The captive insurance market in the “Show Me” state is seeing rapid growth with double the number of captives: 12 licensed in 2010 compared to six on the books in 2009, according to the state's captive program manager.
This reflects Missouri's attractiveness as a captive domicile, according to the Missouri Dept. of Insurance. The state began licensing captives in 2007, and by 2009, premium volume had reached $1 billion.
Gov. Jay Nixon signed House Bill 577 in July 2009, simplifying the process of moving offshore captive operations to Missouri. The omnibus insurance bill also removed certain financial and investment restrictions for captive operations relocating to Missouri, and it expanded organizational options for captives.
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