§ 6470.3. License--Limitations on risks covered--Requirements for conducting business in state-...
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2022
Effective: November 1, 2022
36 Okl.St.Ann. § 6470.3
§ 6470.3. License--Limitations on risks covered--Requirements for conducting business in state--Information required--Fees--Provisional license
7. A series captive insurance company may not insure any risks other than those permitted in paragraphs 1 through 6 of this subsection. A series may elect to apply for a certificate of authority as an association captive insurance company, industrial insured captive insurance company, a pure captive insurance company, series captive insurance company, or a special purpose captive insurance company.
3. Appoint a resident registered agent to accept service of process and to otherwise act on its behalf in this state. Whenever the registered agent cannot with reasonable diligence be found at the registered office of the captive insurance company, the Insurance Commissioner shall be deemed an agent of the captive insurance company upon whom any process, notice, or demand may be served.
C. 1. Before receiving a license, a captive insurance company shall file with the Commissioner a certified copy of its organizational documents, a statement under oath of its president or other authorized person showing its financial condition, a feasibility study, a business plan, and any other statements, information or documents required by the Commissioner.
D. Except for a special purpose captive insurance company, a captive insurance company shall pay to the Department a nonrefundable application fee of Two Hundred Dollars ($200.00) for reviewing its application to determine whether it is complete and in addition, the Insurance Commissioner may retain legal, financial, and examination services from outside the Department, the reasonable cost of which may be charged against the applicant. A special purpose captive insurance company shall pay to the Department a nonrefundable fee of Three Hundred Dollars ($300.00). Also, a captive insurance company shall pay a license fee for the year of registration and a renewal fee of Three Hundred Dollars ($300.00).
E. If the Insurance Commissioner is satisfied that the documents and statements filed by the captive insurance company comply with the provisions of the Oklahoma Captive Insurance Company Act, the Insurance Commissioner may grant a license authorizing the company to do insurance business in this state until the succeeding March 1 at which time the license may be renewed.
2. As a condition precedent to the issuance of a provisional license under this section, the applicant shall have filed a complete application containing all information required by this section, paid all fees required for licensure and the Insurance Commissioner shall have made a preliminary finding that the expertise, experience and character of the person or persons who will control and manage the applicant captive insurer are acceptable.
3. The Insurance Commissioner may by order limit the authority of any provisional licensee in any way deemed necessary to protect insureds and the public. The Insurance Commissioner may by order revoke a provisional license if the interests of insureds or the public are endangered. If the applicant fails to complete the regular licensure application process, the provisional license shall terminate automatically.
Credits
Laws 2004, c. 334, § 10, emerg. eff. May 25, 2004; Laws 2006, c. 265, § 2, eff. Nov. 1, 2006; Laws 2012, c. 365, § 5, emerg. eff. June 8, 2012; Laws 2013, c. 41, § 6, eff. Nov. 1, 2013; Laws 2015, c. 298, § 15, eff. Nov. 1, 2015; Laws 2016, c. 73, § 13, eff. Nov. 1, 2016; Laws 2018, c. 306, § 2; Laws 2021, c. 314, § 15, eff. Nov. 1, 2021; Laws 2022, c. 127, § 2, eff. Nov. 1, 2022.
36 Okl. St. Ann. § 6470.3, OK ST T. 36 § 6470.3
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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