{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-310a.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-310A.3","heading":"Material nonrenewals, cancellations or revisions of","body":"ceded reinsurance agreements defined - Information to be disclosed\n\nin report.\n\nA. 1. No nonrenewals, cancellations or revisions of ceded\n\nreinsurance agreements need be reported pursuant to Section 1 of\n\nthis act if the nonrenewals, cancellations or revisions are not\n\nmaterial. For purposes of this act, a material nonrenewal,\n\ncancellation or revision is one that affects:\n\na. as respects property and casualty business, including\n\naccident and health business written by a property and\n\ncasualty insurer:\n\n(1) more than fifty percent (50%) of the insurer's\n\ntotal ceded written premium, or\n\n(2) more than fifty percent (50%) of the insurer's\n\ntotal ceded indemnity and loss adjustment\n\nreserves,\n\nb. as respects life, annuity, and accident and health\n\nbusiness: more than fifty percent (50%) of the total\n\nreserve credit taken for business ceded, on an\n\nannualized basis, as indicated in the insurer's most\n\nrecent annual statement, and\n\nc. as respects either property and casualty or life,\n\nannuity, and accident and health business, either of\n\nthe following events shall constitute a material\n\nrevision which must be reported:\n\n(1) an authorized reinsurer representing more than\n\nten percent (10%) of a total cession is replaced\n\nby one or more unauthorized reinsurers, or\n\n(2) previously established collateral requirements\n\nhave been reduced or waived as respects one or\n\nmore unauthorized reinsurers representing\n\ncollectively more than ten percent (10%) of a\n\ntotal cession.\n\n2. However, no filing shall be required if:\n\na. as respects property and casualty business, including\n\naccident and health business written by a property and\n\ncasualty insurer: the insurer's total ceded written\n\npremium represents, on an annualized basis, less than\n\nten percent (10%) of its total written premium for\n\ndirect and assumed business, or\n\nb. as respects life, annuity, and accident and health\n\nbusiness: the total reserve credit taken for business\n\nceded represents, on an annualized basis, less than\n\nten percent (10%) of the statutory reserve requirement\n\nprior to any cession.\n\nB. 1. The following information is required to be disclosed in\n\nany report of a material nonrenewal, cancellation or revision of\n\nceded reinsurance agreements:\n\na. effective date of the nonrenewal, cancellation or\n\nrevision,\n\nb. the description of the transaction with an\n\nidentification of the initiator thereof,\n\nc. purpose of, or reason for, the transaction, and\n\nd. if applicable, the identity of the replacement\n\nreinsurers.\n\n2. Insurers are required to report all material nonrenewals,\n\ncancellations or revisions of ceded reinsurance agreements on a\n\nnonconsolidated basis unless the insurer is part of a consolidated\n\ngroup of insurers which utilizes a pooling arrangement or one\n\nhundred percent (100%) reinsurance agreement that affects the\n\nsolvency and integrity of the insurer's reserves and the insurer\n\nceded substantially all of its direct and assumed business to the\n\npool. An insurer is deemed to have ceded substantially all of its\n\ndirect and assumed business to a pool if:\n\na. the insurer has less than One Million Dollars\n\n($1,000,000.00) total direct plus assumed written\n\npremiums during a calendar year that are not subject\n\nto a pooling arrangement, and\n\nb. the net income of the business not subject to the\n\npooling arrangement represents less than five percent\n\n(5%) of the insurer's capital and surplus.","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":"98d5a2b55f354aa7144676b706eaa241d57da6f87b6b73e5a1c19b375fa1fd44","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-310a.2","next":"us-ok/okla.-stat.-tit.-36-36-311"},"notice":"GroundRules: Original legal text. Not legal advice."}