reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 15 - COMPANY SUPERVISION › Section 365:25-7-86 - Supervisory Colleges

Current through Vol. 41, No. 20, July 1,
				  2024
(a) Information
				  exchange is particularly important for the operation of a Supervisory College
				  as provided by 36 O.S. §
										1638. The effectiveness of a
				  Supervisory College depends upon the mutual trust and confidence between
				  participating Regulators, particularly in relation to exchange and protection
				  of confidential information.
(b) In
				  connection with the exchange of confidential information between the
				  Commissioner and a Supervisory College, appropriate information exchange
				  agreements must be in place prior to exchange of such information.
(c) Where confidential information exchanged
				  within a Supervisory College is also communicated to other Regulators, there
				  shall be a formal mechanism in place with these Regulators to ensure the
				  protection of the confidential information.
(d) The Commissioner shall inform any other
				  Regulator in its jurisdiction and the Regulators of insurance group entities in
				  other jurisdictions in advance of taking any action that might reasonably be
				  considered to affect those group entities. Where prior notification is not
				  possible, the Commissioner shall inform other relevant Regulators as soon as
				  possible after taking action.
(e)
				  The Commissioner shall proactively exchange material and relevant information
				  with other Regulators. Relevant proactively provided information includes but
				  is not limited to:
(1) Any information the
				  Commissioner considers will facilitate the effective supervision of groups or
				  entities in the group;
(2) Any
				  event or series of events that may have a significant bearing on the operations
				  of group entities operating in the jurisdictions of other Regulators;
(3) Information that may affect the financial
				  system of another jurisdiction;
(4)
				  Information that may affect the financial condition or other interests of the
				  policyholders of a group entity in another jurisdiction; and
(5) Prior notification to another Regulator
				  of any action to be undertaken which relies on information received from that
				  Regulator, subject to requirements applicable to criminal statutes and other
				  similar laws.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 17 - CORPORATE GOVERANCE › Section 365:25-7-90 - Authority

Current through Vol. 41, No. 20, July 1, 2024
These regulations are promulgated pursuant to the authority
					 granted by Sections 36 O.S. §§ 1534-1541 of the Insurance Law.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 17 - CORPORATE GOVERANCE › Section 365:25-7-91 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of these regulations is to set forth the
					 procedures for filing and the required contents of the Corporate Governance
					 Annual Disclosure (CGAD), deemed necessary by the Oklahoma Insurance
					 Commissioner to carry out the provisions of 36 O.S. §§ 1534-1541.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 17 - CORPORATE GOVERANCE › Section 365:25-7-92 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following works and terms, when used in this Part 17 or
					 Subchapter 7, shall have the following meaning, unless the context clearly
					 indicates otherwise:
"Commissioner"
means he Insurance Commissioner
					 of the State.
"Insurance group"
means those insurers and
					 affiliates included within an insurance holding company system as defined 36
					 O.S. § 1631.
"Insurer"
means as set forth in 36 O.S. §
					 103, except that it shall not include agencies, authorities or
					 instrumentalities of the United States, its possessions and territories, the
					 Commonwealth of Puerto Rico, the District of Columbia, or a state or political
					 subdivision of a state.
"Senior Management"
means any corporate
					 officer responsible for reporting information to the board of directors at
					 regular intervals or providing this information to shareholders or regulators
					 and shall include, for example and without limitation, the Chief Executive
					 Officer ("CEO"), Chief Financial Officer ("CFO"), Chief Operations Officer
					 ("COO"), Chief Procurement Officer ("CPO"), Chief Legal Officer ("CLO"), Chief
					 Information Officer ("CIO"), Chief Technology Officer ("CTO"), Chief Revenue
					 Officer ("CRO"), Chief Visionary Officer ("CVO"), or any other "C" level
					 executive.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 17 - CORPORATE GOVERANCE › Section 365:25-7-94 - Contents of Corporate Governance Annual Disclosure

