{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6470.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6470.3","heading":"License – Limitations on risks covered – Requirements","body":"for conducting business in state – Information required – Fees –\n\nProvisional license.\n\nA. A captive insurance company, when permitted by its articles\n\nof incorporation or charter, may apply to the Insurance Commissioner\n\nfor a license to do any and all insurance authorized by this title;\n\nhowever:\n\n1. A pure captive insurance company may not insure any risks\n\nother than those of its parent, affiliated companies of its parent,\n\nor any controlled unaffiliated business, or a combination thereof;\n\n2. An association captive insurance company may not insure any\n\nrisks other than those of the member organizations of its\n\nassociation and their affiliated companies;\n\n3. An industrial insured captive insurance company may not\n\ninsure any risks other than those of the industrial insureds that\n\ncomprise the industrial insured group and their affiliated\n\ncompanies;\n\n4. A special purpose captive insurance company may provide\n\ninsurance or reinsurance, or both, for risks as approved by the\n\nInsurance Commissioner;\n\n5. A captive insurance company may not provide personal motor\n\nvehicle or homeowner's insurance coverage or any component of these\n\ncoverages;\n\n6. Any captive insurance company may provide workers'\n\ncompensation insurance, insurance in the nature of workers'\n\ncompensation insurance, and reinsurance of such policies, unless\n\nprohibited by federal law or laws of this state or any other state\n\nhaving jurisdiction over the transaction; and\n\n7. A series captive insurance company may not insure any risks\n\nother than those permitted in paragraphs 1 through 6 of this\n\nsubsection. A series may elect to apply for a certificate of\n\nauthority as an association captive insurance company, industrial\n\ninsured captive insurance company, a pure captive insurance company,\n\nseries captive insurance company, or a special purpose captive\n\ninsurance company.\n\nB. To conduct insurance business in this state a captive\n\ninsurance company shall:\n\n1. Obtain from the Insurance Commissioner a license authorizing\n\nit to conduct insurance business in this state;\n\n2. Maintain a place of business in this state designated as its\n\nregistered office; and\n\n3. Appoint a resident registered agent to accept service of\n\nprocess and to otherwise act on its behalf in this state. Whenever\n\nthe registered agent cannot with reasonable diligence be found at\n\nthe registered office of the captive insurance company, the\n\nInsurance Commissioner shall be deemed an agent of the captive\n\ninsurance company upon whom any process, notice, or demand may be\n\nserved.\n\nC. 1. Before receiving a license, a captive insurance company\n\nshall file with the Commissioner a certified copy of its\n\norganizational documents, a statement under oath of its president or\n\nother authorized person showing its financial condition, a\n\nfeasibility study, a business plan, and any other statements,\n\ninformation or documents required by the Commissioner.\n\n2. In addition to the information required by paragraph 1 of\n\nthis subsection, an applicant captive insurance company shall file\n\nwith the Insurance Commissioner evidence of:\n\na. the amount and liquidity of its assets relative to the\n\nrisks to be assumed,\n\nb. the adequacy of the expertise, experience, and\n\ncharacter of the person or persons who will manage it,\n\nc. the overall soundness of its plan of operation,\n\nd. the adequacy of the loss prevention programs of its\n\ninsureds, and\n\ne. such other factors considered relevant by the\n\nInsurance Commissioner in ascertaining whether the\n\nproposed captive insurance company will be able to\n\nmeet its obligations.\n\n3. Information submitted pursuant to this subsection is\n\nconfidential and may not be made public by the Insurance\n\nCommissioner or an agent or employee of the Insurance Commissioner\n\nwithout the written consent of the company, except that:\n\na. information may be discoverable by a party in a civil\nn ascertaining whether the\n\nproposed captive insurance company will be able to\n\nmeet its obligations.\n\n3. Information submitted pursuant to this subsection is\n\nconfidential and may not be made public by the Insurance\n\nCommissioner or an agent or employee of the Insurance Commissioner\n\nwithout the written consent of the company, except that:\n\na. information may be discoverable by a party in a civil\n\naction or contested case to which the captive\n\ninsurance company that submitted the information is a\n\nparty, upon a showing by the party seeking to discover\n\nthe information that:\n\n(1) the information sought is relevant to and\n\nnecessary for the furtherance of the action or\n\ncase,\n\n(2) the information sought is unavailable from other\n\nnonconfidential sources, and\n\n(3) a subpoena issued by a judicial or administrative\n\nofficer of competent jurisdiction has been\n\nsubmitted to the Insurance Commissioner; however,\n\nthe provisions of this paragraph do not apply to\n\nan industrial insured captive insurance company\n\ninsuring the risks of an industrial insured\n\ngroup, and\n\nb. the Insurance Commissioner may disclose the\n\ninformation to a public officer having jurisdiction\n\nover the regulation of insurance in another state if:\n\n(1) the public official agrees in writing to maintain\n\nthe confidentiality of the information, and\n\n(2) the laws of the state in which the public\n\nofficial serves require the information to be\n\nconfidential.\n\nD. Except for a special purpose captive insurance company, a\n\ncaptive insurance company shall pay to the Department a\n\nnonrefundable application fee of Two Hundred Dollars ($200.00) for\n\nreviewing its application to determine whether it is complete and in\n\naddition, the Insurance Commissioner may retain legal, financial,\n\nand examination services from outside the Department, the reasonable\n\ncost of which may be charged against the applicant. A special\n\npurpose captive insurance company shall pay to the Department a\n\nnonrefundable fee of Three Hundred Dollars ($300.00). Also, a\n\ncaptive insurance company shall pay a license fee for the year of\n\nregistration and a renewal fee of Three Hundred Dollars ($300.00).\n\nE. If the Insurance Commissioner is satisfied that the\n\ndocuments and statements filed by the captive insurance company\n\ncomply with the provisions of the Oklahoma Captive Insurance Company\n\nAct, the Insurance Commissioner may grant a license authorizing the\n\ncompany to do insurance business in this state until the succeeding\n\nMarch 1 at which time the license may be renewed.\n\nF. 1. Notwithstanding any other provision of this act, the\n\nInsurance Commissioner may issue a provisional license to any\n\napplicant captive insurance company if the Insurance Commissioner\n\ndeems that the public interest will be served by the issuance of\n\nsuch license.\n\n2. As a condition precedent to the issuance of a provisional\n\nlicense under this section, the applicant shall have filed a\n\ncomplete application containing all information required by this\n\nsection, paid all fees required for licensure and the Insurance\n\nCommissioner shall have made a preliminary finding that the\n\nexpertise, experience and character of the person or persons who\n\nwill control and manage the applicant captive insurer are\n\nacceptable.\n\n3. The Insurance Commissioner may by order limit the authority\n\nof any provisional licensee in any way deemed necessary to protect\n\ninsureds and the public. The Insurance Commissioner may by order\n\nrevoke a provisional license if the interests of insureds or the\n\npublic are endangered. If the applicant fails to complete the\n\nregular licensure application process, the provisional license shall\n\nterminate automatically.","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":"7425178c5125342fdad4228f86172e4edc0f5eb6ec03460e9dabe4b643d4d18f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6470.29","next":"us-ok/okla.-stat.-tit.-36-36-6470.30"},"notice":"GroundRules: Original legal text. Not legal advice."}