{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-607.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-607.1","heading":"Certain entities considered insurers - Audited financial","body":"reports - Actuarial opinions.\n\nA. An entity organized pursuant to the Interlocal Cooperation\n\nAct (an \"Interlocal Entity\") for the purpose of transacting\n\ninsurance that insures an Oklahoma educational institution shall be\n\nconsidered an insurer for all kinds of insurance that the entity\n\ntransacts. Such an entity shall hold a certificate of authority to\n\ntransact insurance in this state.\n\nB. Any entity organized pursuant to the Interlocal Cooperation\n\nAct that insures an Oklahoma educational institution and has within\n\na twelve-month period received premiums or contributions of any\n\namount for any kind of insurance that the Interlocal Entity\n\ntransacts shall have an annual audit by an independent certified\n\npublic accountant and shall file an audited financial report by an\n\nindependent certified public accountant with the Insurance\n\nCommissioner within one hundred eighty (180) days immediately\n\nfollowing the close of the Interlocal Entity's fiscal year. The\n\nannual audited financial report shall be presented in conformity\n\nwith accounting principles generally accepted in the United States\n\nof America and include:\n\n1. The report of an independent certified public accountant in\n\naccordance with accounting principles generally accepted in the\n\nUnited States of America;\n\n2. A balance sheet reporting assets, liabilities and equity;\n\n3. A statement of operations;\n\n4. A statement of cash flows;\n\n5. A statement of changes in assets, liabilities and equity;\n\n6. Footnotes to financial statements; and\n\n7. An unqualified opinion from the certified public accountant\n\nthat the audited financial report represents a fair presentation of\n\nthe Interlocal Entity's financial position in conformity with\n\naccounting principles generally accepted in the United States of\n\nAmerica.\n\nC. Any entity subject to the provisions of subsection B of this\n\nsection, except those entities which purchase full insurance\n\ncoverage as determined by the Commissioner, shall file with the\n\nInsurance Commissioner an actuarial opinion prepared by a qualified\n\nactuary within one hundred eighty (180) days immediately following\n\nthe close of the Interlocal Entity's fiscal year. The actuarial\n\nopinion should certify the amount and adequacy of the Interlocal\n\nEntity's reserves for loss and loss adjustment expenses, including\n\namounts for Incurred But Not Reported (IBNR) Claims, and the\n\nadequacy of the Interlocal Entity's premiums. The actuarial opinion\n\nshall be consistent with the appropriate Actuarial Standards of\n\nPractice (ASOP) as promulgated by the Actuarial Standards Board.\n\nAs used in this section, \"qualified actuary\" means an individual\n\nwho is a member of the American Academy of Actuaries and who has met\n\nthe Qualification Standards for Actuaries Issuing Statements of\n\nActuarial Opinions in the United States promulgated by the American\n\nAcademy of Actuaries.\n\nD. Extensions of the filing date may be granted by the\n\nCommissioner for thirty-day periods upon a showing by the Interlocal\n\nEntity and its independent certified public accountant or qualified\n\nactuary of the reasons for requesting an extension and determination\n\nby the Commissioner of good cause for an extension. The request for\n\nextension must be submitted in writing not less than ten (10) days\n\nprior to the due date in sufficient detail to permit the\n\nCommissioner to make an informed decision with respect to the\n\nrequested extension.\n\nE. The Commissioner may assess a fine for failure to file the\n\nrequired annual audit or actuarial opinion in an amount of not more\n\nthan Five Hundred Dollars ($500.00) per day.\n\nF. The audited financial reports and actuarial opinions\n\nrequired herein are subject to public inspection pursuant to the\n\nOklahoma Open Records Act.\n\nG. The Insurance Commissioner shall, if there is substantial\n\nreason to believe that any insurer subject to this section is\n\ninsolvent, or if any such insurer's condition is such as to render\nf not more\n\nthan Five Hundred Dollars ($500.00) per day.\n\nF. The audited financial reports and actuarial opinions\n\nrequired herein are subject to public inspection pursuant to the\n\nOklahoma Open Records Act.\n\nG. The Insurance Commissioner shall, if there is substantial\n\nreason to believe that any insurer subject to this section is\n\ninsolvent, or if any such insurer's condition is such as to render\n\nthe continuance of its business hazardous to the public or to\n\nholders of its policies or certificates of insurance, or it has\n\nexceeded its powers, or it has failed to comply with the law, or if\n\nsuch insurer gives its consent:\n\n1. Notify the insurer and its participating members of the\n\nCommissioner's determination;\n\n2. Require the insurer to file with the Insurance Commissioner\n\na written plan of action to abate the Commissioner's determination\n\nwithin thirty (30) days of notification; and\n\n3. If the Commissioner makes a further determination to\n\nsupervise, notify the insurer that it is under supervision pursuant\n\nto this section.\n\nH. An insurer subject to subsection G of this section shall\n\ncomply with the lawful requirements of the Commissioner and, if\n\nplaced under supervision, shall have ninety (90) days from the date\n\nof notice within which to comply with the requirements of the\n\nCommissioner unless the Commissioner designates a lesser or greater\n\nperiod of time or unless the Commissioner determines at any time\n\nduring or after the ninety-day period of time that judicial or\n\nadministrative proceedings should be initiated to place such insurer\n\nin conservation, rehabilitation or liquidation proceedings or other\n\ndelinquency proceedings, pursuant to Sections 1801 through 1920 of\n\nthis title. If such insurer does not comply with such requirements,\n\nsuch supervision may continue until such requirements are remedied\n\nor until the Commissioner approves or completes pursuit of\n\nadditional options as provided in the Insurance Code.\n\nI. The Commissioner may assess a fine for failure to timely\n\nfile a written plan of action required under subsection G of this\n\nsection in an amount of not more than Five Hundred Dollars ($500.00)\n\nper day.\n\nJ. The Insurance Commissioner may promulgate rules to implement\n\nthe provisions of this section.","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":"e27810d7f1691100318f83c241d939f8f7b80ebf916f4b4606ab7b4259a4d487","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-607","next":"us-ok/okla.-stat.-tit.-36-36-6071"},"notice":"GroundRules: Original legal text. Not legal advice."}