Current through
				  Vol. 41, No. 20, July 1, 2024
(a) The insurer or insurance group shall be
				  as descriptive as possible in completing the CGAD, with inclusion of
				  attachments or example documents that are used in the governance process, since
				  these may provide a means to demonstrate the strengths of their governance
				  framework and practices.
(b) The
				  CGAD shall describe the insurer's or insurance group's corporate governance
				  framework and structure including consideration of the following.
(1) The Board and various committees thereof
				  ultimately responsible for overseeing the insurer or insurance group and the
				  level(s) at which that oversight occurs (e.g., ultimate control level,
				  intermediate holding company, legal entity, etc.). The insurer or insurance
				  group shall describe and discuss the rationale for the current Board size and
				  structure; and
(2) The duties of
				  the Board and each of its significant committees and how they are governed
				  (e.g., bylaws, charters, informal mandates, etc.), as well as how the Board's
				  leadership is structured, including a discussion of the roles of Chief
				  Executive Officer (CEO) and Chairman of the Board within the
				  organization.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 17 - CORPORATE GOVERANCE › Section 365:25-7-95 - Severability clause

Current through Vol. 41, No. 20, July 1,
				  2024
If any provision of these regulations, or the application
					 thereof to any person or circumstance, is held invalid, such determination
					 shall not affect other provisions or applications of these regulations which
					 can be given effect without the invalid provision or application, and to that
					 end the provisions of these regulations are severable.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-100 - Authority

Current through Vol. 41, No. 20, July 1, 2024
This regulation is promulgated by the commissioner of
					 insurance pursuant to 36 OS §§ 311a.1 through 311a.18 of the Oklahoma
					 Insurance Code.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-101 - Purpose and scope

Current through Vol. 41, No. 20, July 1,
				  2024
(a) The purpose of
				  this regulation is to improve the Oklahoma Insurance Department's surveillance
				  of the financial condition of insurers by requiring:
(1) an annual audit of financial statements
				  reporting the financial position and the results of operations of insurers by
				  independent certified public accountants,
(2) Communication of Internal Control Related
				  Matters Noted in an Audit, and
(3)
				  Management's Report of Internal Control over Financial Reporting.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-103 - General requirements related to filing and extensions for filing of annual audited financial reports and audit committee appointment

Current through Vol. 41, No. 20, July 1, 2024
(a) All insurers shall have an annual audit
				  by an independent certified public accountant and shall file an audited
				  financial report with the commissioner on or before June 1 for the year ended
				  December 31 immediately preceding. The commissioner may require an insurer to
				  file an audited financial report earlier than June 1 with ninety (90) days
				  advance notice to the insurer.
(b)
				  Extensions of the June 1 filing date may be granted by the commissioner for
				  thirty-day periods upon a showing by the insurer and its independent certified
				  public accountant of the reasons for requesting an extension and determination
				  by the commissioner of good cause for an extension. The request for extension
				  must be submitted in writing not less than ten (10) days prior to the due date
				  in sufficient detail to permit the commissioner to make an informed decision
				  with respect to the requested extension.
(c) If an extension is granted in accordance
				  with the provisions in subsection b, a similar extension of thirty (30) days is
				  granted to the filing of Management's Report of Internal Control over Financial
				  Reporting.
(d) Every insurer
				  required to file an annual audited financial report pursuant to this regulation
				  shall designate a group of individuals as constituting its audit committee, as
				  defined in O.A.C. 365:25-7-102. The audit committee of an entity that controls
				  an insurer may be deemed to be the insurer's audit committee for purposes of
				  this regulation at the election of the controlling person.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-104 - Contents of annual audited financial report

Current through Vol.
				  41, No. 20, July 1, 2024
(a) The annual audited financial report shall
				  report the financial position of the insurer as of the end of the most recent
				  calendar year and the results of its operations, cash flows and changes in
				  capital and surplus for the year then ended in conformity with statutory
				  accounting practices prescribed, or otherwise permitted, by the Department of
				  Insurance of the state of domicile.
(b) The annual Audited financial report shall
				  include the following:
(1) Report of
				  independent certified public accountant.
(2) Balance sheet reporting admitted assets,
				  liabilities, capital and surplus.
(3) Statement of operations.
(4) Statement of cash flow.
(5) Statement of changes in capital and
				  surplus.
(6) Notes to financial
				  statements. These notes shall be those required by the appropriate NAIC
Annual Statement Instructions
and the NAIC
Accounting
				  Practices and Procedures Manual
. The notes shall include a
				  reconciliation of differences, if any, between the audited statutory financial
				  statements and the annual statement filed pursuant to 36 O.S. § 311 of the
				  Oklahoma Insurance Code with a written description of the nature of these
				  differences.
(7) The financial
				  statements included in the audited financial report shall be prepared in a form
				  and using language and groupings substantially the same as the relevant
				  sections of the annual statement of the insurer filed with the commissioner,
				  and the financial statement shall be comparative, presenting the amounts as of
				  December 31 of the current year and the amounts as of the immediately preceding
				  December 31. (However, in the first year in which an insurer is required to
				  file an audited financial report, the comparative data may be
				  omitted).
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-106 - Qualifications of independent certified public accountant

