Oklahoma § 36-6470.34 - Entity-protected cell
Full text of Oklahoma Oklahoma Statutes § 36-6470.34 — Entity-protected cell, with citation guidance and answers to common questions.
§ 36-6470.34. Entity-protected cell
A. A protected cell of a sponsored captive insurance company
may be formed as an entity-protected cell. "Entity-protected cell"
means a protected cell that is established as any type of legal
entity separate from the sponsored captive insurance company of
which it is a part.
B. Subject to the prior written approval of the sponsored
captive insurance company and of the Insurance Commissioner, an
entity-protected cell shall be entitled to enter into contracts and
undertake obligations in its own name and for its own account. In
the case of a contract or obligation to which the sponsored captive
insurance company is not a party, either in its own name and for its
own account or on behalf of a protected cell, the counterparty to
the contract or obligation shall have no right or recourse against
the sponsored captive insurance company and its assets other than
against assets properly attributable to the entity-protected cell
that is a party to the contract or obligation.
C. The articles of incorporation or articles of organization of
an entity-protected cell shall refer to the sponsored captive
insurance company for which it is a protected cell and shall state
that the protected cell is incorporated or organized for the limited
purposes authorized by the sponsored captive insurance company's
license. A copy of the prior written approval of the Commissioner
to add the entity-protected cell, required by Section 6470.29 of
Title 36 of the Oklahoma Statutes, shall be attached to and filed
with the articles of incorporation or the articles of organization.
D. Sponsored captive insurance companies, including those
licensed as special purpose captive insurance companies, shall have
Oklahoma Statutes - Title 36. Insurance
the option to establish one or more protected cells as a separate
corporation, mutual corporation, nonprofit corporation, limited
liability company, or reciprocal insurer. This section shall not be
construed to limit any rights or protections applicable to protected
cells not established as corporations, mutual corporations,
nonprofit corporations, limited liability companies, or reciprocal
insurers.
Added by Laws 2015, c. 298, § 27, eff. Nov. 1, 2015.
Frequently Asked Questions About Oklahoma § 36-6470.34
What does Oklahoma Statutes § 36-6470.34 cover?
Section 36-6470.34 ("Entity-protected cell") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 36-6470.34?
A common citation format is "Oklahoma Statutes § 36-6470.34" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 36-6470.34 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.