§ 6470.29. Sponsored captive insurance company--Supplemental materials--Protected cells
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 6470.29
§ 6470.29. Sponsored captive insurance company--Supplemental 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 this title shall apply to each protected cell of a sponsored captive insurance company.
In addition to the information required by subsection C of Section 6470.3 of this title, each applicant sponsored captive insurance company shall file with the Commissioner the following:
2. Each protected cell must be accounted for separately on the books and records of the sponsored captive insurance company to reflect the financial condition and results of operations of the protected cell, net income or loss, dividends or other distributions to participants, and other factors may be provided in the participant contract or required by the Insurance Commissioner;
5. No sale, exchange, transfer of assets, dividend, or distribution, other than a payment to a sponsor in accordance with the applicable participant contract, may be made from a protected cell to a sponsor or participant without the approval of the Insurance Commissioner and in no event may the approval be given if the sale, exchange, transfer, dividend, or distribution would result in insolvency or impairment with respect to a protected cell;
8. No participant contract shall take effect without the prior written approval of the Insurance Commissioner, and the addition of each new protected cell and withdrawal of any participant or termination of any existing protected cell constitutes a change in the business plan of the sponsored captive insurance company requiring the prior written approval of the Insurance Commissioner.
Credits
Laws 2004, c. 334, § 36, emerg. eff. May 25, 2004; Laws 2013, c. 41, § 21, eff. Nov. 1, 2013; Laws 2015, c. 298, § 25, eff. Nov. 1, 2015.
36 Okl. St. Ann. § 6470.29, OK ST T. 36 § 6470.29
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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