Oklahoma § 36-311A.17 - Exemptions from compliance - Effective dates

§ 36-311A.17. Exemptions from compliance - Effective dates

A. Upon written application of any insurer, the Insurance

Commissioner may grant an exemption from compliance with any and all

provisions of the Oklahoma Annual Financial Report Act if the

Commissioner finds, upon review of the application, that compliance

with the Oklahoma Annual Financial Report Act would constitute a

financial or organizational hardship upon the insurer. An exemption

may be granted at any time and from time to time for a specified

period or periods. Within ten (10) days from a denial of the

written request of an insurer for an exemption from the Oklahoma

Annual Financial Report Act, the insurer may request in writing a

hearing on its application for an exemption. The hearing shall be

held in accordance with the Administrative Procedures Act and the

laws and rules of the Insurance Department.

B. Domestic insurers retaining a certified public accountant

who qualify as independent shall comply with the Oklahoma Annual

Financial Report Act each year unless the Commissioner permits

otherwise.

C. Domestic insurers not retaining a certified public

accountant on the effective date of the Oklahoma Annual Financial

Report Act who qualifies as independent may meet the following

schedule for compliance unless the Commissioner permits otherwise:

1. File with the Commissioner an audited financial report; and

2. Each year such insurers shall file with the Commissioner all

reports and communication required by the Oklahoma Annual Financial

Report Act.

D. Foreign insurers shall comply with the Oklahoma Annual

Financial Report Act each year unless the Commissioner permits

otherwise.

E. The requirements of subsection D of Section 311A.7 of this

title shall be in effect for audits of each year.

F. An insurer or group of insurers, not required to have

independent audit committee members or only required to have a

majority of independent audit committee members, due to the total

written and assumed premium being below the threshold, shall have

one (1) year following the year the threshold is exceeded to comply

with the independence requirements. An insurer acquired as a result

of a business combination shall have one (1) calendar year following

the date of acquisition or combination to comply with the

independence requirements.

G. An insurer or group of insurers, not required to file a

report because the total written premium is below the threshold,

which subsequently becomes subject to the reporting requirements,

shall have two (2) years following the year the threshold is

Oklahoma Statutes - Title 36. Insurance

exceeded to file a report. Likewise, an insurer acquired in a

business combination shall have two (2) calendar years following the

date of acquisition or combination to comply with the reporting

requirements.

H. If an insurer or group of insurers that is exempt from the

requirements of Section 8 of this act no longer qualifies for that

exemption, it shall have one (1) year after the year the threshold

is exceeded to comply with the requirements of this act.

Added by Laws 2009, c. 176, § 19, eff. Nov. 1, 2009. Amended by

Laws 2010, c. 222, § 4, eff. Nov. 1, 2010; Laws 2019, c. 28, § 10,

eff. Nov. 1, 2019.