{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1635","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1635","heading":"Registration of insurers","body":"A. Every insurer which is authorized to do business in this\n\nstate and which is a member of an insurance holding company system\n\nshall register with the Insurance Commissioner, except a foreign\n\ninsurer subject to registration requirements and standards adopted\n\nby statute or regulation in the jurisdiction of its domicile which\n\nare substantially similar to those contained in:\n\n1. This section;\n\n2. Paragraph 1 of subsection A of Section 1636 of this title\n\nand subsections B and D of Section 1636 of this title; and\n\n3. Either paragraph 2 of subsection A of Section 1636 of this\n\ntitle or a provision such as the following: Each registered insurer\n\nshall keep current the information required to be disclosed in its\n\nregistration statement by reporting all material changes or\n\nadditions within fifteen (15) days after the end of the month in\n\nwhich it learns of each change or addition; provided, however, that\n\nsubject to subsection B of Section 1636 of this title, each\n\nregistered insurer shall so report all dividends and other\n\ndistributions to shareholders within two (2) business days following\n\nthe declaration thereof.\n\nAny insurer which is subject to registration under this section\n\nshall register within fifteen (15) days after it becomes subject to\n\nregistration, and annually thereafter by May 1 of each year for the\n\nprevious calendar year, unless the Commissioner for good cause shown\n\nextends the time for registration, and then within the extended\n\ntime. The Commissioner may require any insurer authorized to do\n\nbusiness in the state which is a member of an insurance holding\n\ncompany system, and which is not subject to registration under this\n\nsection, to furnish a copy of the registration statement, the\n\nsummary specified in subsection C of this section or other\n\ninformation filed by the insurance company with the insurance\n\nregulatory authority of its domiciliary jurisdiction.\n\nB. Every insurer subject to registration shall file the\n\nregistration statement with the Commissioner on a form and in a\n\nformat prescribed by the National Association of Insurance\n\nCommissioners (NAIC), which shall contain the following current\n\ninformation:\n\n1. The capital structure, general financial condition,\n\nownership and management of the insurer and any person controlling\n\nthe insurer;\n\n2. The identity and relationship of every member of the\n\ninsurance holding company system;\n\n3. The following agreements in force, and transactions\n\ncurrently outstanding or which have occurred during the last\n\ncalendar year between the insurer and its affiliates:\n\na. loans, other investments, or purchases, sales or\n\nexchanges of securities of the affiliates by the\n\ninsurer or of the insurer by its affiliates,\n\nb. purchases, sales or exchange of assets,\n\nc. transactions not in the ordinary course of business,\n\nd. guarantees or undertakings for the benefit of an\n\naffiliate which result in an actual contingent\n\nexposure of the insurer's assets to liability, other\n\nthan insurance contracts entered into in the ordinary\n\ncourse of the insurer's business,\n\ne. all management agreements, service contracts and all\n\ncost-sharing arrangements,\n\nf. reinsurance agreements,\n\ng. dividends and other distributions to shareholders, and\n\nh. consolidated tax allocation agreements;\n\n4. Any pledge of the insurer's stock, including stock of any\n\nsubsidiary or controlling affiliate, for a loan made to any member\n\nof the insurance holding company system;\n\n5. If requested by the Commissioner, the insurer shall include\n\nfinancial statements of or within an insurance holding company\n\nsystem, including all affiliates. Financial statements may include\n\nbut are not limited to annual audited financial statements filed\n\nwith the U.S. Securities and Exchange Commission (SEC) pursuant to\n\nthe Securities Act of 1933, as amended, or the Securities Exchange\n\nAct of 1934, as amended. An insurer required to file financial\nde\n\nfinancial statements of or within an insurance holding company\n\nsystem, including all affiliates. Financial statements may include\n\nbut are not limited to annual