Current
				  through Vol. 41, No. 20, July 1, 2024
(a) The commissioner shall not recognize a
				  person or firm as a qualified independent certified public accountant if the
				  person or firm:
(1) Is not in good standing
				  with the AICPA and in all states in which the accountant is licensed to
				  practice, or, for a Canadian or British company, that is not a chartered
				  accountant; or
(2) Has either
				  directly or indirectly entered into an agreement of indemnity or release from
				  liability (collectively referred to as indemnification) with respect to the
				  audit of the insurer.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-107 - Consolidated or combined audits

Current through Vol. 41, No. 20,
				  July 1, 2024
An insurer may make written application to the commissioner
					 for approval to file audited consolidated or combined financial statements in
					 lieu of separate annual audited financial statements if the insurer is part of
					 a group of insurance companies that utilizes a pooling or 100 percent
					 reinsurance agreement that affects the solvency and integrity of the insurer's
					 reserves and the insurer cedes all of its direct and assumed business to the
					 pool. In such cases, a columnar consolidating or combining worksheet shall be
					 filed with the report, as follows:
(1)
				  Amounts shown on the consolidated or combined audited financial report shall be
				  shown on the worksheet;
(2) Amounts
				  for each insurer subject to this section shall be stated separately;
(3) Noninsurance operations may be shown on
				  the worksheet on a combined or individual basis;
(4) Explanations of consolidating and
				  eliminating entries shall be included; and
(5) A reconciliation shall be included of any
				  differences between the amounts shown in the individual insurer columns of the
				  worksheet and comparable amounts shown on the annual statements of the
				  insurers.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-108 - Scope of audit and report of independent certified public accountant

Current through Vol. 41, No. 20, July 1, 2024
Financial statements furnished pursuant to O.A.C.
					 365:25-7-104 shall be examined by the independent certified public accountant.
					 The audit of the insurer's financial statements shall be conducted in
					 accordance with generally accepted auditing standards. In accordance with AU
					 Section 319 of the Professional Standards of the AICPA,
Consideration
					 of Internal Control in a Financial Statement Audit
, the independent
					 certified public accountant should obtain an understanding of internal control
					 sufficient to plan the audit. To the extent required by AU 319, for those
					 insurers required to file a Management's Report of Internal Control over
					 Financial Reporting pursuant to 365:25-7-116, the independent certified public
					 accountant should consider (as that term is defined in Statement on Auditing
					 Standards (SAS) No. 102,
Defining Professional Requirements in
					 Statements on Auditing Standards
or its replacement) the most recently
					 available report in planning and performing the audit of the statutory
					 financial statements. Consideration shall be given to the procedures
					 illustrated in the
Financial Condition Examiners Handbook
promulgated by the National Association of Insurance Commissioners as the
					 independent certified public accountant deems necessary.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-109 - Notification of adverse financial condition

Current through Vol.
				  41, No. 20, July 1, 2024
(a) The insurer required to furnish the
				  annual audited financial report shall require the independent certified public
				  accountant to report, in writing, within five (5) business days to the board of
				  directors or its audit committee any determination by the independent certified
				  public accountant that the insurer has materially misstated its financial
				  condition as reported to the commissioner as of the balance sheet date
				  currently under audit or that the insurer does not meet the minimum capital and
				  surplus requirement of the Oklahoma insurance code as of that date. An insurer
				  that has received a report pursuant to this paragraph shall forward a copy of
				  the report to the commissioner within five (5) business days of receipt of the
				  report and shall provide the independent certified public accountant making the
				  report with evidence of the report being furnished to the commissioner. If the
				  independent certified public accountant fails to receive the evidence within
				  the required five (5) business day period, the independent certified public
				  accountant shall furnish to the commissioner a copy of its report within the
				  next five (5) business days.
(b) No
				  independent certified public accountant shall be liable in any manner to any
				  person for any statement made in connection with the above paragraph if the
				  statement is made in good faith in compliance with subsection a.
(c) If the accountant, subsequent to the date
				  of the audited financial report filed pursuant to this regulation, becomes
				  aware of facts that might have affected his or her report, the commissioner
				  notes the obligation of the accountant to take such action as prescribed in
				  Volume 1, Section AU 561 of the Professional Standards of the AICPA.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-110 - Communication of internal control related matters noted in an audit

