§ 6470.6. Unimpaired paid-in capital requirements--Branch companies--Trust funds--Dividends and...
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2021
Effective: November 1, 2021
36 Okl.St.Ann. § 6470.6
§ 6470.6. Unimpaired paid-in capital requirements--Branch companies--Trust funds--Dividends and distributions--Approval required
1. In the case of a pure captive insurance company, not less than Two Hundred Fifty Thousand Dollars ($250,000.00), One Hundred Fifty Thousand Dollars ($150,000.00) of which must be paid-in prior to the issuance of a license, and an additional One Hundred Thousand Dollars ($100,000.00) of which must be paid-in on or before the first anniversary of the issuance of the initial license;
6. In the case of a special purpose or branch captive insurance company, not less than Two Hundred Fifty Thousand Dollars ($250,000.00) or an amount determined by the Insurance Commissioner after giving due consideration to the business plan of the company, feasibility study, and pro formas, including the nature of the risks to be insured;
C. In the case of a branch captive insurance company, as security for the payment of liabilities attributable to branch operations, the Insurance Commissioner may require that a trust fund, funded by an irrevocable letter of credit or other acceptable asset, be established and maintained in the United States for the benefit of United States policyholders and United States ceding insurers. The amount of the security may be no less than the capital and surplus required by the Oklahoma Captive Insurance Company Act and the reserves on these insurance policies or reinsurance contracts.
D. A captive insurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus, without the prior approval of the Insurance Commissioner. Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the Insurance Commissioner.
Credits
Laws 2004, c. 334, § 13, emerg. eff. May 25, 2004; Laws 2013, c. 41, § 7, eff. Nov. 1, 2013; Laws 2015, c. 298, § 16, eff. Nov. 1, 2015; Laws 2021, c. 314, § 16, eff. Nov. 1, 2021.
36 Okl. St. Ann. § 6470.6, OK ST T. 36 § 6470.6
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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