audited financial statements filed\n\nwith the U.S. Securities and Exchange Commission (SEC) pursuant to\n\nthe Securities Act of 1933, as amended, or the Securities Exchange\n\nAct of 1934, as amended. An insurer required to file financial\n\nstatements pursuant to this paragraph may satisfy the request by\n\nproviding the Commissioner with the most recently filed parent\n\ncorporation financial statements that have been filed with the SEC;\n\n6. Other matters concerning transactions between registered\n\ninsurers and any affiliates as may be included from time to time in\n\nany registration forms adopted or approved by the Commissioner;\n\n7. Statements that the insurer's board of directors oversees\n\ncorporate governance and internal controls and that the insurer's\n\nofficers or senior management have approved, implemented and\n\ncontinue to maintain and monitor corporate governance and internal\n\ncontrol procedures; and\n\n8. Any other information required by the Commissioner by rule\n\nor regulation.\n\nC. All registration statements shall contain a summary\n\noutlining all items in the current registration statement\n\nrepresenting changes from the prior registration statement.\n\nD. No information need be disclosed on the registration\n\nstatement filed pursuant to subsection B of this section if the\n\ninformation is not material for the purposes of this section.\n\nUnless the Commissioner by rule, regulation or order provides\n\notherwise, sales, purchases, exchanges, loans or extensions of\n\ncredit, investments, or guarantees involving one-half of one percent\n\n(.5%) or less of an insurer's admitted assets as of December 31 next\n\npreceding shall not be deemed material for purposes of this section.\n\nThe definition of materiality provided in this subsection shall not\n\napply for purposes of the Group Capital Calculation Instructions or\n\nthe Liquidity Stress Test Framework.\n\nE. Subject to subsection B of Section 1636 of this title, each\n\nregistered insurer shall report to the Commissioner all dividends\n\nand other distributions to shareholders within fifteen (15) business\n\ndays following the declaration thereof.\n\nF. Any person within an insurance holding company system\n\nsubject to registration shall be required to provide complete and\n\naccurate information to an insurer, where the information is\n\nreasonably necessary to enable the insurer to comply with the\n\nprovisions of this act.\n\nG. The Commissioner shall terminate the registration of any\n\ninsurer which demonstrates that it no longer is a member of an\n\ninsurance holding company system.\n\nH. The Commissioner may require or allow two or more affiliated\n\ninsurers subject to registration to file a consolidated registration\n\nstatement.\n\nI. The Commissioner may allow an insurer which is authorized to\n\ndo business in this state and which is part of an insurance holding\n\ncompany system to register on behalf of any affiliated insurer which\n\nis required to register under subsection A of this section and to\n\nfile all information and material required to be filed under this\n\nsection.\n\nJ. The provisions of this section shall not apply to any\n\ninsurer, information or transaction if and to the extent that the\n\nCommissioner by rule, regulation or order shall exempt the same from\n\nthe provisions of this section.\n\nK. Any person may file with the Commissioner a disclaimer of\n\naffiliation with any authorized insurer or a disclaimer may be filed\n\nby the insurer or any member of an insurance holding company system.\n\nThe disclaimer shall fully disclose all material relationships and\n\nbases for affiliation between the person and the insurer as well as\n\nthe basis for disclaiming the affiliation. A disclaimer of\n\naffiliation shall be deemed to have been granted unless the\nof\n\naffiliation with any authorized insurer or a disclaimer may be filed\n\nby the insurer or any member of an insurance holding company system.\n\nThe disclaimer shall fully disclose all material relationships and\n\nbases for affiliation between the person and the insurer as well as\n\nthe basis for disclaiming the affiliation. A disclaimer of\n\naffiliation shall be deemed to have been granted unless the\n\nCommissioner, within thirty (30) days following receipt of a\n\ncomplete disclaimer, notifies the filing party the disclaimer is\n\ndisallowed. In the event of disallowance, the disclaiming party may\n\nrequest an administrative hearing, which shall be granted. The\n\ndisclaiming party shall be relieved of its duty to register under\n\nthis section if approval of the disclaimer has been granted by the\n\nCommissioner, or if the disclaimer is deemed to have been approved.