Title 36, Title 36 — Insurance

Information to be disclosed in report. A. No acquisitions or dispositions of assets need be reported pursuant to Section 1 of this act if the acquisitions or dispositions are not material. For purposes of this act, a material acquisition, or the aggregate of any series of related…

ceded reinsurance agreements defined - Information to be disclosed in report. A. 1. No nonrenewals, cancellations or revisions of ceded reinsurance agreements need be reported pursuant to Section 1 of this act if the nonrenewals, cancellations or revisions are not material. For p…

certificate of authority to transact business. A. 1. All insurers authorized to do business under the provisions of this Code shall, annually, on or before the first day of March, file with the National Association of Insurance Commissioners (NAIC), statements which shall exhibit…

statement - Penalty. A. Any insurer who files with the Insurance Commissioner any statement required by this Code knowing such statement to be fraudulent and materially false, upon conviction, shall be guilty of a Class D1 felony offense, for which the punishment shall be a fine …

A. The Insurance Commissioner may request financial information more frequently than quarterly if it appears an insurer is having financial difficulty, if erratic changes are occurring in the financial data of the company, if a considerable number of consumer complaints have been…

In all financial reports of an insurer to the Insurance Commissioner, real property acquired by the insurer shall be entered as an asset on the basis of its original cost along with appropriate adjustments, or the appraised market value where it is expressly indicated that such a…

insurers - Adoption of rules - Filing fee - Use of documents. A. Insurers authorized to do business under the provisions of the Oklahoma Insurance Code shall annually file with the Insurance Commissioner market conduct annual statements reporting market conduct data of insurers o…

surety companies. Nothing in this act shall apply to a duly authorized attorney- at-law acting in the usual cause of his profession nor to any insurance company, bonding company or surety company now or hereafter duly and regularly licensed and doing business as such under the la…

All filing fees and examination costs collected under this act shall be credited to the General Fund of the State of Oklahoma. The Commissioner is authorized to employ such personnel as may be necessary to carry out the provisions of this act and to fix their compensation within …

Any person violating any of the provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof shall be punished by a fine of not more than Five Hundred Dollars ($500.00) or by imprisonment in the county jail for not more than six (6) months, or by bot…

Sections 311A.1 through 311A.18 of this title shall be known as and may be cited as the "Oklahoma Annual Financial Report Act". Added by Laws 2009, c. 176, § 3, eff. Nov. 1, 2009. Amended by Laws 2019, c. 28, § 1, eff. Nov. 1, 2019.

materially misstated its financial condition - Liability - Subsequent awareness. A. The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five (5) business days to the board of d…

controls - Description of remedial actions. A. In addition to the annual audited financial report, each insurer shall furnish the Insurance Commissioner with a written communication as to any unremediated material weaknesses in its internal controls over financial reporting noted…

The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: 1. That the accountant is independent with respect to the insurer and conforms to the standards of the profession as contained i…

Copies. A. Work papers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the audit by the accountant of the financial statements of an insurer. Wo…

A. This section shall not apply to foreign or alien insurers licensed in this state or an insurer that is a SOX Compliant Entity or a direct or indirect wholly-owned subsidiary of a SOX Compliant Entity. B. The audit committee shall be directly responsible for the appointment, co…

A. Exemption – An insurer is exempt from the requirements of this section if: 1. The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporatio…

accountant. A. No director or officer of an insurer shall, directly or indirectly: 1. Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review, or communication required under the Oklahoma Annual Financial Report Ac…

financial reporting. A. Every insurer required to file an audited financial report pursuant to the Oklahoma Annual Financial Report Act that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood …

A. Upon written application of any insurer, the Insurance Commissioner may grant an exemption from compliance with any and all provisions of the Oklahoma Annual Financial Report Act if the Commissioner finds, upon review of the application, that compliance with the Oklahoma Annua…

A. In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant. B. For such in…

A. The purpose of the Oklahoma Annual Financial Report Act is to improve the surveillance of the Insurance Commissioner over the financial condition of insurers by requiring: 1. An annual audit of financial statements reporting the financial position and the results of operations…

As used in the Oklahoma Annual Financial Report Act: 1. "Accountant" or "independent certified public accountant" means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accounts (AICPA), and in all stat…

A. All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Insurance Commissioner on or before June 1 for the year ended December 31 immediately preceding. The Commissioner may require an insurer to…

A. The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows, and changes in capital and surplus for the year then ended in conformity with statutory accounti…

or accounting firm retained to conduct the annual audit - Accountant letter - Notification of dismissal or resignation. A. Each insurer required by the Oklahoma Annual Financial Report Act to file an annual audited financial report must, within sixty (60) days after becoming subj…

