Oklahoma’s captive insurance industry grew in 2015 with the licensing of 26 captive insurers, the Oklahoma Insurance Department announced.
With the addition of the 26 new captives, Oklahoma currently regulates 73 captive insurers.
Captive insurers in general are insurance companies owned by individuals or companies for the purpose of managing the risks of their owners.
Oklahoma’s captive insurance statues and regulations have been updated during recent years to encompass the best of modern trends, the OID reported. The state is now able to offer flexible options for the creation and capitalization of captive insurance companies with low tax rates and fees.
Source: Oklahoma Insurance Department