The State of Oklahoma added 11 new captive insurance companies in 2022, according to The Oklahoma Insurance Department (OID).
As one of the fastest-growing domiciles for captives in the country, the OID has attracted many companies to do business in Oklahoma and now has more than 50 licensed captives in the state.
Four of the 11 new captive insurance companies added in 2022 were licensed as series captive insurers. Four were licensed as pure captive insurers, two as special purpose, and one as a sponsored captive insurer.
In addition, the OID had four captive insurer dissolutions in 2022, netting seven new captives in the Sooner State.
In 2021, Oklahoma ended the year with 45 active captive insurers and the seven new additions resulted in 52 captive insurers — a 15 per cent growth rate from 2021 to 2022.
Steve Kinion, captive insurance director of OID (pictured), says: “2022’s results represent the continuous growth of Oklahoma’s captive insurance programme. This growth is attributable to Oklahoma’s business-friendly environment, modern captive insurance laws and experienced captive insurance staff.”
He adds: “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.”