Current through Vol. 41, No. 20, July 1, 2024
(a) In addition to the annual audited
				  financial report, each insurer shall furnish the commissioner with a written
				  communication as to any unremediated material weaknesses in its internal
				  control over financial reporting noted during the audit. Such communication
				  shall be prepared by the accountant within sixty (60) days after the filing of
				  the annual audited financial report, and shall contain a description of any
				  unremediated material weakness (as the term material weakness is defined by
				  Statement on Auditing Standard 60, Communication of Internal Control Related
				  Matters Noted in an Audit, or its replacement) as of December 31 immediately
				  preceding (so as to coincide with the audited financial report discussed in
				  O.A.C. 365:25-7-103(a) ) in the insurer's internal control over financial
				  reporting noted by the accountant during the course of their audit of the
				  financial statements. If no unremediated material weaknesses were noted, the
				  communication should so state.
(b)
				  The insurer is required to provide a description of remedial actions taken or
				  proposed to correct unremediated material weaknesses, if the actions are not
				  described in the accountant's communication.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-111 - Accountant's letter of qualifications

Current through Vol. 41, No.
				  20, July 1, 2024
The accountant shall furnish the insurer in connection
					 with, and for inclusion in, the filing of the annual audited financial report,
					 a letter stating:
(1) That the
				  accountant is independent with respect to the insurer and conforms to the
				  standards of his or her profession as contained in the Code of Professional
				  Ethics and pronouncements of the AICPA and the Rules of Professional Conduct of
				  the Oklahoma Board of Public Accountancy, or similar code;
(2) The background and experience in general,
				  and the experience in audits of insurers of the staff assigned to the
				  engagement and whether each is an independent certified public accountant.
				  Nothing within this regulation shall be construed as prohibiting the accountant
				  from utilizing such staff as he or she deems appropriate where use is
				  consistent with the standards prescribed by generally accepted auditing
				  standards;
(3) That the accountant
				  understands the annual audited financial report and his opinion thereon will be
				  filed in compliance with this regulation and that the commissioner will be
				  relying on this information in the monitoring and regulation of the financial
				  position of insurers;
(4) That the
				  accountant consents to the requirements of O.A.C. 365:25-7-112 of this
				  regulation and that the accountant consents and agrees to make available for
				  review by the commissioner, or the commissioner's designee or appointed agent,
				  the workpapers, as defined in O.A.C. 365:25-7-112;
(5) A representation that the accountant is
				  properly licensed by an appropriate state licensing authority and is a member
				  in good standing in the AICPA; and
(6) A representation that the accountant is
				  in compliance with the requirements of 365:25-7-106 of this regulation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-112 - Definition, availability and maintenance of independent certified public accountants work papers

Current through Vol. 41, No. 20, July 1,
				  2024
(a) Work papers are
				  the records kept by the independent certified public accountant of the
				  procedures followed, the tests performed, the information obtained, and the
				  conclusions reached pertinent to the accountant's audit of the financial
				  statements of an insurer. Work papers, accordingly, may include audit planning
				  documentation, work programs, analyses, memoranda, letters of confirmation and
				  representation, abstracts of company documents and schedules or commentaries
				  prepared or obtained by the independent certified public accountant in the
				  course of his or her audit of the financial statements of an insurer and which
				  support the accountant's opinion.
(b) Every insurer required to file an audited
				  financial report pursuant to this regulation, shall require the accountant to
				  make available for review by Insurance Department examiners, all work papers
				  prepared in the conduct of the accountant's audit and any communications
				  related to the audit between the accountant and the insurer, at the offices of
				  the insurer, at the Insurance Department or at any other reasonable place
				  designated by the commissioner. The insurer shall require that the accountant
				  retain the audit work papers and communications until the Insurance Department
				  has filed a report on examination covering the period of the audit but no
				  longer than seven (7) years from the date of the audit report.
(c) In the conduct of the aforementioned
				  periodic review by the Insurance Department examiners, it shall be agreed that
				  photocopies of pertinent audit work papers may be made and retained by the
				  department. Such reviews by the department examiners shall be considered
				  investigations and all working papers and communications obtained during the
				  course of such investigations shall be afforded the same confidentiality as
				  other examination work papers generated by the department.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-114 - Internal audit function requirements

