Okla. Stat. tit. 36, § 36-624.3: Refund of adverse economically targeted and home office

credit deductions.

A. As used in this section:

1. “Economically targeted credits” means any credit against the

insurance premium tax other than the home office credits;

2. “Home office credits” means the credits against insurance

premium tax authorized pursuant to Section 625.1 of this title;

3. “Insurance premium tax” means those levies imposed pursuant

to Sections 624 and 628 of this title; and

4. “Insurance premium tax liabilities” means the total

liability of any insurance company created by the insurance premium

tax.

B. Any taxpayer adversely affected by a requirement of the

Oklahoma Insurance Department for deducting home office credits

after the deduction of economically targeted credits in computation

of the taxpayer’s insurance premium tax liabilities for the period

January 2003, through December 2006, shall be granted a refund,

pursuant to the provisions of Section 624.2 of this title, for the

difference between the insurance premium tax liability as it would

have been computed had the home office credit been deducted prior to

economically targeted credits and the insurance premium tax

liability as it was actually computed for such periods.

C. The provisions of this section shall be deemed sufficient

grounds for the granting of a refund claim pursuant to subsection C

of Section 624.2 of this title.

D. No refund otherwise payable pursuant to the provisions of

this section shall be paid to a claimant prior to July 1, 2007.

E. Refunds paid on or after July 1, 2007, pursuant to the

provisions of this section shall only be paid from those insurance

premium taxes and fees that would be apportioned to the General

Revenue Fund of the State Treasury. No refund otherwise payable

pursuant to the provisions of this section shall be paid from

insurance premium taxes or fees that would be apportioned to the

Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma

Police Pension and Retirement System or the Law Enforcement

Retirement Fund.

F. Any and all premium tax credits to be utilized or recovered

in a subsequent year are fully admitted as an asset to the insurer

owning or generating said credits.