Oklahoma § 36-4904 - Bail bond insurers - Financial statement - Reports

§ 36-4904. Bail bond insurers - Financial statement - Reports

A. Each insurer writing bail bonds in this state shall file in

the Office of the Insurance Commissioner quarterly statements which

shall exhibit the financial condition of the insurer. The

statements shall be in such general form and content as approved by

the National Association of Insurance Commissioners for the kinds of

insurance to be reported, and as supplemented for additional

information as required by the Commissioner. Such statements shall

be subscribed and sworn by the president and secretary and other

Oklahoma Statutes - Title 36. Insurance

proper officers of the insurer. The statements shall be filed on or

before the following dates:

1. First quarter statement, which shall include data from

January 1 to March 31, on the last business day in April;

2. Second quarter statement, which shall include data from

April 1 to June 30, on the last business day of July;

3. Third quarter statement, which shall include data from July

1 to September 30, on the last business day of October; and

4. Annual financial statement as described in Section 311 of

this title, which shall serve as fourth quarter statement and which

shall be filed annually on the date specified in Section 311 of this

title, in the office of the Commissioner by each insurer writing

bail bonds.

B. The statements required to be filed pursuant to subsection A

of this section shall contain the loss reserve for bail bonds

written in this state. Loss reserves shall be computed as twentyfive percent (25%) of the direct written premium of outstanding

liability less monies held by the insurer in trust to pay losses

from bail.

C. Each insurer writing bail bonds in this state shall file

monthly reports based upon the previous month's activity with the

Commissioner and on forms prescribed by the Commissioner within

thirty (30) days after the end of each preceding month, which shall

include the following information and such other information as the

Commissioner deems necessary:

1. Amount of deposit held by the Commissioner with a list of

the securities available and their current valuation;

2. Bail bond premium volume for this state;

3. Administrative action, if any, taken by other states against

the insurer;

4. List of collateral held by the insurer stating the location

of collateral, the corresponding county involved, the case number

and the bondsman soliciting the bond;

5. Loss ratio;

6. Outstanding liability; and

7. A list of agents or bondsmen whose contracts have been

canceled.

Added by Laws 1987, c. 211, § 2, eff. Nov. 1, 1987. Amended by Laws

1992, c. 98, § 1, eff. Sept. 1, 1992.