Oklahoma law caps state taxes owed by captive insurers
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OKLAHOMA CITY—Oklahoma Gov. Mary Fallin has signed into law a measure that would cap state taxes owed by captive insurance companies.
While there are no captives operating in Oklahoma, under S.B. 1617, which the governor signed Friday, any captives formed in the state would pay a maximum of $100,000 in aggregate taxes in any given tax year.
The new law also eliminates a previous requirement that a captive insurer’s registered agent be a licensed third-party administrator or managing general agency and maintain its principal place of business in Oklahoma.
Oklahoma has allowed the formation of captives since 2004.
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