§ 6470.10. Formation of captive reinsurance company or sponsored captive insurance company--Org...
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2022
Effective: November 1, 2022
36 Okl.St.Ann. § 6470.10
§ 6470.10. Formation of captive reinsurance company or sponsored captive insurance company--Organization as reciprocal insurer--Branch captive insurance company--Considerations for issuance of license--Privileges and obligations
E. 1. A captive insurance company formed under the laws of this state or under the laws of another jurisdiction that is licensed under the provisions of this title shall have the privileges and be subject to the provisions of the laws of this state or the laws of such other jurisdiction, as applicable, under which such captive insurance company is organized as well as the applicable provisions contained in this title. In the event of conflict between the provisions of the laws of this state or the laws of such other jurisdiction, as applicable, under which such captive insurance company is organized, and the provisions of this title, the latter shall control.
2. A captive insurance company, formed or licensed under the Oklahoma Captive Insurance Company Act, has the privileges and is subject to the provisions of Oklahoma law as well as the applicable provisions contained in the Oklahoma Captive Insurance Company Act. If a conflict occurs between a provision of the general law of Oklahoma and a provision of the Oklahoma Captive Insurance Company Act, the latter controls. No provision of the Oklahoma Insurance Code, other than those contained in this act or otherwise specifically referencing such companies, shall apply to captive insurance companies.
4. All preliminary reports or results, working papers, recorded information, orders, documents and copies of documents produced by, obtained by or disclosed to the Commissioner or any other person in the course of any merger, consolidation, conversion, mutualization and change of control made under this section are confidential and are not subject to subpoena and may not be made public by the Commissioner or any employee or agent of the Commissioner without the written consent of the company, except to the extent provided in this subsection. Nothing in this subsection prevents the Commissioner from using this information in furtherance of the regulatory authority of the Commissioner under the Oklahoma Captive Insurance Company Act. The Commissioner may grant access to this information to public officers having jurisdiction over the regulation of insurance in any other state or country, or to law enforcement officers of this state or any other state or agency of the federal government at any time, so long as the officers receiving the information agree in writing to use and retain it in any manner consistent with this section.
5. The terms and conditions set forth in Articles 18 and 19 of the Oklahoma Insurance Code pertaining to insurance supervision, conservatorship, rehabilitation, and receiverships apply in full to captive insurance companies including for this purpose individual protected cells of sponsored captive insurance companies as provided in Section 6470.29 of this title.
6. Any insurer which holds a current license to transact the business of insurance under the laws of any other jurisdiction may become an Oklahoma domiciled captive insurer by complying with all of the requirements of Oklahoma law relative to the organization and licensing of a captive insurer and obtaining the approval of the insurer's application for redomestication by the chief insurance regulatory official of the company's current and proposed domiciles.
Credits
Laws 2004, c. 334, § 17, emerg. eff. May 25, 2004; Laws 2013, c. 41, § 8, eff. Nov. 1, 2013; Laws 2015, c. 298, § 17, eff. Nov. 1, 2015; Laws 2018, c. 306, § 3; Laws 2021, c. 314, § 17, eff. Nov. 1, 2021; Laws 2022, c. 127, § 3, eff. Nov. 1, 2022.
36 Okl. St. Ann. § 6470.10, OK ST T. 36 § 6470.10
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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