{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6470.11","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6470.11","heading":"Reports - Waiver","body":"A. A captive insurance company may not be required to make an\n\nannual report except as provided in the Oklahoma Captive Insurance\n\nCompany Act.\n\nB. Before March 1 of each year, a captive insurance company\n\nshall submit to the Insurance Commissioner a report of its financial\n\ncondition, verified by oath of two of its executive officers.\n\nExcept as provided in Section 6470.6 of this title, a captive\n\ninsurance company shall report using generally accepted accounting\n\nprinciples, unless the Insurance Commissioner approves the use of\n\nstatutory accounting principles or international accounting\n\nstandards, with useful or necessary modifications or adaptations\n\nrequired or approved or accepted by the Insurance Commissioner for\n\nthe type of insurance and kinds of insurers to be reported upon, and\n\nas supplemented by additional information required by the Insurance\n\nCommissioner.\n\n1. The use of generally accepted accounting principles and the\n\nInsurance Department requires modifications, assets and liabilities\n\nto be reported as follows:\n\na. letters of credit provided as capital funds pursuant\n\nto Section 6470 of this title are an asset for\n\npurposes of annual financial statement filings and\n\nshall be reported at their face value, and\n\nb. surplus notes issued pursuant to Section 2125 of this\n\ntitle shall be reported as surplus items in the\n\ncapital section rather than as a liability.\n\n2. Any captive insurance company whose use of statutory\n\naccounting principles is approved by the Commissioner may make such\n\nmodifications and adaptations thereof as are necessary:\n\na. to record, as \"admitted\", the full value of all\n\ninvestments by such captive insurance company\n\npermitted under this chapter, and\n\nb. subject to the Commissioner's approval, to make its\n\nreports under this section consistent with the\n\npurposes of this chapter.\n\nC. A pure captive insurance company may make written\n\napplication for filing the required report on a fiscal year-end that\n\nis consistent with the fiscal year of the parent company. If an\n\nalternative reporting date is granted:\n\n1. The annual report is due sixty (60) days after the fiscal\n\nyear-end; and\n\n2. In order to provide sufficient detail to support the premium\n\ntax return, the pure captive insurance company shall file before\n\nMarch 1 of each year for each calendar year-end, pages 1 through 7\n\nof the \"Captive Annual Statement: Pure or Industrial Insured\",\n\nverified by oath of two of its executive officers.\n\nD. Sixty (60) days after the fiscal year-end, a branch captive\n\ninsurance company shall file with the Insurance Commissioner a copy\n\nof all reports and statements required to be filed under the laws of\n\nthe jurisdiction in which the alien captive insurance company is\n\nformed, verified by oath of two of its executive officers. If the\n\nInsurance Commissioner is satisfied that the annual report filed by\n\nthe alien captive insurance company in its domiciliary jurisdiction\n\nprovides adequate information concerning the financial condition of\n\nthe alien captive insurance company, the Insurance Commissioner may\n\nwaive the requirement for completion of the captive annual statement\n\nfor business written in the alien jurisdiction. Such waiver must be\n\nin writing and subject to public inspection.","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":"f55ea8cd5de5d37d6d1a44a10b53661afe3e5bea7d464d7c3ccd9db5edb9abc6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6470.10a","next":"us-ok/okla.-stat.-tit.-36-36-6470.12"},"notice":"GroundRules: Original legal text. Not legal advice."}