Title 36, Title 36 — Insurance

A. For the purposes of this section: 1. "Board of Directors" or "Board" means the governing body of the risk retention group elected by the shareholders or members to establish policy, elect or appoint officers and committees, and make other governing decisions; 2. "Director" mea…

Risk retention groups chartered and licensed in states other than this state and seeking to do business as risk retention groups in this state shall observe and abide by the laws of this state as follows: A. Before offering insurance in this state, a risk retention group shall su…

guaranty fund prohibited – Purchasing group coverage – Risks not covered. A. No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its ins…

Notwithstanding any other provision of law, a policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned. Added by Laws 2021, c. 314, § 6, eff. Nov. 1, 2021.

A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law of this state that would: 1. P…

agent. A. A purchasing group which intends to do business in this state shall, prior to doing business, furnish to the Insurance Commissioner notice which shall, on forms prescribed by the National Association of Insurance Commissioners: 1. Identify the state in which the group i…

– Notice of risks not covered – Deductibles or self-insured retention – Aggregate limits standards. A. A purchasing group shall not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not licensed to transact insurance in this state,…

Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group shall be: 1. Imposed at the same rate and subject to the same interest, fines and penalties as applicable to premium taxes…

The Insurance Commissioner of this state is authorized to make use of any of the powers established pursuant to the Insurance Code of this state to enforce the laws of this state so long as those powers are not specifically preempted by the Risk Retention Act of 1986, as amended,…

A. A risk retention group which violates any provision of the Oklahoma Risk Retention Act shall be subject to fines and penalties applicable to licensed insurers generally, including but not limited to revocation of license and the authority to transact insurance business in this…

Soliciting liability insurance for purchasing groups. A. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corp…

The State Insurance Commissioner shall require all risk insurance groups to have appropriate reserves in Oklahoma, other assets, or a corporate surety bond to protect purchasers in case of bankruptcy, withholding of unearned premiums, or failure to pay benefits. Added by Laws 198…

An order issued by any District Court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in any territory or possession of the United States, upon a finding that such a group is in a hazardous financial condit…

There shall be collected, at the time of filing of information for a risk retention group, a fee payable annually, of Four Hundred Dollars ($400.00). In addition, risk retention groups chartered for domicile in this state shall pay the same fees applicable to insurers in this sta…

The Commissioner may establish and from time to time amend such rules relating to risk retention groups and purchasing groups as may be necessary or desirable to implement the provisions of the Oklahoma Risk Retention Act. Added by Laws 1987, c. 157, § 16, emerg. eff. June 25, 19…

The Commissioner may make reciprocal agreements with other states to further the purposes of this act. Added by Laws 1987, c. 157, § 17, emerg. eff. June 25, 1987.

exempted. The provisions of this act shall not apply to workers' compensation group self-insurance associations. Added by Laws 1987, c. 157, § 18, emerg. eff. June 25, 1987.

Sections 6470.1 through 6470.33 of this title shall be known and may be cited as the “Oklahoma Captive Insurance Company Act”. Added by Laws 2004, c. 334, § 8, emerg. eff. May 25, 2004. Amended by Laws 2006, c. 265, § 1, eff. Nov. 1, 2006.

captive insurance company – Organization as reciprocal insurer – Branch captive insurance company – Considerations for issuance of license – Privileges and obligations. A. A captive insurance company may be incorporated as a stock corporation or as a nonstock corporation, or may …

Captive insurance companies formed or licensed under the Oklahoma Captive Insurance Company Act may establish a series limited liability company under the Oklahoma Limited Liability Company Act. Any exclusion of the business of a domestic insurer under Title 18 of the Oklahoma St…

A. A captive insurance company may not be required to make an annual report except as provided in the Oklahoma Captive Insurance Company Act. B. Before March 1 of each year, a captive insurance company shall submit to the Insurance Commissioner a report of its financial condition…

reserves – Actuarial opinion. A. Upon written application, accompanied by such information as the Commissioner requires, the Insurance Commissioner may grant permission to a sponsored captive insurance company or a special purpose captive insurance company to discount loss and lo…

Confidentiality - Application. A. At least once in five (5) years, and whenever the Insurance Commissioner determines it to be prudent, the Commissioner personally, or a competent person appointed by the Commissioner, shall conduct an examination under Sections 309.1 through 309.…

A. The license of a captive insurance company to conduct an insurance business in this state may be suspended or revoked by the Insurance Commissioner for: 1. Insolvency or impairment of capital and surplus; 2. Failure to meet the requirements of Section 6470.6 of this title; 3. …

A. An association captive insurance company, a sponsored captive insurance company, and a risk retention group shall comply with the investment requirements contained in the Oklahoma Insurance Code. The Insurance Commissioner may approve the use of alternative investment requirem…

for reserves. A captive insurance company may cede or assume reinsurance and take credit for reserves, as authorized for domestic insurers by the Oklahoma Insurance Code. Added by Laws 2004, c. 334, § 23, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 14, eff. Nov. 1, 2…

