{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1639","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1639","heading":"Group-wide supervisor for any internationally active","body":"insurance group.\n\nA. The Commissioner is authorized to act as the group-wide\n\nsupervisor for any internationally active insurance group in\n\naccordance with the provisions of this section. However, the\n\nCommissioner may otherwise acknowledge another regulatory official\n\nas the group-wide supervisor where the internationally active\n\ninsurance group:\n\n1. Does not have substantial insurance operations in the United\n\nStates;\n\n2. Has substantial insurance operations in the United States,\n\nbut not in this state; or\n\n3. Has substantial insurance operations in the United States\n\nand this state, but the Commissioner has determined pursuant to the\n\nfactors set forth in subsections B and F of this section that the\n\nother regulatory official is the appropriate group-wide supervisor.\n\nAn insurance holding company system that does not otherwise qualify\n\nas an internationally active insurance group may request that the\n\nCommissioner make a determination or acknowledgment as to a group-\n\nwide supervisor pursuant to this section.\n\nB. In cooperation with other state, federal and international\n\nregulatory agencies, the Commissioner will identify a single group-\n\nwide supervisor for an internationally active insurance group. The\n\nCommissioner may determine that the Commissioner is the appropriate\n\ngroup-wide supervisor for an internationally active insurance group\n\nthat conducts substantial insurance operations concentrated in this\n\nstate. However, the Commissioner may acknowledge that a regulatory\n\nofficial from another jurisdiction is the appropriate group-wide\n\nsupervisor for the internationally active insurance group. The\n\nCommissioner shall consider the following factors when making a\n\ndetermination or acknowledgment under this subsection:\n\n1. The place of domicile of the insurers within the\n\ninternationally active insurance group that hold the largest share\n\nof the group's written premiums, assets or liabilities;\n\n2. The place of domicile of the top-tiered insurer or insurers\n\nin the insurance holding company system of the internationally\n\nactive insurance group;\n\n3. The location of the executive offices or largest operational\n\noffices of the internationally active insurance group;\n\n4. Whether another regulatory official is acting or is seeking\n\nto act as the group-wide supervisor under a regulatory system that\n\nthe Commissioner determines to be:\n\na. substantially similar to the system of regulation\n\nprovided under the laws of this state, or\n\nb. otherwise sufficient in terms of providing for group-\n\nwide supervision, enterprise risk analysis, and\n\ncooperation with other regulatory officials; and\n\n5. Whether another regulatory official acting or seeking to act\n\nas the group-wide supervisor provides the Commissioner with\n\nreasonably reciprocal recognition and cooperation. However, a\n\nCommissioner identified under this section as the group-wide\n\nsupervisor may determine that it is appropriate to acknowledge\n\nanother supervisor to serve as the group-wide supervisor. The\n\nacknowledgment of the group-wide supervisor shall be made after\n\nconsideration of the factors listed in this paragraph and paragraphs\n\n1 through 4 of this subsection, and shall be made in cooperation\n\nwith and subject to the acknowledgment of other regulatory officials\n\ninvolved with supervision of members of the internationally active\n\ninsurance group, and in consultation with the internationally active\n\ninsurance group.\n\nC. Notwithstanding any other provision of law, when another\n\nregulatory official is acting as the group-wide supervisor of an\n\ninternationally active insurance group, the Commissioner shall\n\nacknowledge that regulatory official as the group-wide supervisor.\n\nHowever, in the event of a material change in the internationally\n\nactive insurance group that results in:\n\n1. The internationally active insurance group's insurers\n\ndomiciled in this state holding the largest share of the group's\ng as the group-wide supervisor of an\n\ninternationally active insurance group, the Commissioner shall\n\nacknowledge that regulatory official as the group-wide supervisor.\n\nHowever, in the event of a material change in the internationally\n\nactive insurance group that results in:\n\n1. The internationally active insurance group's insurers\n\ndomiciled in this state holding the largest share of the group's\n\npremiums, assets or liabilities; or\n\n2. This state being the place of domicile of the top-tiered\n\ninsurer or insurers in the insurance holding company system of the\n\ninternationally active insurance group,\n\nthe Commissioner shall make a determination or acknowledgment as to\n\nthe appropriate group-wide supervisor for such an internationally\n\nactive insurance group pursuant to subsection B of this section.\n\nD. Pursuant to Section 7 of this act, the Commissioner is\n\nauthorized to collect from any insurer registered pursuant to\n\nSection 5 of this act all information necessary to determine whether\n\nthe Commissioner may act as the group-wide supervisor of an\n\ninternationally active insurance group or if the Commissioner may\n\nacknowledge another regulatory official to act as the group-wide\n\nsupervisor. Prior to issuing a determination that an\n\ninternationally active insurance group is subject to group-wide\n\nsupervision by the Commissioner, the Commissioner shall notify the\n\ninsurer registered pursuant to Section 5 and the ultimate\n\ncontrolling person within the internationally active insurance\n\ngroup. The internationally active insurance group shall have not\n\nless than thirty (30) days to provide the Commissioner with\n\nadditional information pertinent to the pending determination. The\n\nCommissioner shall publish on its Internet website the identity of\n\ninternationally active insurance groups that the Commissioner has\n\ndetermined are subject to group-wide supervision by the\n\nCommissioner.