Current through Vol. 41,
				  No. 20, July 1, 2024
Exemption - An insurer is exempt from the requirements of
					 this section if:
(1) The insurer has
				  annual direct written and unaffiliated assumed premium, including international
				  direct and assumed premium but excluding premiums reinsured with the Federal
				  Crop Insurance Corporation and Federal Flood Program, less than $500,000,000;
				  and
(2) If the insurer is a member
				  of a group of insurers, the group has annual direct written and unaffiliated
				  assumed premium including international direct and assumed premium, but
				  excluding premiums reinsured with the Federal Crop Insurance Corporation and
				  Federal Flood Program, less than $1,000,000,000.
(A) Function - The insurer or group of
				  insurers shall establish an internal audit function providing independent,
				  objective and reasonable assurance to the Audit committee and insurer
				  management regarding the insurer's governance, risk management and internal
				  controls. This assurance shall be provided by performing general and specific
				  audits, reviews and tests and by employing other techniques deemed necessary to
				  protect assets, evaluate control effectiveness and efficiency, and evaluate
				  compliance with policies and regulations.
(B) Independence - In order to ensure that
				  internal auditors remain objective, the internal audit function must be
				  organizationally independent. Specifically, the internal audit function will
				  not defer ultimate judgment on audit matters to others, and shall appoint an
				  individual to head the internal audit function who will have direct and
				  unrestricted access to the board of directors. Organizational independence does
				  not preclude dual-reporting relationships.
(C) Reporting - The head of the internal
				  audit function shall report to the audit committee regularly, but no less than
				  annually, on the periodic audit plan, factors that may adversely impact the
				  internal audit function's independence or effectiveness, material findings from
				  completed audits and the appropriateness of corrective actions implemented by
				  management as a result of audit findings.
(D) Additional Requirements - If an insurer
				  is a member of an insurance holding company system or included in a group of
				  insurers, the insurer may satisfy the internal audit function requirements set
				  forth in this section at the ultimate controlling parent level, an intermediate
				  holding company level or the individual legal entity level.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-115 - Conduct of insurer in connection with the preparation of required reports and documents

Current through Vol. 41, No. 20, July 1,
				  2024
(a) No director or
				  officer of an insurer shall, directly or indirectly:
(1) Make or cause to be made a materially
				  false or misleading statement to an accountant in connection with any audit,
				  review or communication required under this regulation; or
(2) Omit to state, or cause another person to
				  omit to state, any material fact necessary in order to make statements made, in
				  light of the circumstances under which the statements were made, not misleading
				  to an accountant in connection with any audit, review or communication required
				  under this regulation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-117 - Exemptions and effective dates

Current through Vol. 41, No. 20,
				  July 1, 2024
(a) Upon
				  written application of any insurer, the commissioner may grant an exemption
				  from compliance with any and all provisions of this regulation if the
				  commissioner finds, upon review of the application, that compliance with this
				  regulation would constitute a financial or organizational hardship upon the
				  insurer. An exemption may be granted at any time and from time to time for a
				  specified period or periods. Within ten (10) days from a denial of an insurer's
				  written request for an exemption from this regulation, the insurer may request
				  in writing a hearing on its application for an exemption. The hearing shall be
				  held in accordance with the regulations of the Oklahoma Department of Insurance
				  pertaining to administrative hearing procedures.
(b) Domestic insurers retaining a certified
				  public accountant on the effective date of this regulation who qualify as
				  independent shall comply with this regulation for the year ending December 31,
				  2020, and each year thereafter unless the commissioner permits
				  otherwise.
(c) Domestic insurers
				  not retaining a certified public accountant on the effective date of this
				  regulation who qualifies as independent may meet the following schedule for
				  compliance unless the commissioner permits otherwise.
(1) As of December 31, 2020, file with the
				  commissioner an audited financial report
(2) For the year ending December 31, 2020,
				  and each year thereafter, such insurers shall file with the commissioner all
				  reports and communication required by this regulation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-118 - Canadian and British companies

