{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-311a.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-311A.2","heading":"Purpose of act","body":"A. The purpose of the Oklahoma Annual Financial Report Act is\n\nto improve the surveillance of the Insurance Commissioner over the\n\nfinancial condition of insurers by requiring:\n\n1. An annual audit of financial statements reporting the\n\nfinancial position and the results of operations of insurers by\n\nindependent certified public accountants;\n\n2. Communication of Internal Control Related Matters Noted in\n\nan Audit; and\n\n3. Management's Report of Internal Control over Financial\n\nReporting.\n\nB. Every insurer as defined in Section 311A.3 of this title\n\nshall be subject to the Oklahoma Annual Financial Report Act.\n\nInsurers having direct premiums written in this state of less than\n\nOne Million Dollars ($1,000,000.00) in any calendar year and less\n\nthan one thousand policy holders or certificate holders of direct\n\nwritten policies nationwide at the end of the calendar year shall be\n\nexempt from the Oklahoma Annual Financial Report Act for the year\n\nunless the Commissioner makes a specific finding that compliance is\n\nnecessary for the Commissioner to carry out statutory\n\nresponsibilities. Insurers having assumed premiums pursuant to\n\ncontracts and treaties of reinsurance of One Million Dollars\n\n($1,000,000.00) or more will not be so exempt.\n\nC. Foreign or alien insurers filing the audited financial\n\nreports in another state, pursuant to the requirement of that state\n\nfor filing of audited financial reports, which has been found by the\n\nCommissioner to be substantially similar to the requirements of the\n\nOklahoma Annual Financial Report Act, are exempt from Sections\n\n311A.4 through 311A.13 of this title if:\n\n1. A copy of the audited financial report, Communication of\n\nInternal Control Related Matters Noted in an Audit, and the\n\nAccountant's Letter of Qualifications that are filed with the other\n\nstate are filed with the Commissioner in accordance with the filing\n\ndates specified in Sections 311A.4, 311A.11 and 311A.12 of this\n\ntitle, respectively. Canadian insurers may submit accountants'\n\nreports as filed with the Office of the Superintendent of Financial\n\nInstitutions, Canada; and\n\n2. A copy of any Notification of Adverse Financial Condition\n\nReport filed with the other state is filed with the Commissioner\n\nwithin the time specified in Section 311A.10 of this title.\n\nD. Foreign or alien insurers required to file Management's\n\nReport of Internal Control over Financial Reporting in another state\n\nare exempt from filing the Report in this state provided the other\n\nstate has substantially similar reporting requirements as determined\n\nby the Commissioner and the Report is filed with the Commissioner of\n\nthe other state within the time specified.\n\nE. The Oklahoma Annual Financial Report Act shall not prohibit,\n\npreclude, or in any way limit the Commissioner from ordering or\n\nconducting or performing examinations of insurers under the rules of\n\nthe Insurance Department and the practices and procedures of the\n\nInsurance Department.","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":"531028bf7bd77f30c75a93ecc468672494f36b3781308ca17067f4f5f62cab67","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-311a.18","next":"us-ok/okla.-stat.-tit.-36-36-311a.3"},"notice":"GroundRules: Original legal text. Not legal advice."}