Oklahoma § 36-6470.24

§ 36-6470.24.

2009.

Repealed by Laws 2009, c. 432, § 28, eff. July 1,

§36-6470.24.1. Notice requirements.

No captive insurance company shall voluntarily take any of the

following actions without providing the Insurance Commissioner at

least thirty (30) days prior written notice and receiving the

Commissioner's approval of any such action:

1. The dissolution of the captive insurance company;

2. A sale, exchange, lease, mortgage, assignment, pledge or

other transfer of or granting of a security interest in, all or

substantially all of the assets of the captive insurance company;

3. Incurring a material indebtedness by the captive insurance

company;

4. Any making of a material loan or other material extension of

credit by the captive insurance company;

5. Any material payment out of capital and surplus;

6. Any merger or consolidation to which the captive insurance

company is a constituent party;

7. Any conversion of the captive insurance company to another

business form;

8. Any transfer to or domestication in any jurisdiction by the

captive insurance company; or

9. Any amendment of the organizational documents of the captive

insurance company.

For purposes of this section, "material", in relation to

financial matters, means any transaction or series of related

transactions involving more than the lesser of five percent (5%) of

the captive insurance company's assets or twenty-five percent (25%)

of its capital and surplus. "Assets" and "capital and surplus"

shall be measured as of the most recent filed report required by

Section 6470.11 of Title 36 of the Oklahoma Statutes.

Added by Laws 2013, c. 41, § 1, eff. Nov. 1, 2013.

§36-6470.24.2. Inspection and preservation of records.

A. Unless otherwise approved by the Commissioner, a captive

insurance company formed under the provisions of this act shall

maintain its books, records, documents, accounts, vouchers and

agreements in this state.

A captive insurance company shall make its books, records,

documents, accounts, vouchers and agreements available for

inspection by the Commissioner at any time. A captive insurance

company shall keep its books, records, documents, accounts, vouchers

and agreements in such manner that its financial condition, affairs

and operations can be readily ascertained and in such manner that

the Commissioner may readily verify its financial statements and

determine its compliance with this act.

Oklahoma Statutes - Title 36. Insurance

B. Unless otherwise approved by the Commissioner, all original

books, records, documents, accounts, vouchers and agreements of a

captive insurance company formed under the provisions of this act

must be preserved and kept available in this state for the purpose

of examination and inspection until the Commissioner approves the

destruction or other disposition of the books, records, documents,

accounts, vouchers and agreements. If the Commissioner approves the

preservation and keeping of the foregoing outside this state, the

captive insurance company shall maintain a complete and true copy of

each such original in the state. Books, records, documents,

accounts, vouchers and agreements may be photographed, reproduced on

film or stored and reproduced electronically.

Added by Laws 2013, c. 41, § 2, eff. Nov. 1, 2013.