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Corporate Regulation and Governance in Captives

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Delve into captive insurance governance matters including board attributes, board structure, and board accountability. With 30 years of insurance experience from the auditing, regulatory, and management side, Derick White, managing director of corporate governance and regulation for Strategic Risk Solutions, offers key insights into captive board governance.

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Captive Insurance Company Act Amended in Oklahoma

Oklahoma State Flag
July 14, 2015

Oklahoma Governor Mary Fallin has signed Senate Bill 455, which includes a number of changes to the Oklahoma Captive Insurance Company Act.

The Act:

  • Expands the types of entities that can be the sponsor of a sponsored captive to include a holding company, a trust, or other type of organization subject to the approval of the insurance commissioner

  • Includes a new provision that permits any insurer that holds a current license in another state to redomesticate by making application and complying with Oklahoma’s captive licensing requirements and obtaining regulatory approval of the insurer's current domicile

  • Gives the insurance commissioner discretion to require the annual filing of an actuarial opinion

  • Provides that, with the exception of unimpaired paid-in capital, captives are not subject to any restrictions on allowable investments unless an investment threatens the liquidity of the captive

  • Adds a provision that makes two or more protected cells of a captive under common ownership or control subject to taxations as though they were a single cell

  • Makes a number of other changes to clean up the captive statutes

Oklahoma licensed 37 captives in 2014 and had a total captive count of 47 at the end of 2014.

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