A. The Insurance Commissioner shall not recognize a person or firm as a qualified independent certified public accountant if the person or firm: 1. Is not in good standing with the AICPA and in all states in which the accountant is licensed to practice, or, for a Canadian or Brit…

An insurer may make written application to the Insurance Commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies that utilizes a poolin…

Financial statements furnished pursuant to Section 311A.5 of this title shall be examined by the independent certified public accountant. The audit of the financial statements of the insurer shall be conducted in accordance with generally accepted auditing standards. In accordanc…

- Record and statement - Annual reports. A. For the fiscal year ending June 30, 2004, the Insurance Commissioner shall report and disburse one hundred percent (100%) of the fees and taxes collected under Section 624 of this title to the State Treasurer to be deposited to the cred…

Civil penalties and fees imposed by the Insurance Commissioner pursuant to Oklahoma law may be enforced in the same manner in which civil judgments may be enforced. All final orders of the Insurance Commissioner imposing administrative charges, fees, civil penalties, restitution …

- Applicability of Administrative Procedures Act. A. Orders and notices of the Insurance Commissioner shall be in writing and shall be signed by the Commissioner, an authorized employee of the Insurance Department, or an independent hearing examiner. A final order signed by an in…

A. The Insurance Commissioner may take depositions, subpoena witnesses or documentary evidence, administer oaths, and examine under oath any individual relative to the affairs of any person being examined, or relative to the subject of any hearing or investigation. B. All adminis…

period for issuance of final order. In conducting any hearing pursuant to the Insurance Code, the Insurance Commissioner may appoint an independent hearing examiner who shall sit as a quasi-judicial officer. The ordinary fees and costs of such hearing examiner shall be assessed b…

A. Any person aggrieved by a final order of the Insurance Commissioner may obtain judicial review in accordance with the Administrative Procedures Act. The venue of any such action shall be in the district court of Oklahoma County. A copy of such petition shall also forthwith be …

Sections 22 through 24 of this act shall be known and may be cited as the "Oklahoma Child Health Insurance Reform Act". Added by Laws 1994, c. 294, § 22, eff. Sept. 1, 1994.

As used in the Oklahoma Child Health Insurance Reform Act: 1. "Child health supervision services" means the periodic review of a child's physical and emotional status by a physician or other primary health care provider or pursuant to a physician's supervision; 2. "Review" shall …

A. All health benefit plans which provide coverage for a family member of the insured or subscriber shall offer coverage for child health supervision services. Such services shall include coverage from the moment of birth through the age of eighteen years. Each such plan or contr…

A. The Insurance Commissioner shall collect in advance the following fees: 1. For filing charter documents: Original charter documents, articles of incorporation, bylaws, or record of organization of alien or foreign insurers, or certified copies thereof..........................…

A. There shall be collected at the time of filing of a report, a fee payable by each insurer required to file a report under Section 101 et seq. of this title, provided the insurer's total written premium per liability category exceeds the requisite filing fee, which shall be Fou…

The Insurance Commissioner may, if the Commissioner finds that any person or organization has violated the provisions of any statute, rule, bulletin, or order for which the Commissioner has jurisdiction, impose a penalty of not more than Five Thousand Dollars ($5,000.00) for each…

In addition to any powers herein before expressly enumerated in this law, the Insurance Commissioner shall have full power and authority to enforce by regulations, orders, bulletins or otherwise all and singular, the provisions of this law, and the full intent thereof. In particu…

Act. This act shall be known and may be cited as the "Own Risk and Solvency Assessment (ORSA) Act". Added by Laws 2015, c. 228, § 1, eff. Jan. 1, 2016.

As used in the Own Risk and Solvency Assessment (ORSA) Act: 1. "Insurance group" shall mean, for the purpose of conducting an Own Risk and Solvency Assessment (ORSA), those insurers and affiliates included within an insurance holding company system as defined in Section 1651 of T…

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a r…

Subject to the provisions of Section 6 of this act, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually, but also a…

A. Upon the Insurance Commissioner's request, and no more than once each year, an insurer shall submit to the Insurance Commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the…

A. An insurer shall be exempt from the requirements of this act, if: 1. The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums, but excluding premiums reinsured with the Federal Crop Insurance Corporation and F…

-Review. A. The ORSA Summary Report shall be prepared consistent with the ORSA Guidance Manual, subject to the requirements of subsection B of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Ins…

receiving information with and from other regulatory agencies. A. Documents, materials or other information, including the ORSA Summary Report, in the possession of or control of the Department of Insurance that are obtained by, created by or disclosed to the Insurance Commission…