The state of Oklahoma has issued 37 new captive licenses in 2014 alone, bringing its total to 47 in just two years.
Oklahoma has licensed pure, association, sponsored, and special purpose captives, and is also able to license branch and industrial captives under the state’s modernised captive laws.
“Oklahoma is now an extremely competitive domicile with a straightforward and efficient captive formation process,” said Oklahoma Insurance Commissioner John Doak.
“My staff and I are committed to making Oklahoma the domicile of choice through modernised laws and regulations, business-friendly requirements and forms, and fast, responsive service to our industry.”
Incentives for captives in Oklahoma include low tax rates and fees, potential tax advantages over other risk transfer methods, and what the Oklahoma Insurance Department has called a “supportive” regulatory environment.
James Mills, director of the Captive Insurance Division, has stated that he is encouraged that the Oklahoma Captive Insurance Association has been formed by the industry in response to Oklahoma’s “modernised regulatory approach”.
He commented: “It is very promising to see the industry respond so favourably to the work we are doing. I look forward to working with them to continue Oklahoma’s success as a captive domicile.”
