The Oklahoma Insurance Department (OID) has announced it will host an inaugural Captive and Insurance Business Transfer (IBT) Conference in August this year. The conference will be held on 24-25 August at the Omni Oklahoma City Hotel in Oklahoma City. It is open to attendance by risk managers, business owners, regulators, financial executives and insurance professionals. As the first conference hosted by OID, the 2022 event will address how captives can offer solutions outside of the traditional insurance market for new and emerging risks, as well as regulatory perspectives, different types of captives available, and captive success stories. Sessions will also provide information and educational content on the evolution of the global run-off market, drivers of run-off, and how to resolve run-off and discontinued books of insurance business through the IBT options available. Oklahoma is recognised for its IBT legislation, which was brought into effect in November 2018. The most recent (and second-ever in the US) IBT plan was completed in August 2021 between Sentry Insurance Company and National Legacy Insurance Company, a subsidiary of Randall & Quilter Investment Holdings. The Captive and IBT Conference will also provide 10 hours of Continuing Education credit. Commenting on the launch of the conference, insurance commissioner Glen Mulready says: “With Oklahoma’s expansive IBT law and the OID’s supportive, efficient captive regulatory platform, companies of various industries across the country recognise Oklahoma as a highly competitive jurisdiction. “It is a great opportunity to educate stakeholders on the benefits of captive insurance and IBTs. I believe a conference like this will help Oklahoma continue to be the hub for these two innovative tools.” Registration for the conference opens on 1 May.
