Okla. Stat. tit. 36, § 36-6470.34: Entity-protected cell

A. A protected cell of a sponsored captive insurance company

may be formed as an entity-protected cell. "Entity-protected cell"

means a protected cell that is established as any type of legal

entity separate from the sponsored captive insurance company of

which it is a part.

B. Subject to the prior written approval of the sponsored

captive insurance company and of the Insurance Commissioner, an

entity-protected cell shall be entitled to enter into contracts and

undertake obligations in its own name and for its own account. In

the case of a contract or obligation to which the sponsored captive

insurance company is not a party, either in its own name and for its

own account or on behalf of a protected cell, the counterparty to

the contract or obligation shall have no right or recourse against

the sponsored captive insurance company and its assets other than

against assets properly attributable to the entity-protected cell

that is a party to the contract or obligation.

C. The articles of incorporation or articles of organization of

an entity-protected cell shall refer to the sponsored captive

insurance company for which it is a protected cell and shall state

that the protected cell is incorporated or organized for the limited

purposes authorized by the sponsored captive insurance company's

license. A copy of the prior written approval of the Commissioner

to add the entity-protected cell, required by Section 6470.29 of

Title 36 of the Oklahoma Statutes, shall be attached to and filed

with the articles of incorporation or the articles of organization.

D. Sponsored captive insurance companies, including those

licensed as special purpose captive insurance companies, shall have

the option to establish one or more protected cells as a separate

corporation, mutual corporation, nonprofit corporation, limited

liability company, or reciprocal insurer. This section shall not be

construed to limit any rights or protections applicable to protected

cells not established as corporations, mutual corporations,

nonprofit corporations, limited liability companies, or reciprocal

insurers.