Missouri doubled the number licensed captive insurers last year, from six at the end of 2009 to 12 at the end of 2010.
The Missouri Department of Insurance says the growth is an indication of Missouri’s attractiveness as a captive domicile. Another indicator: Missouri began licensing captives in 2007, and by 2009, premium volume had reached $1 billion, the department said.
Gov. Jay Nixon signed House Bill 577 in July 2009, simplifying the process of moving offshore captive operations to Missouri. The omnibus insurance bill also makes it easier for companies to bring their captive operations to Missouri by removing certain financial and investment restrictions and expanding organizational options for captives. The law makes it more attractive for companies based outside Missouri to set up captive operations here.
The growth of the captive insurance industry contributes to Missouri’s economy through premium tax collections, as well as bringing high-paying support jobs, including attorneys, CPAs, actuaries, a captive association and more.
Similar to self-insurance, a captive insurance company is formed to insure some of the risks of its owner and subsidiaries.
Source: Missouri Department of Insurance
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