Oklahoma

SRS Contact:

Ann Wick
President, SRS West

Tel: 480 682 4895

Team Members:

Ann Wick

Andrew Marson

Webinars:

2015 The State of the Captive Insurance Market

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Overview

Oklahoma first established its captive legislation in 2004; in 2013 the Insurance Commissioner and his administration took further steps to foster a business friendly environment for the captive industry and streamlined the state’s procedures for licensure. At the end of 2014, Oklahoma had 47 active captives.

Minimum Capital and Surplus

Single parent captive $250,000
Group captive – industrial insured $500,000
Sponsored captive $500,000
Association captive $750,000
Risk retention group $1,000,000
Special purpose captive $250,000

Key Features of Legislation

Premium tax is charged at a rate of 0.2% with an annual minimum of $5,000 and a maximum of $100,000. One key feature of Oklahoma’s legislation is allowing Oklahoma companies to write workers compensation to fund the risk through captives domiciled in the state. Unlike many other domiciles there is no requirement to have an Oklahoma resident director and no instate board meeting requirements.

Specialty

Oklahoma boasts a brand new, state of the art captive statute which incorporates great flexibility, very low rates and fees, as well as a supportive regulatory environment.

SRS Presence

SRS was approved as a captive manager in Oklahoma in 2013. We oversee the management of captives in the domicile from our western region headquarters under the direction of Ann Wick.