Current through Vol. 41, No. 20,
				  July 1, 2024
(a) In the
				  case of Canadian and British insurers, the annual audited financial report
				  shall be defined as the annual statement of total business on the form filed by
				  such companies with their supervision authority duly audited by an independent
				  chartered accountant.
(b) For such
				  insurers, the letter required in O.A.C. 365:25-7-105(b) shall state that the
				  accountant is aware of the requirements relating to the annual audited
				  financial report filed with the commissioner pursuant to O.A.C. 365:25-7-103
				  and shall affirm that the opinion expressed is in conformity with those
				  requirements.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 19 - ANNUAL FINANCIAL REPORTING › Section 365:25-7-119 - Severability provision

Current through Vol. 41, No. 20, July 1,
				  2024
If any section or portion of a section of this regulation
					 or its applicability to any person or circumstance is held invalid by a court,
					 the remainder of the regulation or the applicability of the provision to other
					 persons or circumstances shall not be affected.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 9 - Prepaid Funeral Benefits › Section 365:25-9-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this subchapter is to set forth rules and
				  procedural requirements which the Commissioner deems necessary to carry out the
				  provisions of
"The Act."
The information called for by the
				  regulations of this subchapter is hereby declared to be necessary and
				  appropriate in the public interest.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 9 - Prepaid Funeral Benefits › Section 365:25-9-2 - Contract approval

Current through Vol. 41, No. 20, July 1,
				2024
No organization shall in any way use any sales Contract
				  without having received prior written approval from the Insurance Commissioner
				  to do so. The original and two copies of any such Contract, including any
				  amendments thereto, shall be submitted to the Insurance Commissioner for
				  approval.
Amended at 10 Ok Reg
				  1507, eff 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 9 - Prepaid Funeral Benefits › Section 365:25-9-3 - Forms

Current through Vol. 41, No. 20, July 1, 2024
(a)
General requirements.
(1)
Application for prepaid funeral
				benefits permit form.
An application for Prepaid Funeral Benefits shall
				be submitted to the Insurance Department in the form and manner prescribed by
				the Insurance Commissioner. The application must be filed with and approved by
				the Insurance Commissioner before any contracts covered by this act may be
				marketed. The statutory fee of $50.00 must accompany this application. An NAIC
				UCAA Biographical Affidavit must be submitted for each owner(s) of the
				organization and each designated agent as defined by Section 6126 of the
				Act.
(2)
Bond form
				requirements.
A bond used in connection with "The Act" shall be filed in
				the form and manner prescribed by the Insurance Commissioner. Any variance from
				this form must have the prior written approval of the Insurance Commissioner.
				If any bond required by "The Act" is canceled for any reason, a thirty (30) day
				written notice must be given by the insurer to the Insurance
				Commissioner.
(3)
Conversion
				Forms.
Applications for Conversion from a trust funded prepaid funeral
				benefit to an insurance-funded prepaid funeral benefit shall be filed with and
				approved by the Insurance Commissioner before any contracts covered by "The
				Act" may be converted. Applications for Conversion shall be submitted to the
				Insurance Department in the form and manner prescribed by the Insurance
				Commissioner. Any variance from this form must have prior written approval by
				the Insurance Commissioner.
(4)
Notice of Sale.
The seller of a prepaid funeral benefits permit
				holding funeral home must submit an application to the Insurance Department in
				the form and manner prescribed by the Insurance Commissioner at least
				forty-five (45) days prior to the transfer of ownership. In addition to the
				notice, the seller must also submit a listing of unrealized prepaid funeral
				contracts. Insurance funded contracts should be listed independently from trust
				funded contracts. The listing will, at minimum, reflect the contract holder's
				name, contract number, contract value, the name of the insurer and the policy's
				face value (when applicable), and the trust value at the time of notice (when
				applicable).
(5)
Assumption
				Affidavit.
The buyer of a prepaid funeral benefits permit holding
				funeral home must notify the Commissioner, in the form and manner prescribed by
				the Insurance Commissioner, of the buyer's intent to purchase thirty (30) days
				prior to transfer of ownership.
(6)
Application for Renewal.
The application for renewal of a prepaid
				funeral benefits permit must be filed with the Commissioner in the form and
				manner prescribed by the Commissioner no later than December 31 of each year
				form in order to renew the permit for the succeeding calendar year. The
				statutory fee of $50.00 must accompany the application.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 9 - Prepaid Funeral Benefits › Section 365:25-9-4 - Deposit reports and conversion reports

