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2023 Oklahoma Statutes › Title 36. Insurance › §36-6216. Powers of adjuster; Current license required for claim referral.

A. An adjuster shall have authority in accordance with his license only to investigate or report to his principal upon claims on behalf of insurers if the adjuster is licensed as an insurance adjuster, or on behalf of insured if licensed as a public adjuster. This limitation of powers shall not prohibit the insurer or insured from granting additional powers to the adjuster.
B. An insurer shall not knowingly refer any claim of loss for adjustment in this state to any person purporting to be or acting as an adjuster unless such a person is currently licensed as an adjuster as required by the provisions of the Insurance Adjusters Licensing Act.
C. Prior to referring any claim of loss to an adjuster, the insurer shall ascertain whether or not the adjuster is currently licensed pursuant to the provisions of the Insurance Adjusters Licensing Act. Having once ascertained that an adjuster is licensed, the insurer may assume that the adjuster shall continue to be licensed until the insurer has knowledge or has received information to the contrary.
Amended by Laws 1983, c. 129, § 15, eff. Nov. 1, 1983; Laws 1985, c. 258, § 9, eff. Nov. 1, 1985.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6216.1. Payment of claim to public adjuster - Insured as joint payee.

No insurance company authorized to transact insurance in this state shall make payment of any insurance claim, or any portion of a claim, to a public adjuster on account of services rendered by a public adjuster to an insured unless the name of the insured is added as a joint payee on any claim check, draft or electronic payment. The payment, whether by check, draft, electronic payment or otherwise, shall be sent to the address or electronic mail address designated by the insured.
Added by Laws 1993, c. 248, § 5, eff. Sept. 1, 1993. Amended by Laws 2021, c. 478, § 31, emerg. eff. May 12, 2021.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6218. Catastrophes.

A. In the event of a catastrophe, the Insurance Commission may declare an emergency to exist, and in the event of such a declaration, the Commissioner may issue a license as an emergency adjuster to any resident or nonresident applicant. Such declaration of emergency may be made per zip code or on a county-by-county basis, or any combination thereof. An individual licensed as an emergency adjuster pursuant to this section may only adjust claims related to the catastrophe. The applicant shall not have to be a licensed adjuster. An applicant for this license shall be certified in the manner prescribed by the Commissioner by an adjuster licensed in this state or by an insurer who maintains an office in this state and is licensed to do business in this state. A licensed adjuster or insurer who certifies an applicant for this license shall be responsible for any losses caused by the applicant or for any improper claim handling practices committed by the applicant. The employer of this applicant shall certify the application for license as an emergency adjuster to the Commissioner within five (5) days after the applicant begins working as an emergency adjuster for the employer. The license as an emergency adjuster shall remain in force for not more than ninety (90) days from the date the Commissioner issues an emergency declaration order. The emergency declaration order may be extended an additional ninety (90) days at the Commissioner's discretion. An emergency adjuster may only adjust claims resulting from the particular catastrophe for which the emergency declaration order is issued.
B. The Commissioner may suspend or revoke the right of any person acting as an adjuster or an emergency adjuster in this state pursuant to the authority derived from the provisions of the Insurance Adjusters Licensing Act to continue to adjust claims in this state after a hearing on the suspension or revocation if the Commissioner finds that said person has engaged in any of the practices forbidden to a licensed adjuster. Notice of the hearing on said suspension or revocation shall be given personally or shall be sent by mail to the address stated in the registration. A duplicate copy of the notice shall be given to the insurer.
C. No public adjuster shall charge, agree to or accept as compensation or reimbursement any payment, commission, fee or other thing of value equal to more than ten percent (10%) of the amount of the insurance settlement claim paid by the insurer on any claim resulting from a catastrophe declared by the Commissioner to be an emergency pursuant to subsection A of this section. The provisions of this subsection shall not apply to a public adjuster providing public adjuster services on behalf of a for-profit commercial entity.
Added by Laws 1973, c. 178, § 18. Amended by Laws 1983, c. 129, § 17, eff. Nov. 1, 1983; Laws 1997, c. 418, § 114, eff. Nov. 1, 1997; Laws 2015, c. 297, § 4, eff. Nov. 1, 2015.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6219. Initial license; grounds for refusal.

