Oklahoma § 36-6470.14 - Suspension or revocation of license

§ 36-6470.14. Suspension or revocation of license

A. The license of a captive insurance company to conduct an

insurance business in this state may be suspended or revoked by the

Insurance Commissioner for:

1. Insolvency or impairment of capital and surplus;

2. Failure to meet the requirements of Section 6470.6 of this

title;

3. Refusal or failure to submit an annual report, as required

by Section 6470.11 of this title, or any other report or statement

required by law or by lawful order of the Commissioner;

4. Failure to comply with its own charter, bylaws, or other

organizational document;

5. Failure to pay any tax or fee, or submit to examination or

any legal obligation relative to an examination, as required by this

section;

6. Refusal or failure to pay the cost of examination;

7. Use of methods that, although not otherwise specifically

prohibited by law, nevertheless render its operation detrimental or

its condition unsound with respect to the public or to its

policyholders; or

8. Failure otherwise to comply with laws of this state.

B. If the Commissioner finds, upon examination, hearing, or

other evidence, that a captive insurance company has committed any

of the acts specified in subsection A of this section, the

Commissioner may suspend or revoke such license if the Commissioner

considers it in the best interest of the public and the

policyholders of the captive insurance company.

C. In addition to or in lieu of any applicable revocation or

suspension of the license of a captive insurer, the Commissioner may

fine any captive insurer who violates any provision of the Oklahoma

Oklahoma Statutes - Title 36. Insurance

Insurance Code a civil penalty of not more than Five Thousand

Dollars ($5,000.00) for each occurrence.

Added by Laws 2004, c. 334, § 21, emerg. eff. May 25, 2004. Amended

by Laws 2006, c. 264, § 67, eff. July 1, 2006; Laws 2013, c. 41, §

12, eff. Nov. 1, 2013.