A captive insurance company may not be required to join a rating organization. Added by Laws 2004, c. 334, § 24, emerg. eff. May 25, 2004.

pool, association, or guaranty or insolvency fund. A captive insurance company may not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this state, and a captive insurance company, or its insured or its parent or any affiliated compan…

A. Each captive insurance company, other than a sponsored captive insurance company, and each protected cell of a sponsored captive insurance company, shall pay to the Insurance Department, by March 1 of each year, a tax at the rate of two-tenths of one percent (0.2%) on the dire…

As used in the Oklahoma Captive Insurance Company Act: 1. "Alien company" means an insurance company formed and licensed pursuant to the laws of a country or jurisdiction other than the United States of America, or any of its states, districts, commonwealths and possessions; 2. "…

A captive insurance company failing to make returns or to pay all taxes required by this section is subject to sanctions provided in the Oklahoma Insurance Code. Added by Laws 2004, c. 334, § 27, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 17, eff. Nov. 1, 2013; Laws…

The Insurance Commissioner may promulgate and, from time to time, amend rules and issue orders relating to captive insurance companies as are necessary to enable the Insurance Commissioner to carry out the provisions of the Oklahoma Captive Insurance Company Act. Added by Laws 20…

companies. The Insurance Commissioner may, by rule, regulation, or order, exempt special purpose captive insurance companies, on a case-by- case basis, from provisions of the Oklahoma Insurance Code, Oklahoma Captive Insurance Company Act and any rule or regulation established un…

No captive insurance company shall voluntarily take any of the following actions without providing the Insurance Commissioner at least thirty (30) days prior written notice and receiving the Commissioner's approval of any such action: 1. The dissolution of the captive insurance c…

A. Unless otherwise approved by the Commissioner, a captive insurance company formed under the provisions of this act shall maintain its books, records, documents, accounts, vouchers and agreements in this state. A captive insurance company shall make its books, records, document…

In the case of a sponsored captive insurance company: 1. The assets of the protected cell may not be used to pay expenses or claims other than those attributable to the protected cell; and 2. Its capital and surplus at all times must be available to pay expenses of or claims agai…

management function of insured controlled unaffiliated business – Regulations. The Insurance Commissioner shall promulgate regulations establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management for any controlled unaffi…

The provisions of Article 16A of the Insurance Code applicable to acquisition of control or merger with a domestic insurer shall apply to acquisition of control of an association captive insurance company, sponsored captive insurance company, special purpose captive insurance com…

materials – Protected cells. A. In addition to the provisions of Sections 6470.1 through 6470.28 of this title and the provisions of Sections 6470.29 through 6470.31 of this title shall apply to sponsored captive insurance companies, and the provisions of Section 6470.24.1 of thi…

for conducting business in state – Information required – Fees – Provisional license. A. A captive insurance company, when permitted by its articles of incorporation or charter, may apply to the Insurance Commissioner for a license to do any and all insurance authorized by this t…

A sponsor of a sponsored captive insurance company must be an insurer licensed pursuant to the laws of a state, an insurance holding company that controls an insurer licensed pursuant to the laws of any state and subject to registration pursuant to the insurance holding company s…

The business written by a sponsored captive insurance company with respect to each protected cell must be: 1. Fronted by an insurance company licensed pursuant to the laws of any state or any jurisdiction if the insurance company is a wholly owned subsidiary of an insurance compa…

A. An association, a corporation, a limited liability company, a partnership, a trust, or other business entity may be a participant in a sponsored captive insurance company formed or licensed pursuant to the Oklahoma Captive Insurance Company Act. B. A sponsor may be a participa…

Notwithstanding the provisions of paragraph 2 of subsection B of Section 6470.29 of Title 36 of the Oklahoma Statutes, a sponsored captive insurance company may combine the assets of two or more protected cells for purposes of investing those assets. Such a combination of assets …

A. A protected cell of a sponsored captive insurance company may be formed as an entity-protected cell. "Entity-protected cell" means a protected cell that is established as any type of legal entity separate from the sponsored captive insurance company of which it is a part. B. S…

dormancy. A. As used in this section, "dormant captive insurance company" means a captive insurance company that has: 1. Ceased transacting the business of insurance including the issuance of insurance policies; and 2. No remaining liabilities associated with insurance business t…

A captive insurance company may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in this state. Added by Laws 2004, c. 334, § 12, emerg. eff. May 25, 2004.

companies – Trust funds – Dividends and distributions – Approval required. A. The Insurance Commissioner may not issue or renew the license of a captive insurance company unless the company possesses and thereafter maintains unimpaired aggregate paid-in capital and surplus of: 1.…

Sections 6475.1 through 6475.17 of this title shall be known and may be cited as the "Uniform Health Carrier External Review Act". Added by Laws 2011, c. 278, § 35. Amended by Laws 2011, c. 360, § 25; Laws 2022, c. 154, § 11, eff. Nov. 1, 2022.

A. 1. Within four (4) months after the date of receipt of a notice of an adverse determination or final adverse determination pursuant to Section 6475.5 of this title that involves a denial of coverage based on a determination that the health care service or treatment recommended…