In 2004, the Oklahoma Legislature established our state’s captive insurance law opening the door for new business opportunities and growth for the captive industry in the Sooner State.
During the past two years, Insurance Commissioner Doak and his administration have taken further steps to foster a business friendly environment for the captive industry and streamline our state’s procedures for licensure.
Some of the recent exciting changes to Oklahoma’s captive law include:
- Ability to obtain a Provisional License
- Premium Tax is Capped at $100,000.00
- No investment restrictions except for association captives and risk retention groups
- No in-state annual board meeting requirement
- Pure captives – Initial paid in capital and surplus of $150,000
- Ability to cover Worker’s Compensation risk
- Easily accessible staff
The Oklahoma Insurance Department is committed to making sure our statutes and regulation keep pace with the changing needs of the captive insurance industry. Commissioner Doak’s staff is dedicated to providing a regulatory environment that is flexible, cost-efficient, reliable and responsive to the needs of each individual company.
If you are interested in discussing the formation of a captive insurer in Oklahoma, please call us!
Oklahoma Insurance Department
Oklahoma Secretary of State
Captive Insurance Division
Financial Specialist II