The State of Ohio is open for business and is hoping to begin licensing captives by the beginning of 2015, according to the Ohio Department of Insurance.
Rules and forms are currently being promulgated and, according to Ohio Captive Insurance Association (OCIA) founding member Mark Koogler: “At this time, it is anticipated that the Ohio Department of Insurance will accept applications for licensing of captive insurers in December 2014 or January 2015.”
The OCIA is continuing to solicit prospective members and currently has 10 members on its books.
Koogler also confirmed that an inaugural meeting of the OCIA is taking place on 1 December in Columbus, Ohio.
In line with its growth as a captive domicile, the state’s Department of Insurance has named Tracy Snow as chief of captive insurance.
Ohio governor John Kasich signed the state’s captive bill on 17 June.
