahoma had four captive dissolutions in 2022, meaning a year-end total of 52 active captives.
“2022’s results represent the continuous growth of Oklahoma’s captive insurance program,” said Glen Mulready, Oklahoma’s insurance commissioner.
“I am not only pleased with 2022’s growth, but to date in 2023, Oklahoma has already issued three additional captive insurer licenses. This growth is attributable to Oklahoma’s business-friendly environment, modern captive insurance laws and experienced captive insurance staff.”
Steve Kinion, Oklahoma’s captive insurance director, said: “Our Captive Insurance Division’s dedication and efficient regulation of captive insurance companies have helped raise awareness about captive insurance in Oklahoma.
“We look forward to continuing this momentum and expanding our efforts in 2023.”
In a recent interview with Captive Intelligence, Kinion discussed Oklahoma’s “tremendous” potential as a captive domicile.
“Mulready is a commissioner who is what I call an entrepreneurial thinker,” Kinion said. “He wants to make Oklahoma the best insurance department it can be, if not the best insurance department in the United States.”
He noted that Mulready was excited about future of captives in the state, which also helped entice him to the role.
“This is a very good thing because if you have the support from the very top, you’ll be successful,” he said.