Oklahoma § 36-311 - Annual statement by companies - Annual license or

§ 36-311. Annual statement by companies - Annual license or

certificate of authority to transact business.

A. 1. All insurers authorized to do business under the

provisions of this Code shall, annually, on or before the first day

Oklahoma Statutes - Title 36. Insurance

of March, file with the National Association of Insurance

Commissioners (NAIC), statements which shall exhibit the financial

condition of insurers on the thirty-first day of December of the

previous year and its business of that year. Annual statements

shall be filed electronically as approved by the NAIC, along with

applicable fees. Domestic insurers shall file a printed annual

financial statement along with all supplement filings in the office

of the Insurance Commissioner annually on or before the first day of

March.

2. Foreign insurers shall file an Affidavit of Filing and

Financial Statement Attestation annually on or before the first day

of March. The Insurance Commissioner may require foreign insurers

to file the annual financial statement in a printed format. Such

document required by the Insurance Commissioner shall be due

annually on or before the first day of March.

3. For good cause shown, the Insurance Commissioner may extend

the time within which such statements may be filed. The statements

shall be in such general form and context as approved by the

National Association of Insurance Commissioners for the kinds of

insurance to be reported upon, and as supplemented for additional

information required by the Insurance Commissioner by rule. In

addition, the statements shall be prepared in accordance with the

NAIC annual statement instruction handbooks, including any

supplemental filings described in the NAIC annual instruction

handbook, and follow the accounting procedures and practices

prescribed by the NAIC accounting practices and procedure manuals as

supplemented by the Insurance Commissioner by rule. The assets and

liabilities shall be computed pursuant to the most conservative

method allowed by the laws of this state. Such statements shall be

subscribed and sworn to by the president and secretary and other

proper officers. The license or certificate of authority to

transact the business of insurance in this state shall be renewed

unless the Insurance Commissioner finds that the facts do not

warrant renewal, and that the insurer has not fully complied with

all laws applicable to the insurer. Upon initial licensure, the

Commissioner shall issue a license, or certificate of authority,

subject to all requirements and conditions of the law, to transact

business in this state, specifying in the certificate the particular

kind or kinds of insurance it is authorized to transact. The annual

statement of an insurer of a foreign country shall embrace only its

business and condition in the United States, and shall be subscribed

and sworn to by its resident manager or principal representative in

charge of its United States business, or other officer duly

authorized. Any amendments and addendums to the annual statement

subsequently filed with the Commissioner shall also be filed with

the National Association of Insurance Commissioners, and the insurer

shall pay the applicable filing fees.

Oklahoma Statutes - Title 36. Insurance

B. In the absence of actual malice, or gross negligence,

members of the National Association of Insurance Commissioners,

their duly authorized committees, subcommittees and task forces,

their delegates, National Association of Insurance Commissioners'

employees, and all others charged with the responsibility of

collecting, reviewing, analyzing and disseminating the information

developed from the filing of the annual statement shall be acting as

agents of the Commissioner under the authority of this section and

shall not be subject to civil liability for libel, slander or any

other cause of action by virtue of their collection, review and

analysis or disseminating of the data and information collected from

the filings required under this section.

C. All financial analysis ratios and examination synopses

pertaining to insurance companies, which are submitted to the

Commissioner by the National Association of Insurance Commissioners'

Insurance Regulatory Information System, are confidential records

which shall not be available for public inspection and shall not be

disclosed by the Commissioner except in receivership proceedings.

Added by Laws 1957, p. 220, § 311, operative July 1, 1957. Amended

by Laws 1976, c. 23, § 1, emerg. eff. March 15, 1976; Laws 1986, c.

251, § 1, eff. Nov. 1, 1986; Laws 1987, c. 175, § 1, eff. Nov. 1,

1987; Laws 1992, c. 178, § 1, eff. Sept. 1, 1992; Laws 1993, c. 79,

§ 2, eff. Sept. 1, 1993; Laws 1997, c. 418, § 13, eff. Nov. 1, 1997;

Laws 2001, c. 363, § 3, eff. July 1, 2001; Laws 2002, c. 307, § 1,

eff. Nov. 1, 2002; Laws 2003, c. 150, § 1, eff. Nov. 1, 2003; Laws

2004, c. 274, § 1, eff. July 1, 2004.