The Commissioner may refuse to issue an initial license for any of the causes set out in Section 6220 of this title, failure to pass the required examination, or prior revocation of an adjuster's license in this state or in any other state.
Amended by Laws 1983, c. 129, § 18, eff. Nov. 1, 1983.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6220.1. Prohibition on pecuniary interest in construction businesses - Penalties - Exceptions.

A. No adjuster may, directly or indirectly, own or have a pecuniary interest in any business entity which provides construction or reconstruction related services on behalf of an insurance claimant or insured for which the adjuster is providing services, nor may the adjuster, directly or indirectly, own or have a pecuniary interest in any other business entity which furnishes any supplies, material, services, or equipment purchased by or on behalf of the claimant or insured in settlement of the claim, other than usual and customary supplies, materials, services, or equipment utilized in the adjusting process.
B. Any person who violates the provisions of this section shall be subject to disciplinary action or a civil fine, or both, as set forth in Section 6220 of this title.
C. This section shall not apply to an adjuster providing services on a claim which is located in a municipality having a population of less than six thousand (6,000) persons; provided, however, the adjuster shall give written disclosure of the potential conflict of interest to both the insured and insurer prior to the performance of any adjuster services.
D. The restrictions set forth in subsection A of this section shall apply regardless of whether the person or entity has obtained power of attorney from an insurance claimant or has entered into any other agreement with an insurance claimant to act on the behalf of the claimant.
Added by Laws 1995, c. 243, § 1, eff. Nov. 1, 1995. Amended by Laws 2015, c. 297, § 6, eff. Nov. 1, 2015; Laws 2019, c. 294, § 11, eff. Nov. 1, 2019.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6222. Report of administration actions against adjusters.

A. An adjuster shall report to the Insurance Commissioner any administrative action taken against the adjuster in another jurisdiction or by another governmental agency in this state within thirty (30) days of the final disposition of the matter. This report shall include a copy of the order, consent to order or other relevant legal documents.
B. Within thirty (30) days of the initial pretrial hearing date, an adjuster shall report to the Insurance Commissioner any criminal prosecution of the adjuster taken in any jurisdiction. The report shall include a copy of the initial complaint filed, the order resulting from the hearing and any other relevant legal documents.
Added by Laws 2012, c. 44, § 15, eff. Nov. 1, 2012.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6302. Definitions.

As used in this act:
1. Authorized agencies include:
a.
the State Fire Marshal and the marshal or head of any county or local fire or theft investigatory agency,
b.
the Director of the State Bureau of Investigation,
c.
the district attorney in the county where the fire or theft occurred, and
d.
for the purposes of subsection A of Section 6303 of this title, the Federal Bureau of Investigation, the United States Attorney or any other federal agency authorized or charged with investigation or prosecution with respect to a fire or theft;
2. Relevant information means any information having a tendency to make the existence of any fact that is of consequence to the investigation or determination of the issue more probable or less probable than it would be without the information; and
3. Action includes the failure to take action.
Added by Laws 1979, c. 147, § 2. Amended by Laws 1993, c. 223, § 2, eff. Sept. 1, 1993; Laws 1999, c. 333, § 5, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6303. Release of relevant information - Information included.

A. Any authorized agency may by written request require an insurance company to release to the authorized agency any relevant information or evidence which the company may have in its possession, relating to a fire or theft loss under investigation by such agency. Relevant information includes, but is not limited to:
1. Information with regard to the policy covering a fire or theft loss under investigation and any application for such policy;
2. Records of policy premium payments;
3. The limits of coverage under the policy;
4. History of previous claims made by the insured; and
5. Any material or evidence relating to the investigation of the loss, including statements of any person or proof of loss.
B. When an insurance company has reason to believe that a fire loss in which it has an interest may be of other than accidental cause, the company shall in writing notify an authorized agency and provide it with all information, documents and evidence relating to the company's inquiry into the fire loss, for the purpose of having such fire loss investigated.
C. An authorized agency provided with information pursuant to subsections A or B of this section may release or provide such information to any other authorized agency.
D. Any insurance company providing information to an authorized agency pursuant to this act shall have the right to request from the authorized agency additional information relating to the fire or theft loss. The authorized agency may release the requested information, but the release of the information is not mandatory. Provided that the insured shall be notified of any information provided pursuant to this act. Such notice shall include the name and address of the entity to whom information is provided, as well as copies of all information so provided if such copies are requested by the insured.
Laws 1979, c. 147, § 3; Laws 1993, c. 223, § 3, eff. Sept. 1, 1993.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6304. Immunity.

