{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6470.35","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6470.35","heading":"Dormant captive insurance company – Certificate of","body":"dormancy.\n\nA. As used in this section, \"dormant captive insurance company\"\n\nmeans a captive insurance company that has:\n\n1. Ceased transacting the business of insurance including the\n\nissuance of insurance policies; and\n\n2. No remaining liabilities associated with insurance business\n\ntransactions or insurance policies issued prior to the filing of its\n\napplication for a certificate of dormancy under this section.\n\nB. A dormant captive insurance company domiciled in this state\n\nthat meets the criteria of subsection A of this section may apply to\n\nthe Insurance Commissioner for a certificate of dormancy. The\n\ncertificate of dormancy shall be subject to renewal every five (5)\n\nyears and shall be forfeited if not renewed within such time.\n\nC. A dormant captive insurance company that has been issued a\n\ncertificate of dormancy shall:\n\n1. Possess and thereafter maintain unimpaired, paid-in capital\n\nand surplus of not less than Twenty-five Thousand Dollars\n\n($25,000.00);\n\n2. Submit on or before March 1 of each year to the Insurance\n\nCommissioner a report of its financial condition, verified by an\n\noath of two of its executive officers, in a form prescribed by the\n\nInsurance Commissioner; and\n\n3. Pay a nonrefundable annual fee of Five Hundred Dollars\n\n($500.00).\n\nD. A dormant captive insurance company shall not be subject to\n\nor liable for the payment of any tax under Section 6470 of this\n\ntitle for the initial five-year dormancy.\n\nE. A dormant captive insurance company shall apply to the\n\nInsurance Commissioner for approval to surrender its certificate of\n\ndormancy and resume conducting the business of insurance prior to\n\nissuing any insurance policies.\n\nF. A certificate of dormancy shall be revoked if a dormant\n\ncaptive insurance company no longer meets the criteria of subsection\n\nA of this section.\n\nG. A dormant captive insurance company may be subject to\n\nexamination under Section 6470.13 of this title for any year when it\n\ndid not qualify as a dormant captive insurance company. The\n\nInsurance Commissioner may examine a dormant captive insurance\n\ncompany pursuant to Section 6470.13 of this title.\n\nH. The Insurance Commissioner may promulgate and adopt rules\n\nand regulations implementing the provisions of this section.","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":"358628c3a53e1048adaa3fc176a709cd11d0a988ed5408a441241439a7f1a6ce","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6470.34","next":"us-ok/okla.-stat.-tit.-36-36-6470.5"},"notice":"GroundRules: Original legal text. Not legal advice."}