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The Office of Captive Insurance
The Office of Captive Insurance
Captive insurance is an alternative to traditional insurance that enables businesses to control and customize their insurance program in a manner that is responsive to their financial objectives. Noteworthy attributes of captive insurance include:​  
  • Direct access to the reinsurance market.
  • Improved cash flow.
  • Increased control over loss programs and claims handling.
  • Potential to affordably insure new and/or previously uninsurable risks.
  • Premium stability.
  • Tailored coverage, deductibles, limits and rates.
  • Tax benefits.
  • Underwriting gains and investment income.

Ohio Advantages:
  • Accessible and responsive regulator.
  • Business-friendly.
  • Moderate premium tax and fees.​
  • Reasonable licensing and on-going monitoring requirements.
  • Timely admissions.
 
Ohio's Office of Captive Insurance:
  • Establishes standards for business/professional support organizations that work with captive entities in the state of Ohio, including;
    • Captive Managers
    • Accountants/Auditors
    • Actuaries
  • Provides a structured regulatory process for the initial evaluation, licensing, reporting, analysis and examination of captive insurance companies domiciled in Ohio.
  • Reviews captive insurance company strategies and their execution to assess and evaluate operational success and financial strength.
  • Strives to understand the impacts of financial, operational and underwriting (risk acceptance) challenges on captive capital and surplus.​
  • Supports a business environment for the growth and prosperity of the captive insurance industry in Ohio.
  • Works to ensure that captive insurers can meet their contractual and financial obligations.