{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-3306","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-3306","heading":"Exemptions--Waiver","body":"A. An insurer shall be exempt from the requirements of this\n\nact, if:\n\n1. The insurer has annual direct written and unaffiliated\n\nassumed premiums, including international direct and assumed\n\npremiums, but excluding premiums reinsured with the Federal Crop\n\nInsurance Corporation and Federal Flood Program, of less than Five\n\nHundred Million Dollars ($500,000,000.00); and\n\n2. The insurance group of which the insurer is a member has\n\nannual direct written and unaffiliated assumed premiums including\n\ninternational direct and assumed premiums, but excluding premiums\n\nreinsured with the Federal Crop Insurance Corporation and Federal\n\nFlood Program, of less than One Billion Dollars ($1,000,000,000.00).\n\nB. If an insurer qualifies for exemption pursuant to paragraph\n\n1 of subsection A of this section, but the insurance group of which\n\nthe insurer is a member does not qualify for exemption pursuant to\n\nparagraph 2 of subsection A of this section, then the ORSA Summary\n\nReport that may be required pursuant to Section 5 of this act shall\n\ninclude every insurer within the insurance group. This requirement\n\nmay be satisfied by the submission of more than one ORSA Summary\n\nReport for any combination of insurers, provided any combination of\n\nreports includes every insurer within the insurance group.\n\nC. If an insurer does not qualify for exemption pursuant to\n\nparagraph 1 of subsection A of this section, but the insurance group\n\nof which it is a member qualifies for exemption pursuant to\n\nparagraph 2 of subsection A of this section, then the only ORSA\n\nSummary Report that may be required pursuant to the provisions of\n\nSection 5 of this act shall be the report applicable to that\n\ninsurer.\n\nD. An insurer that does not qualify for exemption pursuant to\n\nsubsection A of this section may apply to the Insurance Commissioner\n\nfor a waiver from the requirements of this act. In deciding whether\n\nto grant the insurer's request for waiver, the Insurance\n\nCommissioner may consider the type and volume of business written,\n\nownership and organizational structure, and any other factor the\n\nInsurance Commissioner considers relevant to the insurer or\n\ninsurance group of which the insurer is a member. If the insurer is\n\npart of an insurance group with insurers domiciled in more than one\n\nstate, the Insurance Commissioner shall coordinate with the lead\n\nstate Insurance Commissioner and with the other domiciliary\n\nInsurance Commissioners in considering whether to grant the\n\ninsurer's request for a waiver.\n\nE. Notwithstanding the exemptions stated in this section:\n\n1. The Insurance Commissioner may require that an insurer\n\nmaintain a risk management framework, conduct an ORSA and file an\n\nORSA Summary Report based on circumstances including, but not\n\nlimited to, the type and volume of business written, ownership and\n\norganizational structure, federal agency requests, and international\n\nsupervisor requests; and\n\n2. The Insurance Commissioner may require that an insurer\n\nmaintain a risk management framework, conduct an ORSA, and file an\n\nORSA Summary Report if the insurer has risk-based capital for a\n\nCompany Action Level Event as provided by law, meets one or more of\n\nthe standards of an insurer deemed to be in hazardous financial\n\ncondition as provided by law or otherwise exhibits qualities of a\n\ntroubled insurer as determined by the Insurance Commissioner.\n\nF. If an insurer that qualifies for an exemption pursuant to\n\nsubsection A of this section subsequently no longer qualifies for\n\nthat exemption due to changes in premium as reflected in the\n\ninsurer's most recent annual statement or in the most recent annual\n\nstatements of the insurers within the insurance group of which the\n\ninsurer is a member, the insurer shall have one (1) year following\n\nthe year the threshold is exceeded to comply with the requirements\n\nof 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":"a21453055230725f9e8435f2a485198a285eddf4a85da2bf8562ceead240f25d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-3305","next":"us-ok/okla.-stat.-tit.-36-36-3307"},"notice":"GroundRules: Original legal text. Not legal advice."}