Oklahoma § 36-6470.13 - Examination by Insurance Commissioner Confidentiality - Application

§ 36-6470.13. Examination by Insurance Commissioner Confidentiality - Application

A. At least once in five (5) years, and whenever the Insurance

Commissioner determines it to be prudent, the Commissioner

personally, or a competent person appointed by the Commissioner,

shall conduct an examination under Sections 309.1 through 309.7 of

this title, as well as determine whether the captive insurer has

complied with the Oklahoma Captive Insurance Company Act. The

Commissioner upon application, in his or her discretion, may enlarge

the five-year period to seven (7) years. The expenses and charges

of the examination must be paid in accordance with the payment

provisions of Sections 309.1 through 309.7 of this title.

B. All examination reports, preliminary examination reports or

results, working papers, recorded information, documents and copies

of documents produced by, obtained by, or disclosed to the

Commissioner or any other person in the course of an examination

made under this section are confidential and are not subject to

subpoena and may not be made public by the Commissioner or an

employee or agent of the Commissioner without the written consent of

the company, except to the extent provided in this subsection.

Nothing in this subsection prevents the Commissioner from using this

information in furtherance of the regulatory authority of the

Commissioner under the Oklahoma Captive Insurance Company Act. The

Commissioner may grant access to this information to public officers

having jurisdiction over the regulation of insurance in any other

state or country, or to law enforcement officers of this state or

any other state or agency of the federal government at any time, so

long as the officers receiving the information agree in writing to

hold it in a manner consistent with this section.

C. 1. This section applies to all business written by a

captive insurance company; however, the examination for a branch

Oklahoma Statutes - Title 36. Insurance

captive insurance company must be of branch business and branch

operations only, as long as the branch captive insurance company

provides annually to the Commissioner a certificate of compliance,

or its equivalent, issued by or filed with the licensing authority

of the jurisdiction in which the branch captive insurance company is

formed and demonstrates to the satisfaction of the Commissioner that

it is operating in sound financial condition in accordance with all

applicable laws and regulations of that jurisdiction.

2. As a condition of licensure, the alien captive insurance

company shall grant authority to the Commissioner for examination of

the affairs of the alien captive insurance company in the

jurisdiction in which the alien captive insurance company is formed.

Added by Laws 2004, c. 334, § 20, emerg. eff. May 25, 2004. Amended

by Laws 2006, c. 264, § 66, eff. July 1, 2006; Laws 2013, c. 41, §

11, eff. Nov. 1, 2013.