{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6453","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6453","heading":"Definitions","body":"As used in the Oklahoma Risk Retention Act:\n\n1. \"Commissioner\" means the Insurance Commissioner of this\n\nstate or the Commissioner, Director, or Superintendent of insurance\n\nin any other state;\n\n2. \"Completed operations liability\" means liability arising out\n\nof the installation, maintenance, or repair of any product at a site\n\nwhich is not owned or controlled by:\n\na. any person who performs that work, or\n\nb. any person who hires an independent contractor to\n\nperform that work,\n\nand shall include liability for activities which are completed or\n\nabandoned before the date of the occurrence giving rise to the\n\nliability;\n\n3. \"Domicile\", for purposes of determining the state in which a\n\npurchasing group is domiciled, means:\n\na. for a corporation, the state in which the purchasing\n\ngroup is incorporated, and\n\nb. for an unincorporated entity, the state of its\n\nprincipal place of business;\n\n4. \"Hazardous financial condition\" means that, based on its\n\npresent or reasonably anticipated financial condition, a risk\n\nretention group, although not yet financially impaired or insolvent,\n\nis unlikely to be able:\n\na. to meet obligations to policyholders with respect to\n\nknown claims and reasonably anticipated claims, or\n\nb. to pay other obligations in the normal course of\n\nbusiness;\n\n5. \"Insurance\" means primary insurance, excess insurance,\n\nreinsurance, surplus lines insurance, and any other arrangement for\n\nshifting and distributing risk which is determined to be insurance\n\nunder the laws of this state;\n\n6. \"Liability\":\n\na. means legal liability for damages, including but not\n\nlimited to, costs of defense, legal costs and fees,\n\nand other claims expenses, because of injuries to\n\nother persons, damage to their property, or other\n\ndamage or loss to such other persons resulting from or\n\narising out of:\n\n(1) any for-profit or non-profit business, trade,\n\nproduct, services, premises, or operations, or\n\n(2) any activity of any state or local government, or\n\nany agency or political subdivision thereof, and\n\nb. does not include personal risk liability and the\n\nliability of an employer to employees, other than\n\nlegal liability under the Federal Employers' Liability\n\nAct, 45 U.S.C. 51 et seq.;\n\n7. \"Personal risk liability\" means liability for damages\n\nbecause of injury to any person, damage to property, or other loss\n\nor damage resulting from any personal, familial, or household\n\nresponsibilities or activities rather than from responsibilities or\n\nactivities referred to in paragraph 6 of this section;\n\n8. \"Plan of operation or feasibility study\" means an analysis\n\nwhich presents the expected activities and results of a risk\n\nretention group including, but not limited to:\n\na. for each state in which it intends to operate, the\n\ncoverages, deductibles, coverage limits, rates, and\n\nrating classification systems for each line of\n\ninsurance the group intends to offer,\n\nb. historical and expected loss experience of the\n\nproposed members and national experience of similar\n\nexposures to the extent that this experience is\n\nreasonably available,\n\nc. pro forma financial statements and projections,\n\nd. appropriate opinions by a qualified independent\n\ncasualty actuary, as defined in paragraph 11 of this\n\nsection, including a determination of minimum premium\n\nor participation levels required to commence\n\noperations and to prevent a hazardous financial\n\ncondition,\n\ne. identification of management procedures, underwriting\n\nand claims procedures, marketing methods, managerial\n\noversight methods, investment policies, and\n\nreinsurance agreements,\n\nf. information sufficient to verify that its members are\n\nengaged in businesses or activities similar or related\n\nwith respect to the liability to which such members\n\nare exposed by virtue of any related, similar, or\n\ncommon business, trade, product, services, premises,\n\nor operations,\nprocedures, marketing methods, managerial\n\noversight methods, investment policies, and\n\nreinsurance agreements,\n\nf. information sufficient to verify that its members are\n\nengaged in businesses or activities similar or related\n\nwith respect to the liability to which such members\n\nare exposed by virtue of any related, similar, or\n\ncommon business, trade, product, services, premises,\n\nor operations,\n\ng. identification of each state in which the risk\n\nretention group has obtained, or sought to obtain, a\n\ncharter and license, and a description of its status\n\nin each such state, and\n\nh. such other matters as may be prescribed by the\n\nCommissioner, for liability insurance companies\n\nauthorized by the insurance laws of the state in which\n\nthe