Oklahoma § 36-607 - General qualifications to transact insurance

§ 36-607. General qualifications to transact insurance

A. To qualify for and hold authority to transact insurance in

Oklahoma an insurer must be otherwise in compliance with the

provisions of the Oklahoma Insurance Code and with its charter

powers, and must be an incorporated stock insurer, an incorporated

mutual insurer, a mutual benefit association, a nonprofit hospital

service and medical indemnity corporation, a farmers mutual fire

insurance association, a Lloyd's association or a reciprocal

insurer, of the same general type as may be formed as a domestic

insurer under this Code; except, that no foreign or alien insurer

shall be authorized to transact insurance in Oklahoma which does not

maintain reserves as required by Article 15 of this Code applicable

to the kind or kinds of insurance transacted by such insurer.

B. No certificate of authority or license to transact any kind

of direct insurance business in this state shall be issued, renewed

or continued in effect, to any domestic, foreign or alien insurance

company or other insurance entity which is owned or financially

controlled in whole or in part by another state of the United

States, or by a foreign government, or by any political subdivision

of either, or which is an agency of any such state, government or

subdivision.

C. A domestic, foreign, or alien insurance company, or entity

thereof which is owned or financially controlled in whole or in part

by another state of the United States, a foreign government, or any

political subdivision thereof, or which is an agency of any such

state, government, or subdivision may apply only for a certificate

of authority as a reinsurer. Such insurance company or entity shall

establish and maintain a regional home office in this state, in a

building owned or leased by the insurer, that employs Oklahoma

employees as defined pursuant to Section 625.1 of this title.

Insurance companies or entities obtaining a certificate of authority

under this subsection shall maintain security deposits pursuant to

this Code in a bank as defined pursuant to Section 102 of Title 6 of

the Oklahoma Statutes.

D. Any insurance company or other insurance entity which is

owned or financially controlled in whole or in part by any federally

Oklahoma Statutes - Title 36. Insurance

recognized American Indian tribe or nation may apply for a

certificate of authority or license to transact insurance business

in this state and will not be subject to subsection B of this

section.

E. Insurers under the jurisdiction of the Insurance

Commissioner shall keep any contact information deemed necessary by

the Commissioner on file with the Insurance Department. Contact

information shall be kept current and submitted electronically in

the manner and form prescribed by the Commissioner, along with any

applicable fees. Any change in contact information shall be

submitted within twenty (20) days of the change.

Added by Laws 1957, p. 231, § 607, operative July 1, 1957. Amended

by Laws 2013, c. 82, § 1, eff. Nov. 1, 2013; Laws 2022, c. 152, § 1,

eff. Nov. 1, 2022; Laws 2024, c. 345, § 12, eff. Nov. 1, 2024.