reglab/housing_qa huggingface dataset:
36 OK Stat § 36-6461 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6461. Violations - Penalties.

|A. A risk retention group which violates any provision of the Oklahoma Risk Retention Act shall be subject to fines and penalties applicable to licensed insurers generally, including but not limited to revocation of license and the authority to transact insurance business in this state. |B. A risk retention group doing business in this state that is not licensed pursuant to the Oklahoma Risk Retention Act shall be considered an unauthorized insurer and shall be subject to the provisions of applicable sections of the Insurance Code pertaining to unauthorized insurers.C. A purchasing group that is registered pursuant to the Oklahoma Risk Retention Act and which violates any provision of said act shall be subject to a fine of up to One Thousand Dollars ($1,000.00) and censure, suspension, or revocation of license or by both such fine and licensure proceedings, after notice and hearing.D. A purchasing group doing business in this state which is not registered shall be considered an unauthorized insurer and subject to the provisions of applicable sections of the Insurance Code pertaining to unauthorized insurers.Added by Laws 1987, c. 157, § 11, emerg. eff. June 25, 1987.
36 OK Stat § 36-6462 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6462. License required before commencing business activity – Soliciting liability insurance for purchasing groups.

|A. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state from a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent or a broker, pursuant to the Oklahoma Insurance Code. |B. 1. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this state for a purchasing group from an authorized insurer or a risk retention group unless such person, firm, association or corporation is licensed as an insurance agent a broker pursuant to the Oklahoma Insurance Code.2. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this state from any member of a purchasing group under a policy of a purchasing group unless such person, firm, association or corporation is licensed as an insurance agent or a broker pursuant to the Oklahoma Insurance Code.3. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless the person, firm, association or corporation is licensed as a surplus lines agent or excess line broker pursuant to the Oklahoma Insurance Code.C. For purposes of acting as an agent or broker for a risk retention group or purchasing group pursuant to subsections A and B of this section, the requirement of residence in this state shall not apply.D. Every person licensed as an agent or broker as required in this section, on business placed with risk retention groups or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by the Oklahoma Risk Retention Act.Added by Laws 1987, c. 157, § 12, emerg. eff. June 25, 1987. Amended by Laws 2004, c. 334, § 7, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 12, eff. Nov. 1, 2021.
36 OK Stat § 36-6463 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6463. Assets to protect purchasers.

|The State Insurance Commissioner shall require all risk insurance groups to have appropriate reserves in Oklahoma, other assets, or a corporate surety bond to protect purchasers in case of bankruptcy, withholding of unearned premiums, or failure to pay benefits. |Added by Laws 1987, c. 157, § 13, emerg. eff. June 25, 1987.
36 OK Stat § 36-6464 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6464. Enforcement of court orders.

|An order issued by any District Court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any state, or in any territory or possession of the United States, upon a finding that such a group is in a hazardous financial condition or financially impaired shall be enforceable in the courts of this state. |Added by Laws 1987, c. 157, § 14, emerg. eff. June 25, 1987. Amended by Laws 2021, c. 314, § 13, eff. Nov. 1, 2021.
36 OK Stat § 36-6465 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6465. Fees.

|There shall be collected, at the time of filing of information for a risk retention group, a fee payable annually, of Four Hundred Dollars ($400.00). In addition, risk retention groups chartered for domicile in this state shall pay the same fees applicable to insurers in this state. |Purchasing groups shall pay annually at the time of registration, a fee of Four Hundred Dollars ($400.00).Added by Laws 1987, c. 157, § 15, emerg. eff. June 25, 1987. Amended by Laws 2009, c. 432, § 22, eff. July 1, 2009.
36 OK Stat § 36-6466 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6466. Rules.

|The Commissioner may establish and from time to time amend such rules relating to risk retention groups and purchasing groups as may be necessary or desirable to implement the provisions of the Oklahoma Risk Retention Act. |Added by Laws 1987, c. 157, § 16, emerg. eff. June 25, 1987.
36 OK Stat § 36-6467 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6467. Reciprocal agreements.

|The Commissioner may make reciprocal agreements with other states to further the purposes of this act. |Added by Laws 1987, c. 157, § 17, emerg. eff. June 25, 1987.
36 OK Stat § 36-6468 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6468. Workers' compensation group self-insurance associations exempted.

