{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-6470.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-6470.6","heading":"Unimpaired paid-in capital requirements – Branch","body":"companies – Trust funds – Dividends and distributions – Approval\n\nrequired.\n\nA. The Insurance Commissioner may not issue or renew the\n\nlicense of a captive insurance company unless the company possesses\n\nand thereafter maintains unimpaired aggregate paid-in capital and\n\nsurplus of:\n\n1. In the case of a pure captive insurance company, not less\n\nthan Two Hundred Fifty Thousand Dollars ($250,000.00), One Hundred\n\nFifty Thousand Dollars ($150,000.00) of which must be paid-in prior\n\nto the issuance of a license, and an additional One Hundred Thousand\n\nDollars ($100,000.00) of which must be paid-in on or before the\n\nfirst anniversary of the issuance of the initial license;\n\n2. In the case of an association captive insurance company\n\nincorporated as a stock insurer, not less than Seven Hundred Fifty\n\nThousand Dollars ($750,000.00);\n\n3. In the case of an industrial insured captive insurance\n\ncompany incorporated as a stock insurer, not less than Five Hundred\n\nThousand Dollars ($500,000.00);\n\n4. In the case of a sponsored captive insurance company, not\n\nless than Five Hundred Thousand Dollars ($500,000.00);\n\n5. In the case of any captive insurance company doing business\n\nas a risk retention group, not less than One Million Dollars\n\n($1,000,000.00); and\n\n6. In the case of a special purpose or branch captive insurance\n\ncompany, not less than Two Hundred Fifty Thousand Dollars\n\n($250,000.00) or an amount determined by the Insurance Commissioner\n\nafter giving due consideration to the business plan of the company,\n\nfeasibility study, and pro formas, including the nature of the risks\n\nto be insured;\n\n7. In the case of a series captive insurance company, the\n\nminimum capital and surplus shall be in an amount specified by the\n\nInsurance Commissioner; and\n\n8. The unimpaired paid-in capital may be in the form of cash,\n\ncash equivalent, or an irrevocable letter of credit issued by a bank\n\nchartered by this state or a member bank of the Federal Reserve\n\nSystem. The issuing bank shall be approved by the Insurance\n\nCommissioner.\n\nB. The Insurance Commissioner may prescribe additional capital\n\nand surplus based upon the type, volume, and nature of insurance\n\nbusiness transacted.\n\nC. In the case of a branch captive insurance company, as\n\nsecurity for the payment of liabilities attributable to branch\n\noperations, the Insurance Commissioner may require that a trust\n\nfund, funded by an irrevocable letter of credit or other acceptable\n\nasset, be established and maintained in the United States for the\n\nbenefit of United States policyholders and United States ceding\n\ninsurers. The amount of the security may be no less than the\n\ncapital and surplus required by the Oklahoma Captive Insurance\n\nCompany Act and the reserves on these insurance policies or\n\nreinsurance contracts.\n\nD. A captive insurance company may not pay a dividend out of,\n\nor other distribution with respect to, capital or surplus, without\n\nthe prior approval of the Insurance Commissioner. Approval of an\n\nongoing plan for the payment of dividends or other distributions\n\nmust be conditioned upon the retention, at the time of each payment,\n\nof capital or surplus in excess of amounts specified by, or\n\ndetermined in accordance with formulas approved by, the Insurance\n\nCommissioner.","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":"551ecbe1bf79ec25782eac42dddbcc8327b08d51fe318ef2d0e06b39a944fa3c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-6470.5","next":"us-ok/okla.-stat.-tit.-36-36-6475.1"},"notice":"GroundRules: Original legal text. Not legal advice."}