The Oklahoma Insurance Department (OID) has reported a 31 per cent net gain in licensed captive insurers in 2023. The group issued 20 new licences, with six dissolutions, bringing Oklahoma's total captive insurers to 59. The OID’s varied licence landscape includes 34 pure captive insurers, one association captive insurer and 14 special purpose captive insurers. There are also two sponsored captive insurers, four entity-protected,incorporated cells, one protected cell, and three series captive insurers. Oklahoma further tracks the federal tax election made by the captive insurers. Of the 59, 16 opted for the Internal Revenue Code section 831(b) election, while 43 chose the section 831(a). The report follows the earlier success of the OID’s captive insurance programme, OID says. OID commissioner Glen Mulready comments: "I commend the good work of Oklahoma’s captive team: captive insurance director Steve Kinion and captive insurance analyst Victor Gallardo. Steve is very experienced with captive insurance and highly respected in the industry. Victor represents the next generation of captive insurance leaders. They exemplify having a firm but fair approach to captive insurance regulation."