\n\nE. If the Commissioner is the group-wide supervisor for an\n\ninternationally active insurance group, the Commissioner is\n\nauthorized to engage in any of the following group-wide supervision\n\nactivities:\n\n1. Assess the enterprise risks within the internationally\n\nactive insurance group to ensure that:\n\na. the material financial condition and liquidity risks\n\nto the members of the internationally active insurance\n\ngroup that are engaged in the business of insurance\n\nare identified by management, and\n\nb. reasonable and effective mitigation measures are in\n\nplace;\n\n2. Request, from any member of an internationally active\n\ninsurance group subject to the Commissioner's supervision,\n\ninformation necessary and appropriate to assess enterprise risk,\n\nincluding, but not limited to, information about the members of the\n\ninternationally active insurance group regarding:\n\na. governance, risk assessment and management,\n\nb. capital adequacy, and\n\nc. material intercompany transactions;\n\n3. Coordinate and, through the authority of the regulatory\n\nofficials of the jurisdictions where members of the internationally\n\nactive insurance group are domiciled, compel development and\n\nimplementation of reasonable measures designed to ensure that the\n\ninternationally active insurance group is able to timely recognize\n\nand mitigate enterprise risks to members of such internationally\n\nactive insurance group that are engaged in the business of\n\ninsurance;\n\n4. Communicate with other state, federal and international\n\nregulatory agencies for members within the internationally active\n\ninsurance group and share relevant information subject to the\n\nconfidentiality provisions of Section 10 of this act, through\n\nsupervisory colleges as set forth in Section 8 of this act or\n\notherwise;\n\n5. Enter into agreements with or obtain documentation from any\n\ninsurer registered under Section 5 of this act, any member of the\n\ninternationally active insurance group, and any other state, federal\nject to the\n\nconfidentiality provisions of Section 10 of this act, through\n\nsupervisory colleges as set forth in Section 8 of this act or\n\notherwise;\n\n5. Enter into agreements with or obtain documentation from any\n\ninsurer registered under Section 5 of this act, any member of the\n\ninternationally active insurance group, and any other state, federal\n\nand international regulatory agencies for members of the\n\ninternationally active insurance group, providing the basis for or\n\notherwise clarifying the Commissioner's role as group-wide\n\nsupervisor, including provisions for resolving disputes with other\n\nregulatory officials. Such agreements or documentation shall not\n\nserve as evidence in any proceeding that any insurer or person\n\nwithin an insurance holding company system not domiciled or\n\nincorporated in this state is doing business in this state or is\n\notherwise subject to jurisdiction in this state; and\n\n6. Other group-wide supervision activities, consistent with the\n\nauthorities and purposes enumerated above, as considered necessary\n\nby the Commissioner.\n\nF. If the Commissioner acknowledges that another regulatory\n\nofficial from a jurisdiction that is not accredited by the National\n\nAssociation of Insurance Commissioners is the group-wide supervisor,\n\nthe Commissioner is authorized to reasonably cooperate, through\n\nsupervisory colleges or otherwise, with group-wide supervision\n\nundertaken by the group-wide supervisor, provided that:\n\n1. The Commissioner's cooperation is in compliance with the\n\nlaws of this state; and\n\n2. The regulatory official acknowledged as the group-wide\n\nsupervisor also recognizes and cooperates with the Commissioner's\n\nactivities as a group-wide supervisor for other internationally\n\nactive insurance groups where applicable. Where such recognition\n\nand cooperation is not reasonably reciprocal, the Commissioner is\n\nauthorized to refuse recognition and cooperation.\n\nG. The Commissioner is authorized to enter into agreements with\n\nor obtain documentation from any insurer registered under Section 5\n\nof this act, any affiliate of the insurer, and other state, federal\n\nand international regulatory agencies for members of the\n\ninternationally active insurance group, that provide the basis for\n\nor otherwise clarify a regulatory official's role as group-wide\n\nsupervisor.\n\nH. The Commissioner may promulgate regulations necessary for\n\nthe administration of this section.\n\nI. A registered insurer subject to this section shall be liable\n\nfor and shall pay the reasonable expenses of the Commissioner's\n\nparticipation in the administration of this section, including the\n\nengagement of attorneys, actuaries and any other professionals and\n\nall reasonable travel expenses.","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":"7b7935ca00f8827158cfedf3e69bde38106232bf2ccebf99da61389231396e5d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1638","next":"us-ok/okla.-stat.-tit.-36-36-1640"},"notice":"GroundRules: Original legal text. Not legal advice."}