Jefferson City, Mo. - The Missouri Department of Insurance's robust captive insurance program has been selected as a finalist for the U.S. Captive Domicile of the Year award presented by the leading industry trade magazine, Captive Review.

The US Captive Services Awards 2014 recognize and reward those domiciles and providers of captive insurance products and services that have outperformed their peers and demonstrated the highest levels of excellence in the past year. The awards will be presented Oct. 6 in Chicago.

"The key to our captive program's success is stability, innovation and a commitment to quality. Our standard of excellence in Missouri is attracting first-rate, superior captives," said Department Director John M. Huff.  "The effective administration of our captive laws contributes to Missouri's success as a prominent domicile."

Missouri began allowing captive formation in 2007. Two years later, Gov. Jay Nixon signed House Bill 577, which simplified the process of moving captive operations to Missouri. In 2013, Gov. Nixon continued to strengthen Missouri's captive market by signing Senate Bill 287, allowing the formation of sponsored captive insurance companies in Missouri.

Those efforts have brought results. Since a year ago, Missouri has licensed 14 captives, bringing the total number of captive operations to 42 with a premium volume of $3.5 billion. Those efforts also have contributed to the state's economy by bringing in high-paying support jobs, including those for lawyers, CPAs, actuaries and consultants.

Companies interested in bringing captive operations to Missouri can contact Maria Sheffield at 573-522-9932 or email her at maria.sheffield@insurance.mo.gov.