risk retention group is chartered;\n\n9. \"Product liability\" means liability for damages because of\n\nany personal injury, death, emotional harm, consequential economic\n\ndamage, or property damage, including but not limited to damages\n\nresulting from the loss of use of property, arising out of the\n\nmanufacture, design, importation, distribution, packaging, labeling,\n\nlease, or sale of a product, but does not include the liability of\n\nany person for those damages if the product involved was in the\n\npossession of such a person when the incident giving rise to the\n\nclaim occurred;\n\n10. \"Purchasing group\" means any group which:\n\na. has as one of its purposes the purchase of liability\n\ninsurance on a group basis,\n\nb. has as one of its purposes the purchase of liability\n\ninsurance on a group basis for its members to cover\n\ntheir similar or related liability exposure,\n\nc. is composed of members whose businesses or activities\n\nare similar or related with respect to the liability\n\nto which members are exposed by virtue of any related,\n\nsimilar, or common business, trade, product, services,\n\npremises, or operations, and\n\nd. is domiciled in any state;\n\n11. \"Qualified actuary\" means an individual who is a member of\n\nthe American Academy of Actuaries and who has met the Qualification\n\nStandards for Actuaries Issuing Statements of Actuarial Opinions in\n\nthe United States promulgated by the American Academy of Actuaries;\n\n12. \"Risk retention group\" means any corporation or other\n\nlimited liability association:\n\na. whose primary activity consists of assuming and\n\nspreading all or any portion of the liability exposure\n\nof its group members,\n\nb. which is organized for the primary purpose of\n\nconducting the activity specified in subparagraph a of\n\nthis paragraph,\n\nc. which is chartered and licensed as a liability\n\ninsurance company and authorized to engage in the\n\nbusiness of insurance under the laws of any state, or,\n\nbefore January 1, 1985, was chartered or licensed and\n\nauthorized to engage in the business of insurance\n\nunder the laws of Bermuda or the Cayman Islands and,\n\nbefore such date, had certified to the Insurance\n\nCommissioner of at least one state that it satisfied\n\nthe capitalization requirements of such state, except\n\nthat any such group shall be considered to be a risk\n\nretention group only if it has been engaged in\n\nbusiness continuously since such date and only for the\n\npurpose of continuing to provide insurance to cover\n\nproduct liability or completed operations liability,\n\nas such terms were defined in the federal Product\n\nLiability Risk Retention Act of 1981, before the date\n\nof the enactment of the federal Liability Risk\n\nRetention Act of 1986,\n\nd. which does not exclude any person from membership in\n\nthe group solely to provide for members of such group\n\na competitive advantage over such person,\n\ne. (1) which has as its owners only persons who comprise\n\nthe membership of the risk retention group, and\nral Product\n\nLiability Risk Retention Act of 1981, before the date\n\nof the enactment of the federal Liability Risk\n\nRetention Act of 1986,\n\nd. which does not exclude any person from membership in\n\nthe group solely to provide for members of such group\n\na competitive advantage over such person,\n\ne. (1) which has as its owners only persons who comprise\n\nthe membership of the risk retention group, and\n\n(2) has as its owners only persons who comprise the\n\nmembership of the risk retention group and who\n\nare provided insurance by the group,\n\nf. whose members are engaged in businesses or activities\n\nsimilar or related with respect to the liability of\n\nwhich such members are exposed by virtue of any\n\nrelated, similar, or common business trade, product,\n\nservices, premises, or operations,\n\ng. whose activities do not include the provision of\n\ninsurance other than:\n\n(1) liability insurance for assuming and spreading\n\nall or any portion of the liability of its group\n\nmembers, and\n\n(2) reinsurance with respect to the liability of any\n\nother risk retention group, or any members of\n\nsuch other group engaged in businesses or\n\nactivities so that the risk retention group or\n\nindividual members of the group meet the\n\nrequirements described in subparagraph f of this\n\nparagraph because of membership in the risk\n\nretention group that provides the reinsurance,\n\nand\n\nh. the name of which includes the phrase, \"Risk Retention\n\nGroup\"; and\n\n13. \"State\" means any state of the United States or the\n\nDistrict of Columbia.","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":"933fb3095e12a9caaa14f73e20e684622187c1d531a9a2c8a7d8fde3b7513fb9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6452","next":"us-ok/okla.-stat.-tit.-36-36-6454"},"notice":"GroundRules: Original legal text. Not legal advice."}