For Immediate Release:
February 15, 2024
Another Record Year for Oklahoma’s Captive Insurance Growth
OKLAHOMA CITY – Oklahoma’s captive insurance program proudly announces yet another triumphant year of growth, marking 2023 as a milestone in its continuous success story. The Oklahoma Insurance Department (OID) reports a remarkable 31% net gain in licensed captive insurers for the year ending December 31, 2023.
During 2023, the OID issued 20 new licenses, with six dissolutions, resulting in a net gain of 14 new captive insurers. This significant achievement brings Oklahoma’s total captive insurers to 59, reinforcing the state’s position as a thriving hub for captive insurance activities.
The diverse landscape of licenses includes 34 pure captive insurers, one association captive insurer, 14 special purpose captive insurers, two sponsored captive insurers, four entity-protected (incorporated) cells, one protected cell, and three series captive insurers. Additionally, while not part of the licensing process, Oklahoma diligently 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).
In 2023, for the first time, the OID’s captive insurance program achieved finalist status for the Captive Review’s Captive Domicile of the Year in the category of gross written premiums less than $5 billion.
Commissioner Mulready said, “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.”
With this resounding success, Oklahoma’s captive insurance program sets a high standard for innovation, efficiency, and regulatory excellence, promising a bright future ahead.