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Oklahoma Continues Building Its Captive and Captive Manager Portfolio

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January 26, 2017

The captive portfolio of the Oklahoma Insurance Department Captive Division licensed 17 new captives in 2016. According to James Mills, director of Captive Insurance for the Oklahoma Captive Insurance Association, at year-end the total number of captives domicile in the State was 75. Oklahoma had 15 captives close down and surrender licenses during the year, thereby experiencing a net gain of two captives in their portfolio. Mr. Mills said, “Last year was an uncertain year for financial markets across the board, and the IRS activity regarding the 831(b) election didn’t lighten anyone’s load. We are optimistic that this New Year brings certainty into the captive markets and to their potential owners.”

Atlas Insurance Management was added to Oklahoma’s approved list of captive managers in January 2017. Martin Eveleigh, chairman of Atlas, commented, “The state is a growing domicile, and we are looking forward to working with Oklahoma’s Captive Insurance Division. Atlas already has two captives that we will be managing in this new domicile." Atlas also remarked that Oklahoma is one of the newer and more attractive on-shore captive domiciles. Due to recent legislation, Oklahoma boasts a captive statute that incorporates great flexibility, low rates and fees, and a supportive regulatory environment.

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