\n\nL. 1. The ultimate controlling person of every insurer subject\n\nto registration shall also file an annual enterprise risk report.\n\nThe report shall, to the best of the ultimate controlling person's\n\nknowledge and belief, identify the material risks within the\n\ninsurance holding company system that could pose enterprise risk to\n\nthe insurer. The report shall be filed with the lead state\n\nCommissioner of the insurance holding company system as determined\n\nby the procedures within the Financial Analysis Handbook adopted by\n\nthe National Association of Insurance Commissioners.\n\n2. Except as provided below, the ultimate controlling person of\n\nevery insurer subject to registration shall concurrently file with\n\nthe registration an annual group capital calculation as directed by\n\nthe lead state Commissioner. The report shall be completed in\n\naccordance with the NAIC Group Capital Calculation Instructions,\n\nwhich may permit the lead state Commissioner to allow a controlling\n\nperson that is not the ultimate controlling person to file the group\n\ncapital calculation. The report shall be filed with the lead state\n\nCommissioner of the insurance holding company system as determined\n\nby the commissioner in accordance with the procedures within the\n\nFinancial Analysis Handbook adopted by the NAIC. Insurance holding\n\ncompany systems described below are exempt from filing the group\n\ncapital calculation:\n\na. an insurance holding company system that has only one\n\ninsurer within its holding company structure, that\n\nonly writes business in its domestic state, and\n\nassumes no business from any other insurer,\n\nb. an insurance holding company system that is required\n\nto perform a group capital calculation specified by\n\nthe United States Federal Reserve Board. The lead\n\nstate Commissioner shall request the calculation from\n\nthe Federal Reserve Board under the terms of\n\ninformation sharing agreements in effect. If the\n\nFederal Reserve Board cannot share the calculation\n\nwith the lead state Commissioner, the insurance\n\nholding company system is not exempt from the group\n\ncapital calculation filing,\n\nc. an insurance holding company system whose non-United\n\nStates group-wide supervisor is located within a\n\nreciprocal jurisdiction as described in Section 5122\n\nof Title 36 of the Oklahoma Statutes that recognizes\n\nthe United States state regulatory approach to group\n\nsupervision and group capital,\n\nd. an insurance holding company system:\n\n(1) that provides information to the lead state that\n\nmeets the requirements for accreditation under\n\nthe NAIC financial standards and accreditation\n\nprogram, either directly or indirectly through\n\nthe group-wide supervisor, who has determined\n\nsuch information is satisfactory to allow the\n\nlead state to comply with the NAIC group\n\nsupervision approach, as detailed in the NAIC\n\nFinancial Analysis Handbook, and\nrequirements for accreditation under\n\nthe NAIC financial standards and accreditation\n\nprogram, either directly or indirectly through\n\nthe group-wide supervisor, who has determined\n\nsuch information is satisfactory to allow the\n\nlead state to comply with the NAIC group\n\nsupervision approach, as detailed in the NAIC\n\nFinancial Analysis Handbook, and\n\n(2) whose non-United States group-wide supervisor\n\nthat is not in a reciprocal jurisdiction\n\nrecognizes and accepts, as specified by the\n\ncommissioner in regulation, the group capital\n\ncalculation as the world-wide group capital\n\nassessment for United States insurance groups who\n\noperate in that jurisdiction,\n\ne. notwithstanding the provisions of subparagraphs c and\n\nd of paragraph 2 of subsection L of this section, a\n\nlead state Commissioner shall require the group\n\ncapital calculation for U.S. operations of any non-\n\nUnited States-based insurance holding company system\n\nwhere, after any necessary consultation with other\n\nsupervisors or officials, it is deemed appropriate