|The provisions of this act shall not apply to workers' compensation group self-insurance associations. |Added by Laws 1987, c. 157, § 18, emerg. eff. June 25, 1987.
36 OK Stat § 36-6470.1 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.1. Short title.

|Sections 6470.1 through 6470.33 of this title shall be known and may be cited as the “Oklahoma Captive Insurance Company Act”. |Added by Laws 2004, c. 334, § 8, emerg. eff. May 25, 2004. Amended by Laws 2006, c. 265, § 1, eff. Nov. 1, 2006.
36 OK Stat § 36-6470.5 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.5. Adoption of same or confusing name.

|A captive insurance company may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for any other existing business name registered in this state. |Added by Laws 2004, c. 334, § 12, emerg. eff. May 25, 2004.
36 OK Stat § 36-6470.12 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.12. Discounting of loss and loss adjustment expense reserves – Actuarial opinion.

|A. Upon written application, accompanied by such information as the Commissioner requires, the Insurance Commissioner may grant permission to a sponsored captive insurance company or a special purpose captive insurance company to discount loss and loss adjustment expense reserves at treasury rates applied to the applicable payments projected through the use of the expected payment pattern associated with the reserves. |B. A sponsored captive insurance company and a special purpose captive insurance company, and any captive insurer, at the Commissioner's discretion, shall file annually an actuarial opinion on the company's loss and loss adjustment expense reserves or life and health policy and claim reserves, as applicable. The individual who prepares the Statement of Actuarial Opinion must be independent of the captive company and its affiliates.C. The Insurance Commissioner may disallow the discounting of reserves if a captive insurance company violates a provision of this title.Added by Laws 2004, c. 334, § 19, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 10, eff. Nov. 1, 2013; Laws 2015, c. 298, § 18, eff. Nov. 1, 2015; Laws 2018, c. 95, § 11, eff. Nov. 1, 2018.
36 OK Stat § 36-6470.13 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§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 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.
36 OK Stat § 36-6470.14 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§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; or8. 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 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.
36 OK Stat § 36-6470.15 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.15. Investment requirements – Loans.

|A. An association captive insurance company, a sponsored captive insurance company, and a risk retention group shall comply with the investment requirements contained in the Oklahoma Insurance Code. The Insurance Commissioner may approve the use of alternative investment requirements upon application by such captive insurance company. |B. Except as to unimpaired paid-in capital as provided in paragraph 7 of subsection A of Section 6470.6 of this title, a pure captive insurance company, a special purpose captive insurance company, a branch captive insurance company, and an industrial insured captive insurance company are not subject to any restrictions on allowable investments contained in the Oklahoma Insurance Code; however, the Insurance Commissioner may prohibit or limit an investment that threatens the solvency or liquidity of the company.C. Loans of minimum capital and surplus funds required by Section 6470.6 of this title are prohibited.D. Subject to subsections A and B of this section and Section 6470.31 of this title, as applicable, a captive insurance company may own securities of or other interests in another captive insurance company, whether voting or nonvoting.Added by Laws 2004, c. 334, § 22, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 13, eff. Nov. 1, 2013; Laws 2015, c. 298, § 19, eff. Nov. 1, 2015.
36 OK Stat § 36-6470.16 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.16. Reinsurance on risks ceded by another insurer – Credit for reserves.

|A captive insurance company may cede or assume reinsurance and take credit for reserves, as authorized for domestic insurers by the Oklahoma Insurance Code. |Added by Laws 2004, c. 334, § 23, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 14, eff. Nov. 1, 2013; Laws 2015, c. 298, § 20, eff. Nov. 1, 2015.
36 OK Stat § 36-6470.17 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.17. Membership in rating organization.

|A captive insurance company may not be required to join a rating organization. |Added by Laws 2004, c. 334, § 24, emerg. eff. May 25, 2004.
36 OK Stat § 36-6470.18 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.18. Membership in, contribution to, or benefit from plan, pool, association, or guaranty or insolvency fund.

