Active Captive Management (ACM) has been approved as a captive insurance manager in the state of Oklahoma.
The firm has already added North Carolina to its roster in 2014, following the states of Hawaii, Nevada and Oregon in 2013.
The approval makes ACM one of just nine approved captive managers in Oklahoma.
Recent legislative changes to the domicile's captive regulations include the opportunity to obtain a provisional license and the ability to cover worker's compensation risk, among other benefits.
In addition, Oklahoma now provides low cost premium tax rates capped at $100,000—reported to be a primary driver of the increased captive business in the state.
Founder of ACM, Fred Turner, comments: "Captive insurance is a natural fit for the three major industries in Oklahoma—farming, oil, and natural gas, all of which have risk management issues that are unique to their industry.”
“ACM is very pleased to be among a handful of firms selected to support Oklahoma's business base with the economic development tools of custom insurance coverage and asset protection offered through captives.”
