2023 Oklahoma Statutes › Title 36. Insurance › §36-6470.11. Reports - Waiver.

A. A captive insurance company may not be required to make an annual report except as provided in the Oklahoma Captive Insurance Company Act.
B. Before March 1 of each year, a captive insurance company shall submit to the Insurance Commissioner a report of its financial condition, verified by oath of two of its executive officers. Except as provided in Section 6470.6 of this title, a captive insurance company shall report using generally accepted accounting principles, unless the Insurance Commissioner approves the use of statutory accounting principles or international accounting standards, with useful or necessary modifications or adaptations required or approved or accepted by the Insurance Commissioner for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the Insurance Commissioner.
1. The use of generally accepted accounting principles and the Insurance Department requires modifications, assets and liabilities to be reported as follows:
a.
letters of credit provided as capital funds pursuant to Section 6470 of this title are an asset for purposes of annual financial statement filings and shall be reported at their face value, and
b.
surplus notes issued pursuant to Section 2125 of this title shall be reported as surplus items in the capital section rather than as a liability.
2. Any captive insurance company whose use of statutory accounting principles is approved by the Commissioner may make such modifications and adaptations thereof as are necessary:
a.
to record, as "admitted", the full value of all investments by such captive insurance company permitted under this chapter, and
b.
subject to the Commissioner's approval, to make its reports under this section consistent with the purposes of this chapter.
C. A pure captive insurance company may make written application for filing the required report on a fiscal year-end that is consistent with the fiscal year of the parent company. If an alternative reporting date is granted:
1. The annual report is due sixty (60) days after the fiscal year-end; and
2. In order to provide sufficient detail to support the premium tax return, the pure captive insurance company shall file before March 1 of each year for each calendar year-end, pages 1 through 7 of the "Captive Annual Statement: Pure or Industrial Insured", verified by oath of two of its executive officers.
D. Sixty (60) days after the fiscal year-end, a branch captive insurance company shall file with the Insurance Commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath of two of its executive officers. If the Insurance Commissioner is satisfied that the annual report filed by the alien captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien captive insurance company, the Insurance Commissioner may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction. Such waiver must be in writing and subject to public inspection.
Added by Laws 2004, c. 334, § 18, emerg. eff. May 25, 2004. Amended by Laws 2009, c. 176, § 49, eff. Nov. 1, 2009; Laws 2013, c. 41, § 9, eff. Nov. 1, 2013; Laws 2021, c. 314, § 18, eff. Nov. 1, 2021.