|A captive insurance company may not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this state, and a captive insurance company, or its insured or its parent or any affiliated company or any member organization of its association, or in the case of a captive insurance company organized as a reciprocal insurer, a subscriber of the company, or in the case of a sponsored captive insurance company, a protected cell or participant in a protected cell may not receive a benefit from a plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of such captive insurance company. |Added by Laws 2004, c. 334, § 25, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 15, eff. Nov. 1, 2013.
36 OK Stat § 36-6470.20 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.20. Sanctions.

|A captive insurance company failing to make returns or to pay all taxes required by this section is subject to sanctions provided in the Oklahoma Insurance Code. |Added by Laws 2004, c. 334, § 27, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 17, eff. Nov. 1, 2013; Laws 2015, c. 298, § 22, eff. Nov. 1, 2015.
36 OK Stat § 36-6470.21 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.21. Rules.

|The Insurance Commissioner may promulgate and, from time to time, amend rules and issue orders relating to captive insurance companies as are necessary to enable the Insurance Commissioner to carry out the provisions of the Oklahoma Captive Insurance Company Act. |Added by Laws 2004, c. 334, § 28, emerg. eff. May 25, 2004.
36 OK Stat § 36-6470.22 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.22. Exemptions for special purpose captive insurance companies.

|The Insurance Commissioner may, by rule, regulation, or order, exempt special purpose captive insurance companies, on a case-by-case basis, from provisions of the Oklahoma Insurance Code, Oklahoma Captive Insurance Company Act and any rule or regulation established under either that he or she determines to be inappropriate to apply to such companies given the nature of the risks to be insured. |Added by Laws 2004, c. 334, § 29, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 18, eff. Nov. 1, 2013.
36 OK Stat § 36-6470.24.1 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§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; or9. 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 OK Stat § 36-6470.24.2 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§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.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.
36 OK Stat § 36-6470.25 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.25. Protected cell - Use of assets.

|In the case of a sponsored captive insurance company: |1. The assets of the protected cell may not be used to pay expenses or claims other than those attributable to the protected cell; and2. Its capital and surplus at all times must be available to pay expenses of or claims against the sponsored captive insurance company and may not be used to pay expenses or claims attributable to a protected cell.Added by Laws 2004, c. 334, § 32, emerg. eff. May 25, 2004. Amended by Laws 2006, c. 264, § 69, eff. July 1, 2006; Laws 2015, c. 298, § 23, eff. Nov. 1, 2015.
36 OK Stat § 36-6470.27 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.27. Standards ensuring exercise of control of risk management function of insured controlled unaffiliated business – Regulations.

|The Insurance Commissioner shall promulgate regulations establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management for any controlled unaffiliated business to be insured by a pure captive insurance company; however, until such time as these regulations are promulgated, the Insurance Commissioner may by temporary order grant authority to a pure captive insurance company to insure risks. |Added by Laws 2004, c. 334, § 34, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 19, eff. Nov. 1, 2013; Laws 2015, c. 298, § 24, eff. Nov. 1, 2015.
36 OK Stat § 36-6470.28 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.28. Acquisition of control.

|The provisions of Article 16A of the Insurance Code applicable to acquisition of control or merger with a domestic insurer shall apply to acquisition of control of an association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under the Oklahoma Captive Insurance Company Act. |Added by Laws 2004, c. 334, § 35, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 20, eff. Nov. 1, 2013.
36 OK Stat § 36-6470.30 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6470.30. Sponsor of sponsored captive insurance company.

|A sponsor of a sponsored captive insurance company must be an insurer licensed pursuant to the laws of a state, an insurance holding company that controls an insurer licensed pursuant to the laws of any state and subject to registration pursuant to the insurance holding company system laws of the state of domicile of the insurer, a reinsurer authorized or approved pursuant to the laws of a state, or a captive insurance company formed or licensed pursuant to the Oklahoma Captive Insurance Company Act, a holding company, a trust, an individual or other organization as permitted by the Insurance Commissioner. A risk retention group may be a participant of a sponsored captive insurance company only to the extent that it is the sole participant of one or more protected cells. |Added by Laws 2004, c. 334, § 37, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 22, eff. Nov. 1, 2013; Laws 2015, c. 298, § 26, eff. Nov. 1, 2015.