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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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Oklahoma Insurance Department Reports Exceptional Captive Growth

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February 02, 2015

Oklahoma issued 37 new captive licenses in 2014 under the state’s new captive insurance regulation and streamlined licensure procedures, according to an announcement from Oklahoma Insurance Commissioner John D. Doak.

“Oklahoma is now an extremely competitive domicile with a straightforward and efficient captive formation process,” Mr. Doak said in a press release. "My staff and I are committed to making Oklahoma the domicile of choice through modernized laws and regulations, business-friendly requirements and forms, and fast, responsive service to our industry.”

Rep. Glen Mulready, House author of the recent legislative changes, is quoted in the press release as saying he is satisfied to see the state's goals being met.

“It is great to see that our efforts have made Oklahoma one of the nation's top destinations for captive insurance companies to do business," Mr. Mulready said. "This was our exact intention and it is very rewarding to see companies across the country recognize that Oklahoma is a great place to do business.

"I look forward to seeing continued growth in this market and I'm committed to working to make that happen,” said Mr. Mulready.

James Mills, Captive Insurance Division director, referred to the recently formed Oklahoma Captive Insurance Association as other evidence of the industry's positive response to Oklahoma’s modernized regulatory approach.

“It is very promising to see the industry respond so favorably to the work we are doing,” Mr. Mills said in the press release. “I look forward to working with them to continue Oklahoma’s success as a captive domicile.”

 Read the full press release.

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