Any insurance company or person acting in its behalf, or any authorized agency who, in good faith and without actual malice toward the insured, releases oral or written information pursuant to this act shall be immune from any liability arising out of a civil action or penalty resulting from a criminal prosecution with respect to the release of such information.
Laws 1979, c. 147, § 4.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6305. Confidentiality of information - Witnesses.

A. Any authorized agency or insurance company who receives any information furnished pursuant to this act shall hold the information in confidence until such time as its release is required by law, or required pursuant to a criminal or civil proceeding.
B. The agents or employees of any authorized agency who have participated in the investigation of a fire loss may be required to testify in any litigation with respect to such fire loss in which an insurance company is named as a party.
Laws 1979, c. 147, § 5.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6306. Violations - Penalties.

Any insurer who intentionally or knowingly refuses to release, provide or hold in confidence any information required by this act to be released, provided, or held in confidence is guilty of a misdemeanor, and upon conviction shall be punished by a fine not to exceed One Thousand Dollars ($1,000.00).
Laws 1979, c. 147, § 6.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6401. Insurance coverage to be provided for certain persons.

As a condition of doing business in the State of Oklahoma, any insurer duly licensed in Oklahoma and who, on the effective date of this act, is writing custom harvesting insurance in any state in the United States or who has written such insurance in the State of Oklahoma within the past three (3) years shall provide such insurance to those custom harvesters who are unable to procure such insurance in the open or excess insurance market.
Added by Laws 1986, c. 181, § 1, emerg. eff. May 15, 1986.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6402. Rates.

The rates for such custom harvesting insurance shall be those rates on file with the Insurance Commissioner on May 15, 1986, or if such rates are not on file and need to be submitted or filed with the Insurance Commissioner.
Added by Laws 1986, c. 181, § 2, emerg. eff. May 15, 1986. Amended by Laws 2005, c. 129, § 16, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6403. Violations - Penalties.

Failure of any insurer to comply with Section 6401 et seq. of this title may subject the insurer at the discretion of the Insurance Commissioner, after notice and opportunity for hearing, to penalties of censure, suspension or revocation of certification of authority or a civil penalty of up to Five Thousand Dollars ($5,000.00) for each occurrence or by both such penalty and censure, suspension or revocation of certificate.
Added by Laws 1986, c. 181, § 3, emerg. eff. May 15, 1986. Amended by Laws 1997, c. 418, § 115, eff. Nov. 1, 1997.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6412. Market Assistance Association - Creation.

There is hereby created a Market Assistance Association to assist in the placement of homeowners' and liability insurance coverage for residents of this state.
The Market Assistance Association is not a carrier capable of assuming insurance risks. While it is believed that the Association will be able to solve or at least reduce problems of availability, it has no power to guarantee successful conclusion of all assistance efforts and it is assumed that some risks may not be entitled to coverage.
Added by Laws 1986, c. 251, § 45, emerg. eff. June 13, 1986.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6413. Definitions.

As used in the Market Assistance Association Act:
1. "Association" means the Market Assistance Association established pursuant to this act;
2. "Board" means the Board of Directors of the Market Assistance Association;
3. "Commissioner" means the Insurance Commissioner;
4. "Insurer" means any entity licensed to issue homeowners' or homeowners' liability insurance; and
5. "Member" means all insurers licensed in this state for both property and casualty lines of business. These entities are required to be a participant in the Association as a condition of doing business in Oklahoma.
Added by Laws 1986, c. 251, § 46, emerg. eff. June 13, 1986. Amended by Laws 2022, c. 358, § 1, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6415. Board of directors - Membership - Term - Vacancies - Meetings - Approval of selections - Compensation.

