Oklahoma Added 14 New Captives during 2023's First Three Quarters

Oklahoma licensed 14 new captive insurance companies from January 1 through September 30, bringing the state's total captive count to 56. The total includes 55 actively licensed captives and one dormant captive.

"I am pleased to see the continued growth of the captive program, which offers economic opportunities for our constituents and contributes revenue to the state," Oklahoma Insurance Commissioner Glen Mulready said in a news release.

"While I am very pleased with the level of captive growth, I am equally aware of Oklahoma's prominent role in the captive industry. Whether it involves submitting written comments to the Internal Revenue Service or providing verbal comments at an IRS hearing, Oklahoma consistently takes a decisive stance. In the realm of captive insurance, Oklahoma has emerged a principal voice of advocacy and leadership," Mr. Mulready added.

In 2022, Oklahoma captives generated $297 million in direct and assumed premiums, up 39 percent from 2021 when Oklahoma captives' total premium volume was $214 million.