by\n\nthe lead state Commissioner for prudential oversight\n\nand solvency monitoring purposes or for ensuring the\n\ncompetitiveness of the insurance marketplace,\n\nf. notwithstanding the exemptions from filing the group\n\ncapital calculation stated in subparagraphs a through\n\nd of paragraph 2 of subsection L of this section, the\n\nlead state Commissioner has the discretion to exempt\n\nthe ultimate controlling person from filing the annual\n\ngroup capital calculation or to accept a limited group\n\ncapital filing or report in accordance with criteria\n\nas specified by the commissioner in regulation, and\n\ng. if the lead state Commissioner determines that an\n\ninsurance holding company system no longer meets one\n\nor more of the requirements for an exemption from\n\nfiling the group capital calculation under this\n\nsection, the insurance holding company system shall\n\nfile the group capital calculation at the next annual\n\nfiling date unless given an extension by the lead\n\nstate Commissioner based on reasonable grounds shown;\n\n3. The ultimate controlling person of every insurer subject to\n\nregistration and also scoped into the NAIC Liquidity Stress Test\n\nFramework shall file the results of a specific year's Liquidity\n\nStress Test. The filing shall be made to the lead state insurance\n\ncommissioner of the insurance holding company system as determined\n\nby the procedures within the Financial Analysis Handbook adopted by\n\nthe NAIC:\n\na. the NAIC Liquidity Stress Test Framework includes\n\nScope Criteria applicable to a specific data year.\n\nThese Scope Criteria are reviewed at least annually by\n\nthe Financial Stability Task Force or its successor.\n\nAny change to the NAIC Liquidity Stress Test Framework\n\nor to the data year for which the Scope Criteria are\n\nto be measured shall be effective on January 1 of the\n\nyear following the calendar year when such changes are\n\nadopted. Insurers meeting at least one threshold of\n\nthe Scope Criteria are considered scoped into the NAIC\n\nLiquidity Stress Test Framework for the specified data\n\nyear unless the lead state insurance commissioner, in\n\nconsultation with the NAIC Financial Stability Task\n\nForce or its successor, determines the insurer should\n\nnot be scoped into the Framework for that data year.\n\nSimilarly, insurers that do not trigger at least one\n\nthreshold of the Scope Criteria are considered scoped\n\nout of the NAIC Liquidity Stress Test Framework for\n\nthe specified data year, unless the lead state\n\ninsurance commissioner, in consultation with the NAIC\n\nFinancial Stability Task Force or its successor,\n\ndetermines the insurer should be scoped into the\n\nFramework for that data year. Regulators wish to\n\navoid having insurers scoped in and out of the NAIC\n\nLiquidity Stress Test Framework on a frequent basis.\n\nThe lead state insurance commissioner, in consultation\ndata year, unless the lead state\n\ninsurance commissioner, in consultation with the NAIC\n\nFinancial Stability Task Force or its successor,\n\ndetermines the insurer should be scoped into the\n\nFramework for that data year. Regulators wish to\n\navoid having insurers scoped in and out of the NAIC\n\nLiquidity Stress Test Framework on a frequent basis.\n\nThe lead state insurance commissioner, in consultation\n\nwith the Financial Stability Task Force or its\n\nsuccessor, will assess this concern as part of the\n\ndetermination for an insurer, and\n\nb. the performance of, and filing of the results from, a\n\nspecific year's Liquidity Stress Test shall comply\n\nwith the NAIC Liquidity Stress Test Framework's\n\ninstructions and reporting templates for that year and\n\nany lead state insurance commissioner determinations,\n\nin consultation with the Financial Stability Task\n\nForce or its successor, provided within the Framework.\n\nM. The failure to file a registration statement or any summary\n\nof the registration statement or enterprise risk filing required by\n\nthis section within the time specified for filing shall be a\n\nviolation of this section.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"347af188761f7a10a26796d6d49a8fe2b6d24113a2efce0e815e30032079f7ba","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1634","next":"us-ok/okla.-stat.-tit.-36-36-1636"},"notice":"GroundRules: Original legal text. Not legal advice."}