Oklahoma § 36-6454 - Chartering and licensing of risk retention group

§ 36-6454. Chartering and licensing of risk retention group

A. 1. A risk retention group seeking to be chartered for

domicile in this state shall be chartered and licensed only to write

liability insurance pursuant to the insurance laws of this state

and, except as provided elsewhere in the Oklahoma Risk Retention

Act, shall comply with all of the laws, rules, regulations, and

requirements applicable to such insurers chartered and licensed in

this state including Section 6455 of this title to the extent such

requirements are not a limitation on the laws, rules, regulations

and requirements in this state.

2. Notwithstanding any other provision of law, all risk

retention groups chartered in this state shall file with the

Insurance Department and the National Association of Insurance

Commissioners an annual statement in a form prescribed by the

Association and in electronic form, if required by the Insurance

Commissioner and completed in accordance with its instructions and

the Practices and Procedures Manual of the Association.

B. Before it may offer insurance in any state, each risk

retention group licensed in this state shall submit for approval to

the Insurance Commissioner of this state a plan of operation or a

feasibility study. The risk retention group shall submit an

appropriate revision in the event of any subsequent material change

in any item of the plan of operation or feasibility study within ten

(10) days of the change. The group shall not offer any additional

kinds of liability insurance in this state or in any other state

until a revision of the plan or study is approved by the

Oklahoma Statutes - Title 36. Insurance

Commissioner. At the time of filing its application for charter,

the risk retention group shall provide to the Commissioner a summary

of the following information: the identity of the initial members

of the group or who organized the group, the identity of those

individuals who will provide administrative services or otherwise

influence or control the activities of the group, the amount and

nature of initial capitalization, the coverages to be afforded, and

the states in which the group intends to operate. Upon receipt of

this information, the Commissioner shall transmit the information to

the National Association of Insurance Commissioners. Transmitting

this information shall be sufficient to satisfy the requirements of

Section 6455 of this section.

Added by Laws 1987, c. 157, § 4, emerg. eff. June 25, 1987. Amended

by Laws 2021, c. 314, § 2, eff. Nov. 1, 2021; Laws 2022, c. 154, §

9, eff. Nov. 1, 2022.