{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6470.30.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6470.30.1","heading":"Requirements for writing business","body":"The business written by a sponsored captive insurance company\n\nwith respect to each protected cell must be:\n\n1. Fronted by an insurance company licensed pursuant to the\n\nlaws of any state or any jurisdiction if the insurance company is a\n\nwholly owned subsidiary of an insurance company licensed pursuant to\n\nthe laws of any state;\n\n2. Reinsured by a reinsurer authorized or approved by this\n\nstate; or\n\n3. Secured by a trust fund in the United States for the benefit\n\nof policyholders and claimants or funded by an irrevocable letter of\n\ncredit or other asset acceptable to the Insurance Commissioner. The\n\namount of security provided may not be less than the reserves\n\nassociated with those liabilities, not fronted or reinsured,\n\nincluding reserves for losses, allocated loss adjustment expenses,\n\nincurred but unreported losses, and unearned premiums for business\n\nwritten through the protected cell of the participant. The\n\nInsurance Commissioner may require the sponsored captive to increase\n\nthe funding of any security arrangement established pursuant to this\n\nsubsection. If the form of security is a letter of credit, the\n\nletter of credit must be established, issued, or confirmed by a\n\nfinancial institution chartered in this state, a member of the\n\nfederal reserve system, or a bank chartered by another state if that\n\nstate-chartered bank is acceptable to the Insurance Commissioner. A\n\ntrust and trust instrument maintained pursuant to this item must be\n\nin a form and upon terms approved by 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":"e233816b50038f0c9a8f9baf5013e58e1af24a31a266c47f738504ffaf3c2d4d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6470.30","next":"us-ok/okla.-stat.-tit.-36-36-6470.31"},"notice":"GroundRules: Original legal text. Not legal advice."}