Oklahoma § 36-6470.11 - Reports - Waiver

§ 36-6470.11. Reports - Waiver

A. A captive insurance company may not be required to make an

annual report except as provided in the Oklahoma Captive Insurance

Company Act.

B. Before March 1 of each year, a captive insurance company

shall submit to the Insurance Commissioner a report of its financial

condition, verified by oath of two of its executive officers.

Except as provided in Section 6470.6 of this title, a captive

insurance company shall report using generally accepted accounting

principles, unless the Insurance Commissioner approves the use of

statutory accounting principles or international accounting

standards, with useful or necessary modifications or adaptations

required or approved or accepted by the Insurance Commissioner for

the type of insurance and kinds of insurers to be reported upon, and

as supplemented by additional information required by the Insurance

Commissioner.

1. The use of generally accepted accounting principles and the

Insurance Department requires modifications, assets and liabilities

to be reported as follows:

a.

letters of credit provided as capital funds pursuant

to Section 6470 of this title are an asset for

purposes of annual financial statement filings and

shall be reported at their face value, and

Oklahoma Statutes - Title 36. Insurance

b.

surplus notes issued pursuant to Section 2125 of this

title shall be reported as surplus items in the

capital section rather than as a liability.

2. Any captive insurance company whose use of statutory

accounting principles is approved by the Commissioner may make such

modifications and adaptations thereof as are necessary:

a.

to record, as "admitted", the full value of all

investments by such captive insurance company

permitted under this chapter, and

b.

subject to the Commissioner's approval, to make its

reports under this section consistent with the

purposes of this chapter.

C. A pure captive insurance company may make written

application for filing the required report on a fiscal year-end that

is consistent with the fiscal year of the parent company. If an

alternative reporting date is granted:

1. The annual report is due sixty (60) days after the fiscal

year-end; and

2. In order to provide sufficient detail to support the premium

tax return, the pure captive insurance company shall file before

March 1 of each year for each calendar year-end, pages 1 through 7

of the "Captive Annual Statement: Pure or Industrial Insured",

verified by oath of two of its executive officers.

D. Sixty (60) days after the fiscal year-end, a branch captive

insurance company shall file with the Insurance Commissioner a copy

of all reports and statements required to be filed under the laws of

the jurisdiction in which the alien captive insurance company is

formed, verified by oath of two of its executive officers. If the

Insurance Commissioner is satisfied that the annual report filed by

the alien captive insurance company in its domiciliary jurisdiction

provides adequate information concerning the financial condition of

the alien captive insurance company, the Insurance Commissioner may

waive the requirement for completion of the captive annual statement

for business written in the alien jurisdiction. Such waiver must be

in writing and subject to public inspection.

Added by Laws 2004, c. 334, § 18, emerg. eff. May 25, 2004. Amended

by Laws 2009, c. 176, § 49, eff. Nov. 1, 2009; Laws 2013, c. 41, §

9, eff. Nov. 1, 2013; Laws 2021, c. 314, § 18, eff. Nov. 1, 2021.