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The US state of Oregon has declared itself open for captive insurance business. Oregon’s law allowing captive insurers became effective in July this year.
Oregon will allow a range of captives comprising pure captives, association captives, branch captives and captive reinsurers.
Minimum capital and surplus requirements include a minimum requirement of $250,000 for a pure captive insurer, $750,000 for an association captive insurer and $300 million for a captive reinsurer.
The Oregon Insurance Division of the Department of Consumer and Business Services, which regulates captive insurance, is completing its rulemaking and is accepting applications.
Oregon insurance commissioner, Lou Savage said: “We are excited about this opportunity for businesses to look to Oregon as a place to gain control over their own insurance risks and costs.”