The Oklahoma Department of Insurance (OID) has promoted Donald Ashwood to the newly created role of captive coordinator.
Ashwood, who has worked at the department since 2014, most recently served as financial operations officer.
His previous position focused on responsibilities across the OID Financial Division as a whole, including serving as the primary captive regulator and contact.
In his new role, Ashwood’s focus will be primarily on the OID Captive Division. He will continue to work as the primary regulator/contact, along with monitoring and suggesting prospective captive statutory/rule amendments, periodic conference attendance/participation, as well as various other captive duties.
The initial creation of the captive coordinator position was due to an increased emphasis on captives in the state, according to the OID.
Ashwood will work alongside the captive director, which the department is currently hiring for.
Elsewhere, the OID has revealed it licensed three new captives last year.
The addition of the new captives brings the total number to 40. Of the total number, 34 are pure captives, two are association captives and four are special purpose captives.
The state, which first established its captive market in 2012, saw 10 captive closures in 2020, a decrease on the 14 that closed in 2019.
Commenting on the figures, Ashwood says: “Oklahoma welcomed three new captives in 2020 while experiencing ten closures, most due to captive owners impacted by the pandemic. We already have new submissions in-house, so our 2021 is starting in a very positive manner.”
In December, Oklahoma approved its second insurance business transfer (IBT) plan.
Oklahoma insurance commissioner Glen Mulready said the state’s IBT law will bring “tremendous opportunities”.
