Oklahoma § 36-6470.35 - Dormant captive insurance company – Certificate of

§ 36-6470.35. Dormant captive insurance company – Certificate of

dormancy.

A. As used in this section, "dormant captive insurance company"

means a captive insurance company that has:

1. Ceased transacting the business of insurance including the

issuance of insurance policies; and

2. No remaining liabilities associated with insurance business

transactions or insurance policies issued prior to the filing of its

application for a certificate of dormancy under this section.

B. A dormant captive insurance company domiciled in this state

that meets the criteria of subsection A of this section may apply to

the Insurance Commissioner for a certificate of dormancy. The

certificate of dormancy shall be subject to renewal every five (5)

years and shall be forfeited if not renewed within such time.

C. A dormant captive insurance company that has been issued a

certificate of dormancy shall:

1. Possess and thereafter maintain unimpaired, paid-in capital

and surplus of not less than Twenty-five Thousand Dollars

($25,000.00);

2. Submit on or before March 1 of each year to the Insurance

Commissioner a report of its financial condition, verified by an

oath of two of its executive officers, in a form prescribed by the

Insurance Commissioner; and

3. Pay a nonrefundable annual fee of Five Hundred Dollars

($500.00).

D. A dormant captive insurance company shall not be subject to

or liable for the payment of any tax under Section 6470 of this

title for the initial five-year dormancy.

E. A dormant captive insurance company shall apply to the

Insurance Commissioner for approval to surrender its certificate of

dormancy and resume conducting the business of insurance prior to

issuing any insurance policies.

F. A certificate of dormancy shall be revoked if a dormant

captive insurance company no longer meets the criteria of subsection

A of this section.

G. A dormant captive insurance company may be subject to

examination under Section 6470.13 of this title for any year when it

did not qualify as a dormant captive insurance company. The

Oklahoma Statutes - Title 36. Insurance

Insurance Commissioner may examine a dormant captive insurance

company pursuant to Section 6470.13 of this title.

H. The Insurance Commissioner may promulgate and adopt rules

and regulations implementing the provisions of this section.

Added by Laws 2021, c. 478, § 33, emerg. eff. May 12, 2021. Amended

by Laws 2022, c. 154, § 10, eff. Nov. 1, 2022.