{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-311a.17","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-311A.17","heading":"Exemptions from compliance - Effective dates","body":"A. Upon written application of any insurer, the Insurance\n\nCommissioner may grant an exemption from compliance with any and all\n\nprovisions of the Oklahoma Annual Financial Report Act if the\n\nCommissioner finds, upon review of the application, that compliance\n\nwith the Oklahoma Annual Financial Report Act would constitute a\n\nfinancial or organizational hardship upon the insurer. An exemption\n\nmay be granted at any time and from time to time for a specified\n\nperiod or periods. Within ten (10) days from a denial of the\n\nwritten request of an insurer for an exemption from the Oklahoma\n\nAnnual Financial Report Act, the insurer may request in writing a\n\nhearing on its application for an exemption. The hearing shall be\n\nheld in accordance with the Administrative Procedures Act and the\n\nlaws and rules of the Insurance Department.\n\nB. Domestic insurers retaining a certified public accountant\n\nwho qualify as independent shall comply with the Oklahoma Annual\n\nFinancial Report Act each year unless the Commissioner permits\n\notherwise.\n\nC. Domestic insurers not retaining a certified public\n\naccountant on the effective date of the Oklahoma Annual Financial\n\nReport Act who qualifies as independent may meet the following\n\nschedule for compliance unless the Commissioner permits otherwise:\n\n1. File with the Commissioner an audited financial report; and\n\n2. Each year such insurers shall file with the Commissioner all\n\nreports and communication required by the Oklahoma Annual Financial\n\nReport Act.\n\nD. Foreign insurers shall comply with the Oklahoma Annual\n\nFinancial Report Act each year unless the Commissioner permits\n\notherwise.\n\nE. The requirements of subsection D of Section 311A.7 of this\n\ntitle shall be in effect for audits of each year.\n\nF. An insurer or group of insurers, not required to have\n\nindependent audit committee members or only required to have a\n\nmajority of independent audit committee members, due to the total\n\nwritten and assumed premium being below the threshold, shall have\n\none (1) year following the year the threshold is exceeded to comply\n\nwith the independence requirements. An insurer acquired as a result\n\nof a business combination shall have one (1) calendar year following\n\nthe date of acquisition or combination to comply with the\n\nindependence requirements.\n\nG. An insurer or group of insurers, not required to file a\n\nreport because the total written premium is below the threshold,\n\nwhich subsequently becomes subject to the reporting requirements,\n\nshall have two (2) years following the year the threshold is\n\nexceeded to file a report. Likewise, an insurer acquired in a\n\nbusiness combination shall have two (2) calendar years following the\n\ndate of acquisition or combination to comply with the reporting\n\nrequirements.\n\nH. If an insurer or group of insurers that is exempt from the\n\nrequirements of Section 8 of this act no longer qualifies for that\n\nexemption, it shall have one (1) year after the year the threshold\n\nis exceeded to comply with the requirements of this act.","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":"5f736e8ccc2dcea5a2b0de0c103edf12f54abc60d8ef79d4b616c4d2ab227787","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-311a.16","next":"us-ok/okla.-stat.-tit.-36-36-311a.18"},"notice":"GroundRules: Original legal text. Not legal advice."}