Insurance Commissioner Glen Mulready
OKLAHOMA CITY — The Sooner States has become one of the fastest-growing domiciles for “captives” in the U.S. and now has more than 50 licensed captive insurance companies.
Oklahoma added 11 new captive insurance companies in 2022, state Insurance Commissioner Glen Mulready announced.
Four were licensed as series captive insurers, four as pure captive insurers, two as special purpose and one as a sponsored captive insurer, he said. In addition, the Oklahoma Insurance Department had four captive insurer dissolutions in 2022, netting seven new captives.
Oklahoma ended 2021 with 45 active captive insurers, and the seven new additions resulted in 52 captive insurers – a 15% growth rate from 2021 to 2022, Mulready said.
Last year’s results “represent the continuous growth of Oklahoma’s captive insurance program,” the commissioner said. “I am not only pleased with 2022’s growth, but to date in 2023 Oklahoma has already issued three additional captive insurer licenses. This growth is attributable to Oklahoma’s business-friendly environment, modern captive insurance laws and experienced captive insurance staff.”
Captive insurance is a form of self-insurance, OID’s captive insurance director, Steve Kinion, said.
Captive insurance companies are owned by entities wishing to better manage the cost and administration of their risks. The OID is committed to ensuring the state’s statutes and regulations “keep pace with the changing needs of the global captive insurance industry,” Mulready said.
The state Insurance Department can be contacted at 1-800-522-0071 or via its website at www.oid.ok.gov.