A. The business and functions of the Association shall be managed and administered by a Board of eight (8) directors composed of four directors representing Association members, two directors who are representatives of Oklahoma domestic insurers who are Association members, one director who represents a surplus lines carrier who is an Association member, and the Oklahoma Insurance Commissioner or an Oklahoma Insurance Department staff member chosen as a designee by the Oklahoma Insurance Commissioner. Each director shall designate a full-time salaried employee of the insurer to represent the director as an alternate in the absence of the director on the Board. The term of office of each director shall continue until the appointment and qualification of a successor. Any vacancy on the Board shall be filled for the remaining period of the term by the remaining Board directors.
B. The chairman shall call all meetings of the Board and shall give reasonable notice of meetings to all directors. At any meeting of the Board, each Board director or his predesignated alternate shall have one vote. Six members of the Board or their predesignated alternates shall constitute a quorum for the transaction of business and the acts of a majority of the Board members present at a meeting at which a quorum is present shall be the acts of the Board. The Board shall meet as often as may be required to perform the general duties of administration of the Association, but not less frequently than annually.
C. In approving selections to the Board, the Board of Directors shall consider, among other things, whether all Association member insurers are fairly represented.
D. Members of the Board and their predesignated alternates shall serve without compensation but may be reimbursed from the assets of the Association for all actual and necessary expenses incurred by them in performance of their duties for the Board.
Added by Laws 1986, c. 251, § 48, emerg. eff. June 13, 1986. Amended by Laws 2022, c. 358, § 3, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6416. Good faith statements - Liability.

There shall be no liability on the part of, and no cause of action of any nature shall arise against the Insurance Commissioner or his staff, the Association, its agents or employees, an insurer, any licensed agent, or the board of directors or its authorized representatives for any statements made in good faith by them in any reports or communications, concerning risks insured or to be insured by the Association, or at any administrative hearings conducted in connection therewith.
Added by Laws 1986, c. 251, § 49, emerg. eff. June 13, 1986.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6417. Annual statement - Examination of Accounts, etc. - Report to members.

A. The Association shall submit to the Insurance Commissioner, annually, from the date of its inception, a statement prepared by an independent certified public accountant which shall contain information with respect to its transactions, condition, operations, and affairs during the preceding calendar year. The statement shall contain such matters and information as are prescribed and shall be in such form as is approved by the Commissioner. The Commissioner may, at any time, require the Association to furnish additional information with respect to its transactions, condition, operations, and affairs, or any matter connected therewith considered to be material and of assistance in evaluating the scope, operation and experience of the Association.
B. The books of account, records, reports and other documents of the Association shall be open and free for examination to the Commissioner at all reasonable times.
C. The books of account, records, reports and other documents of the Association shall be open to inspection by the members at such times and under such conditions and regulations as the Board shall determine.
D. The Association shall provide for the making of detailed reports of liability approved or canceled, for the drawing up of annual budgets of the Association and for the rendering of accounts to each Board member at least every twelve (12) months.
Added by Laws 1986, c. 251, § 50, emerg. eff. June 13, 1986. Amended by Laws 2022, c. 358, § 4, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6418. Use of filed rates for liability and homeowners' insurance.

Each member insurer shall use the filed rate for the homeowners' liability and homeowners' insurance being written. Any variance from such rate, including a variance based upon debit, shall be submitted or filed with the Insurance Commissioner.
Added by Laws 1986, c. 251, § 51, emerg. eff. June 13, 1986. Amended by Laws 2005, c. 129, § 17, eff. Nov. 1, 2005; Laws 2022, c. 358, § 5, eff. Nov. 1, 2022.
NOTE: Editorially renumbered from § 6408 of this title to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6420. Property and casualty insurance companies - Voluntary Market Assistance Association.

Property and casualty insurance companies licensed to transact insurance in the State of Oklahoma are hereby authorized to create and operate a Voluntary Market Assistance Association under the auspices of the Commissioner of Insurance. In the event such Voluntary Association is established and is approved by the Commissioner of Insurance prior to September 11, 1986, then Sections 6411 through 6415, 6417, 6418 and 6421 of the Insurance Code shall not become effective.
Added by Laws 1986, c. 251, § 53, emerg. eff. June 13, 1986. Amended by Laws 1987, c. 175, § 33, eff. Nov. 1, 1987.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6421. Dissolution of Association - Reimplementation.

If at any time after the provisions of this act are implemented, either by voluntary plan or as otherwise provided for herein, the State Insurance Commissioner would determine by written order that there was no further need for such Association, then the same would be dissolved. Provided however, that if such Association were dissolved, and then the State Insurance Commissioner determined at a later time there existed a need for such Association, the Commissioner of Insurance would then proceed according to the provisions of Section 53 of this act, and that section would again be applicable at that time.
If the Commissioner makes such a determination to reimplement the Association, he will give the companies involved ninety (90) days to comply, and if they fail to do so, then Sections 47 through 55 of this act would be applicable.
Added by Laws 1986, c. 251, § 54, emerg. eff. June 13, 1986.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6422. Participation in assessments and writings of Association.

