OID
Oklahoma Captive Insurance Association And The Oklahoma Insurance Department (OID)
OKLAHOMA INSURANCE DEPARTMENT
OCIA is proud to collaborate closely with the Oklahoma Insurance Department (OID) and its dedicated Captive Insurance Division to provide a comprehensive and supportive ecosystem for captive insurance owners and service providers.
The Oklahoma Insurance Department is committed to fostering a business-friendly environment for the insurance industry. With their extensive knowledge and expertise, OID plays a vital role in ensuring Oklahoma becomes the preferred domicile for captives.
Led by Commissioner Mulready, OID is dedicated to modernizing laws, implementing responsive regulations, and providing exceptional service to support captives and their long-term success.
WILL ROGERS
A man only learns in two ways, one by reading, and the other by association with smarter people.
THE CAPTIVE INSURANCE DIVISION AT OID
The Oklahoma Captive Insurance Association (OCIA) is proud to collaborate closely with the Captive Insurance Division within the Oklahoma Insurance Department (OID).
Under the leadership of the knowledgeable and experienced Steve Kinion as the Captive Director, this division serves as the cornerstone of our partnership, working diligently to create an environment that empowers captives to thrive.
KEY BENEFITS AND ADVANTAGES
Regulatory Expertise: The Captive Insurance Division possesses a deep understanding of the captive insurance industry, providing invaluable regulatory guidance. From the initial formation process to ongoing compliance, their expertise ensures you navigate the regulatory landscape effectively, reducing complexities and ensuring adherence to the necessary requirements.
Streamlined Licensing: OID’s Captive Insurance Division is committed to an efficient licensing process, streamlining the entry of captives into the insurance market. With prompt processing of completed license applications, they expedite your journey towards establishing a successful captive insurance company in Oklahoma.
Responsive Support: Should you have any questions or concerns, the Captive Insurance Division offers prompt and knowledgeable assistance. The dedicated team within the division is committed to addressing your queries and providing the support you need to thrive in the captive insurance industry.
Modernized Laws and Regulations: OID continuously reviews and updates Oklahoma’s captive insurance laws and regulations. By embracing innovation and adapting to industry trends, they create a progressive environment that allows captives to flourish. This commitment to modernization ensures that the regulatory framework remains favorable and supportive of captive insurance companies.
Partnership and Collaboration: OCIA actively engages with OID’s Captive Insurance Division to provide input and feedback on legislation and regulatory improvements. By working together, we shape a captive-friendly environment that aligns with the needs of captive owners and service providers. Our partnership aims to enhance the industry, foster growth, and maintain Oklahoma’s position as a premier destination for captive insurance companies.
Domiciling A Captive In Oklahoma Comes With A Range Of Benefits And Advantages
- Application/Renewal Fee: The application fee for establishing or renewing a captive in Oklahoma is $200, ensuring a cost-effective approach to licensing and ongoing operations.
- Competitive Premium Tax Rates: Oklahoma offers competitive premium tax rates for captives. Direct captive insurance is subject to a rate of 0.2%, with a minimum of $5,000 (or $3,500 for a series) and a maximum of $100,000. Reinsurance captive insurance is subject to a rate of 0.1% with the same minimum and maximum thresholds. These rates contribute to the financial viability and profitability of your captive.
- Prorated Premium Tax for the First Year: Oklahoma’s premium tax is prorated for the first year, depending on when you file your application. This proration eases the financial burden of establishing a captive and allows for better financial planning during the initial stages of your captive’s operation.
- Dormant Captives: Oklahoma recognizes the periods when a captive may not be actively underwriting insurance. The state allows for dormant captives, providing flexibility and cost savings during periods of inactivity while still maintaining your captive’s presence.
- Waivers for Annual Audit and Actuarial Reports: Captives with less than $2,000,000 in net premiums are eligible to request waivers for the annual audit and actuarial reports. This exemption streamlines compliance requirements and reduces administrative burdens, particularly for smaller captives.
- Flexible Governance Requirements: Oklahoma does not impose an in-state annual board meeting requirement, board member requirement, or manager requirement for captives. This flexibility allows you to make decisions conveniently and tailor your captive’s governance structure to your specific needs.
- Paid-in Capital and Surplus: For pure captives, the first year requires paid-in capital and surplus of $150,000, providing a solid foundation for your captive’s operations.
- Optional Provisional Licensure: Oklahoma offers the option for provisional licensure, allowing captives to expedite the establishment process and commence operations while finalizing full licensure requirements.
- Authorized Lines: Oklahoma allows captives to underwrite First Dollar and Excess Worker’s Compensation, providing additional opportunities for captive insurance companies. By choosing to domicile your captive in Oklahoma and becoming, you gain access to these advantages, along with the collective strength, valuable resources, and networking opportunities available to our members. Join us in ensuring Oklahoma remains a premier destination for captive insurance companies, where collaboration, innovation, and success thrive in unison.