For Immediate Release:
October 20, 2023
Captive Success: Oklahoma’s Remarkable Growth Revealed in Latest Report for September 30, 2023
OKLAHOMA CITY – Oklahoma’s Insurance Commissioner, Glen Mulready, announced today that the state’s captive insurance program continues to surpass expectations. “I am pleased to see the continued growth of the captive program, which offers economic opportunities for our constituents and contributes revenue to the state,” stated Commissioner Mulready.
The Commissioner’s captive program reported a 25% net gain of captive insurers for 2023 from January 1 through September 30. In this period, it licensed 14 new captive insurers, had three dissolutions, for a net gain of 11 new captive insurers. As of September 30, there are 55 actively licensed captive insurers, along with one dormant captive insurer. The current active license types include 30 pure captive insurers, one association captive insurer, 15 special purpose captive insurers, two sponsored captive insurers, four entity protected (incorporated) cells, one protected cell, and two series captive insurers.
In 2022, Oklahoma’s captive insurers generated $297 million in direct and assumed premium. This represents a 39% growth from 2021, where the total premium was $214 million.
Commissioner Mulready further emphasized, “While I am very pleased with the level of captive growth, I am equally aware of Oklahoma’s prominent role in the captive insurance industry. Whether it involves submitting written comments to the Internal Revenue Service or providing verbal comments at an IRS hearing, Oklahoma consistently takes a decisive stance. In the realm of captive insurance, Oklahoma has emerged a principal voice of advocacy and leadership.”
The Captive Insurance Division is committed to making sure the state’s statutes and regulations keep pace with the changing needs of the captive insurance industry, and Commissioner Mulready is dedicated to providing regulation that is both innovative and stable. Contact Steve Kinion, Director of Captive Insurance Division, at 918-704-8136 or Victor Gallardo, Captive Analyst, at 405-521-2348.
If you have insurance questions or issues with your insurance company, please contact the Oklahoma Insurance Department at 1-800-522-0071 or visit our website at www.oid.ok.gov.