{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1672","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1672","heading":"Definitions","body":"As used in the Business Transacted with Producer Controlled\n\nInsurer Act:\n\n1. \"Accredited State\" means a state in which the insurance\n\ndepartment or regulatory agency has qualified as meeting the minimum\n\nfinancial regulatory standards promulgated and established from time\n\nto time by the National Association of Insurance Commissioners\n\n(NAIC);\n\n2. \"Control\" or \"Controlled\" has the meaning ascribed in\n\nsubsection (c) of Section 1651 of Title 36 of the Oklahoma Statutes;\n\n3. \"Controlled Insurer\" means a licensed insurer which is\n\ncontrolled, directly or indirectly, by a producer;\n\n4. \"Controlling Producer\" means a producer who, directly or\n\nindirectly, controls an insurer;\n\n5. \"Licensed Insurer\" or \"Insurer\" means any person, firm,\n\nassociation or corporation duly licensed to transact a\n\nproperty/casualty insurance business in this state. The following,\n\ninter alia, are not licensed insurers for the purposes of this act:\n\na. all risk retention groups as defined in the Superfund\n\nAmendments Reauthorization Act of 1986, Pub. L. No.\n\n99-499,100 Stat. 1613 (1986) and the Risk Retention\n\nAct, 15 U.S.C. Section 3901 et seq. (1982 \u0026 Supp.\n\n1986) and Section 6451 et seq. of Title 36 of the\n\nOklahoma Statutes,\n\nb. all residual market pools and joint underwriting\n\nauthorities or associations, and\n\nc. all captive insurers. For the purposes of the\n\nBusiness Transacted with Producer Controlled Insurer\n\nAct, captive insurers are insurance companies owned by\n\nanother organization whose exclusive purpose is to\n\ninsure risks of the parent organization and affiliated\n\ncompanies or, in the case of groups and associations,\n\ninsurance organizations owned by the insureds whose\n\nexclusive purpose is to insure risks to member\n\norganizations and/or group members and their\n\naffiliates; and\n\n6. \"Producer\" means an insurance broker or brokers or any other\n\nperson, firm, association or corporation, when, for any\n\ncompensation, commission or other thing of value, such person, firm,\n\nassociation or corporation acts or aids in any manner in soliciting,\n\nnegotiating or procuring the making of any insurance contract on\n\nbehalf of an insured other than the person, firm, association or\n\ncorporation.","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":"9acf8f0253734437273787146e096dac2035e500e86862568df8aad55d515273","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1671","next":"us-ok/okla.-stat.-tit.-36-36-1673"},"notice":"GroundRules: Original legal text. Not legal advice."}