{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6470.29","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6470.29","heading":"Sponsored captive insurance company – Supplemental","body":"materials – Protected cells.\n\nA. In addition to the provisions of Sections 6470.1 through\n\n6470.28 of this title and the provisions of Sections 6470.29 through\n\n6470.31 of this title shall apply to sponsored captive insurance\n\ncompanies, and the provisions of Section 6470.24.1 of this title\n\nshall apply to each protected cell of a sponsored captive insurance\n\ncompany.\n\nB. Supplemental license application materials.\n\nIn addition to the information required by subsection C of\n\nSection 6470.3 of this title, each applicant sponsored captive\n\ninsurance company shall file with the Commissioner the following:\n\n1. Materials demonstrating to the satisfaction of the\n\nCommissioner how the applicant will report to the Commissioner on,\n\nand account for, the loss and expense experience of each protected\n\ncell;\n\n2. A statement acknowledging that all financial records of the\n\nsponsored captive insurance company, including records pertaining to\n\nany protected cells, shall be made available for inspection or\n\nexamination by the Commissioner or the Commissioner's designated\n\nagent;\n\n3. All contracts or sample contracts between the sponsored\n\ncaptive insurance company and any participants; and\n\n4. Evidence that expenses shall be allocated to each protected\n\ncell in a fair and equitable manner.\n\nC. One or more sponsors may form a sponsored captive insurance\n\ncompany under the Oklahoma Captive Insurance Company Act.\n\nD. A sponsored captive insurance company formed or licensed\n\nunder the Oklahoma Captive Insurance Company Act may establish and\n\nmaintain one or more protected cells to insure risks of one or more\n\nparticipants, subject to the following conditions:\n\n1. The persons holding the voting interests of a sponsored\n\ncaptive insurance company must be limited to its participants and\n\nsponsors; provided, that a sponsored captive insurance company may\n\nissue nonvoting securities or interests to other persons on terms\n\napproved by the Commissioner;\n\n2. Each protected cell must be accounted for separately on the\n\nbooks and records of the sponsored captive insurance company to\n\nreflect the financial condition and results of operations of the\n\nprotected cell, net income or loss, dividends or other distributions\n\nto participants, and other factors may be provided in the\n\nparticipant contract or required by the Insurance Commissioner;\n\n3. The assets of a protected cell must not be chargeable with\n\nliabilities of any other protected cell or, unless otherwise agreed\n\nin the applicable participant contract, of the sponsored captive\n\ninsurance company;\n\n4. No sale, exchange, or other transfer of assets, or dividend\n\nor other distribution, may be made with respect to a protected cell\n\nby the sponsored captive insurance company without the consent of\n\nthe participants of each affected protected cell;\n\n5. No sale, exchange, transfer of assets, dividend, or\n\ndistribution, other than a payment to a sponsor in accordance with\n\nthe applicable participant contract, may be made from a protected\n\ncell to a sponsor or participant without the approval of the\n\nInsurance Commissioner and in no event may the approval be given if\n\nthe sale, exchange, transfer, dividend, or distribution would result\n\nin insolvency or impairment with respect to a protected cell;\n\n6. A sponsored captive insurance company annually shall file\n\nwith the Insurance Commissioner financial reports the Insurance\n\nCommissioner requires, which shall include, but are not limited to,\n\naccounting statements detailing the financial experience of each\n\nprotected cell;\n\n7. A sponsored captive insurance company shall notify the\n\nInsurance Commissioner in writing within ten (10) business days of a\n\nprotected cell that is insolvent or otherwise unable to meet its\n\nclaim or expense obligations; and\n\n8. No participant contract shall take effect without the prior\n\nwritten approval of the Insurance Commissioner, and the addition of\nl experience of each\n\nprotected cell;\n\n7. A sponsored captive insurance company shall notify the\n\nInsurance Commissioner in writing within ten (10) business days of a\n\nprotected cell that is insolvent or otherwise unable to meet its\n\nclaim or expense obligations; and\n\n8. No participant contract shall take effect without the prior\n\nwritten approval of the Insurance Commissioner, and the addition of\n\neach new protected cell and withdrawal of any participant or\n\ntermination of any existing protected cell constitutes a change in\n\nthe business plan of the sponsored captive insurance company\n\nrequiring the prior written approval of the Insurance Commissioner.","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":"1e0acae1bfff45f03605597c91eab68bcf61f1df76b1c45266d64e523abca9ea","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6470.28","next":"us-ok/okla.-stat.-tit.-36-36-6470.3"},"notice":"GroundRules: Original legal text. Not legal advice."}