Members of the Market Assistance Association, whether a voluntary or statutory program, shall be required to participate in all assessments and writings of the Association. Failure to participate shall, after notice and opportunity for hearing before the Insurance Commissioner, result in a censure, suspension or revocation of certificate of authority or a civil penalty up to Five Thousand Dollars ($5,000.00) for each occurrence or by both such penalty and censure, suspension or revocation of certificate of authority.
Added by Laws 1986, c. 251, § 55, emerg. eff. June 13, 1986. Amended by Laws 1997, c. 418, § 116, eff. Nov. 1, 1997.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6454. Chartering and licensing of risk retention group.

A. 1. A risk retention group seeking to be chartered for domicile in this state shall be chartered and licensed only to write liability insurance pursuant to the insurance laws of this state and, except as provided elsewhere in the Oklahoma Risk Retention Act, shall comply with all of the laws, rules, regulations, and requirements applicable to such insurers chartered and licensed in this state including Section 6455 of this title to the extent such requirements are not a limitation on the laws, rules, regulations and requirements in this state.
2. Notwithstanding any other provision of law, all risk retention groups chartered in this state shall file with the Insurance Department and the National Association of Insurance Commissioners an annual statement in a form prescribed by the Association and in electronic form, if required by the Insurance Commissioner and completed in accordance with its instructions and the Practices and Procedures Manual of the Association.
B. Before it may offer insurance in any state, each risk retention group licensed in this state shall submit for approval to the Insurance Commissioner of this state a plan of operation or a feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study within ten (10) days of the change. The group shall not offer any additional kinds of liability insurance in this state or in any other state until a revision of the plan or study is approved by the Commissioner. At the time of filing its application for charter, the risk retention group shall provide to the Commissioner a summary of the following information: the identity of the initial members of the group or who organized the group, the identity of those individuals who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded, and the states in which the group intends to operate. Upon receipt of this information, the Commissioner shall transmit the information to the National Association of Insurance Commissioners. Transmitting this information shall be sufficient to satisfy the requirements of Section 6455 of this section.
Added by Laws 1987, c. 157, § 4, emerg. eff. June 25, 1987. Amended by Laws 2021, c. 314, § 2, eff. Nov. 1, 2021; Laws 2022, c. 154, § 9, eff. Nov. 1, 2022.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6456. Membership in or participation in insurance insolvency guaranty fund prohibited – Purchasing group coverage – Risks not covered.

A. No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by a risk retention group.
B. When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident is located, shall be covered by any insurance guaranty fund or similar mechanism in this state.
C. When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state may be covered by the Oklahoma Property and Casualty Insurance Guaranty Association.
Added by Laws 1987, c. 157, § 6, emerg. eff. June 25, 1987. Amended by Laws 2004, c. 334, § 3, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 5, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6457. Exemptions.

A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law of this state that would:
1. Prohibit the establishment of a purchasing group;
2. Make unlawful an insurer providing advantages to a purchasing group or its members based on the loss and expense experience of the group or its members including but not limited to advantages on rates, policy forms and coverage, that is not afford to other persons or entities;
3. Prohibit a purchasing group or its members from purchasing insurance on a group basis described in paragraph 1 of this section;
4. Prohibit a purchasing group from obtaining insurance on a group basis because the group has not been in existence for a minimum period of time or because any member has not belonged to the group for a minimum period of time;
5. Require that a purchasing group must have a minimum number of members, common ownership or affiliation, or certain legal form;
6. Require that a certain percentage of a purchasing group must obtain insurance on a group basis;
7. Otherwise discriminates against a purchasing group or any of its members; or
8. Require that any insurance policy issued to a purchasing group or any of its members be countersigned by an insurance agent or broker residing in this state.
A purchasing group shall be subject to all other applicable laws of this state.
Added by Laws 1987, c. 157, § 7, emerg. eff. June 25, 1987. Amended by Laws 2004, c. 334, § 4, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 7, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6458. Notice to Commissioner - Designation and registration of agent.

