{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6470.10","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6470.10","heading":"Formation of captive reinsurance company or sponsored","body":"captive insurance company – Organization as reciprocal insurer –\n\nBranch captive insurance company – Considerations for issuance of\n\nlicense – Privileges and obligations.\n\nA. A captive insurance company may be incorporated as a stock\n\ncorporation or as a nonstock corporation, or may be formed as a\n\nlimited liability company, partnership, limited partnership,\n\nstatutory trust or any lawful form approved by the Insurance\n\nCommissioner.\n\nB. An association captive insurance company, industrial insured\n\ncaptive insurance company or special purpose captive insurance\n\ncompany may be organized as a reciprocal insurer.\n\nC. The Commissioner shall not issue the initial license or\n\nreview the license of any captive insurer unless the Commissioner\n\ndetermines the following matters serve the best interest of the\n\nprospective policyholders and promote the general good of the state:\n\n1. The character, reputation, financial standing, and purposes\n\nof the principals, owners or other persons who will direct or\n\ncontrol the affairs of the captive insurer;\n\n2. The character, reputation, financial responsibility,\n\ninsurance experience, and business qualifications of the officers\n\nand directors; and\n\n3. Other aspects as the Insurance Commissioner considers\n\nadvisable.\n\nD. In the case of a captive insurance company licensed as a\n\nbranch captive insurance company, the findings required in\n\nsubsection C above shall be in respect to the alien captive\n\ninsurance company.\n\nE. 1. A captive insurance company formed under the laws of\n\nthis state or under the laws of another jurisdiction that is\n\nlicensed under the provisions of this title shall have the\n\nprivileges and be subject to the provisions of the laws of this\n\nstate or the laws of such other jurisdiction, as applicable, under\n\nwhich such captive insurance company is organized as well as the\n\napplicable provisions contained in this title. In the event of\n\nconflict between the provisions of the laws of this state or the\n\nlaws of such other jurisdiction, as applicable, under which such\n\ncaptive insurance company is organized, and the provisions of this\n\ntitle, the latter shall control.\n\n2. A captive insurance company, formed or licensed under the\n\nOklahoma Captive Insurance Company Act, has the privileges and is\n\nsubject to the provisions of Oklahoma law as well as the applicable\n\nprovisions contained in the Oklahoma Captive Insurance Company Act.\n\nIf a conflict occurs between a provision of the general law of\n\nOklahoma and a provision of the Oklahoma Captive Insurance Company\n\nAct, the latter controls. No provision of the Oklahoma Insurance\n\nCode, other than those contained in this act or otherwise\n\nspecifically referencing such companies, shall apply to captive\n\ninsurance companies.\n\n3. In addition to the applicability of law provided in this\n\nsection, a captive insurance company operating as a risk retention\n\ngroup shall be subject to the provisions of the Oklahoma Risk\n\nRetention Act under Sections 6451 through 6468 of this title.\n\n4. All preliminary reports or results, working papers, recorded\n\ninformation, orders, documents and copies of documents produced by,\n\nobtained by or disclosed to the Commissioner or any other person in\n\nthe course of any merger, consolidation, conversion, mutualization\n\nand change of control made under this section are confidential and\n\nare not subject to subpoena and may not be made public by the\n\nCommissioner or any employee or agent of the Commissioner without\n\nthe written consent of the company, except to the extent provided in\n\nthis subsection. Nothing in this subsection prevents the\n\nCommissioner from using this information in furtherance of the\n\nregulatory authority of the Commissioner under the Oklahoma Captive\n\nInsurance Company Act. The Commissioner may grant access to this\n\ninformation to public officers having jurisdiction over the\n\nregulation of insurance in any other state or country, or to law\ntent provided in\n\nthis subsection. Nothing in this subsection prevents the\n\nCommissioner from using this information in furtherance of the\n\nregulatory authority of the Commissioner under the Oklahoma Captive\n\nInsurance Company Act. The Commissioner may grant access to this\n\ninformation to public officers having jurisdiction over the\n\nregulation of insurance in any other state or country, or to law\n\nenforcement officers of this state or any other state or agency of\n\nthe federal government at any time, so long as the officers\n\nreceiving the information agree in writing to use and retain it in\n\nany manner consistent with this section.\n\n5. The terms and conditions set forth in Articles 18 and 19 of\n\nthe Oklahoma Insurance Code pertaining to insurance supervision,\n\nconservatorship, rehabilitation, and receiverships apply in full to\n\ncaptive insurance companies including for this purpose individual\n\nprotected cells of sponsored captive insurance companies as provided\n\nin Section 6470.29 of this title.\n\n6. Any insurer which holds a current license to transact the\n\nbusiness of insurance under the laws of any other jurisdiction may\n\nbecome an Oklahoma domiciled captive insurer by complying with all\n\nof the requirements of Oklahoma law relative to the organization and\n\nlicensing of a captive insurer and obtaining the approval of the\n\ninsurer's application for redomestication by the chief insurance\n\nregulatory official of the company's current and proposed domiciles.","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":"295aabf3d2d3b357d503341700ef0bd490dbeb47d2e9383e4b3f7419ca63f278","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6470.1","next":"us-ok/okla.-stat.-tit.-36-36-6470.10a"},"notice":"GroundRules: Original legal text. Not legal advice."}