A. A purchasing group which intends to do business in this state shall, prior to doing business, furnish to the Insurance Commissioner notice which shall, on forms prescribed by the National Association of Insurance Commissioners:
1. Identify the state in which the group is domiciled;
2. Identify all other states in which the group intends to do business;
3. Specify the lines and classifications of liability insurance which the purchasing group intends to purchase;
4. Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of the company or companies;
5. Identify the principal place of business of the group;
6. Specify the method by which the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state; and
7. Provide such other information as may be required by the Commissioner of this state to verify that the purchasing group is qualified to do business in this state as a purchasing group.
B. A purchasing group shall notify the Insurance Commissioner of any changes in any of the information prescribed in subsection A of this section within ten (10) days of such change;
C. The purchasing group shall register with and designate the Commissioner of this state as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be assessed in an amount determined by the Commissioner, except that such requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the federal Products Liability Risk Retention Act of 1981 and:
1. Which:
a.
was domiciled before April 1, 1986, and
b.
is domiciled on and after October 27, 1986, in any state;
2. Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state;
3. Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or
4. Was a purchasing group pursuant to the requirements of the federal Product Liability Risk Retention Act of 1981 before October 27, 1986.
D. Each purchasing group that is required to give notice pursuant to subsection A of this section also shall furnish such information as may be required by the Insurance Commissioner or designee to:
1. Verify that the entity qualifies as a purchasing group;
2. Determine where the purchasing group is located; and
3. Determine appropriate tax treatment.
Added by Laws 1987, c. 157, § 8, emerg. eff. June 25, 1987. Amended by Laws 2004, c. 334, § 5, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 8, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6459. Effectuation of purchase through licensed broker or agent – Notice of risks not covered – Deductibles or self-insured retention – Aggregate limits standards.

A. A purchasing group shall not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not licensed to transact insurance in this state, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of this state.
B. A purchasing group which obtains liability insurance from an insurer not admitted in this state or a risk retention group shall inform each of the members of the group which has a risk resident or located in this state that the risk is not protected by an insurance insolvency guaranty fund in this state and that the risk retention group or the insurer may not be subject to all insurance laws and regulations of this state.
C. No purchasing group may purchase insurance providing for a deductible or self-insured retention applicable to the group as a whole. However, coverage may provide for a deductible or self-insured retention applicable to individual members.
D. Purchases of insurance by purchasing groups are subject to the same standards regarding aggregate limits which are applicable to all purchases of group insurance.
Added by Laws 1987, c. 157, § 9, emerg. eff. June 25, 1987. Amended by Laws 1991, c. 146, § 7, eff. Sept. 1, 1991; Laws 2003, c. 150, § 7, eff. Nov. 1, 2003; Laws 2004, c. 334, § 6, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 9, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6459.1. Premium taxes.

Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing group shall be:
1. Imposed at the same rate and subject to the same interest, fines and penalties as applicable to premium taxes and taxes on premiums paid for similar coverage from a similar insurance source; and
2. Paid by the insurance source, the agent or broker for the purchasing group, the purchasing group or any members of the purchasing group.
Added by Laws 2021, c. 314, § 10, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6460. Enforcement powers of Commissioner.

The Insurance Commissioner of this state is authorized to make use of any of the powers established pursuant to the Insurance Code of this state to enforce the laws of this state so long as those powers are not specifically preempted by the Risk Retention Act of 1986, as amended, including the administrative authority of the Commissioner to investigate, issue subpoenas, conduct depositions and hearings, issue orders, impose penalties and seek injunctive relief. Regarding any investigation, administrative proceedings or litigation, the Commissioner may rely on the procedural laws of this state. The injunctive authority of the Commissioner for risk retention groups is restricted by the requirement that any injunction be issued by a court of competent jurisdiction.
Added by Laws 1987, c. 157, § 10, emerg. eff. June 25, 1987. Amended by Laws 1997, c. 418, § 117, eff. Nov. 1, 1997; Laws 2021, c. 314, § 11, eff. Nov. 1, 2021.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Oklahoma Statutes › Title 36. Insurance › §36-6470.10a. Establishment of series limited liability company.

Captive insurance companies formed or licensed under the Oklahoma Captive Insurance Company Act may establish a series limited liability company under the Oklahoma Limited Liability Company Act. Any exclusion of the business of a domestic insurer under Title 18 of the Oklahoma Statutes shall not apply to captive insurance companies formed or licensed under the Oklahoma Captive Insurance Company Act.
Added by Laws 2022, c. 127, § 4, eff. Nov. 1, 2022.
2023 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.
2023 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.
2023 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; or
8. 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.
2023 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, a series 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; Laws 2022, c. 127, § 5, eff. Nov. 1, 2022.