Current through Vol.
				41, No. 20, July 1, 2024
(a)
Deposit Reports.
In addition
				to any other requirements of this subchapter, the seller shall upon written
				request provide a report reflecting the funds deposited and all related details
				to the Insurance Commissioner, trust account depository and to any buyer
				requesting same, so far as the requested information relates to the individual
				buyer's contract.
(b)
Conversions.
A permit holder subject to this section shall
				maintain a file copy of the original trust-funded prepaid funeral contracts
				that have been converted to insurance funded and the payment history records
				for each converted contract prior to conversion.
Amended at 17 Ok Reg
				  1701, eff 7-14-00
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 9 - Prepaid Funeral Benefits › Section 365:25-9-5 - Prohibited acts

Current through Vol. 41, No. 20, July 1,
				2024
(a)
Assignment not to exceed the maximum amount allowed by statute.
Any officer, director, agent or employee of any organization subject to the
				terms of 36 O.S. §
									6121(1981),
				as amended, or any licensed funeral director, personally or through the act of
				a representative or employee, may receive an assignment, not to exceed the
				statutory limits, of the benefits from any life or accident insurance policy,
				or from any other lawful contract of insurance, for the direct or indirect
				payment of funeral costs, subject to the following conditions:
(1) The assignor shall retain the right to
				revoke the assignment at any time prior to the date the assignee furnishes or
				causes to be furnished the funeral merchandise and/or services contracted for,
				unless the assignment has been made irrevocable.
(2) The assignor shall retain the right to
				designate and change the beneficiary of any lawful contract of insurance,
				unless the assignment has been made irrevocable.
(3) The assignee shall not exercise its right
				to surrender the contract of insurance prior to such time as it furnishes the
				funeral merchandise and/or services contracted for.
(4) Any such assignment not made irrevocable
				shall provide that in the event the assignor should desire to cancel the
				assignment prior to performance thereunder by the assignee, such cancellation
				may be accomplished by the assignor giving prior notice in writing to the
				assignee. Upon receipt of such cancellation notice by the assignee, assignee
				shall promptly execute an assignment release relinquishing its interest in the
				contract of insurance.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 9 - Prepaid Funeral Benefits › Section 365:25-9-6 - Amendments

Current through Vol. 41, No. 20, July 1, 2024
Amendments to any filing (s) required under "The Act" shall
				  be submitted to the Insurance Commissioner in the same manner as the original
				  filing.
Amended at 10 Ok Reg
				  1507, eff 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 9 - Prepaid Funeral Benefits › Section 365:25-9-7 - Severability provision

Current through Vol. 41, No. 20, July 1,
				2024
If any provisions of this subchapter, or the application
				  thereof to any person or circumstance, is held invalid, such invalidity shall
				  not affect other provisions or application of this subchapter which can be
				  given effect without the invalid provision or application, and to that end the
				  provisions of this subchapter are severable.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-1 - Approval of viatical settlement contracts by Commissioner pursuant to 36 O.S. Section 4055.5

Current through Vol. 41, No. 20, July 1,
				2024
Viatical settlement contracts filings pursuant to 36 O.S.
				  §
									4055.5
				  shall be filed with the Rate and Form Compliance Division of the Insurance
				  Department.
Added at 15 Ok Reg 4226,
				  eff 7-24-98 (emergency); Added at 16 Ok Reg 1147, eff 4-26-99; Amended at 26 Ok
				  Reg 180, eff 11-1-08 (emergency); Amended at 26 Ok Reg 1654, eff
				  7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-2 - License requirements for viatical settlement providers [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 15 Ok Reg 4226,
				  eff 7-24-98 (emergency); Added at 16 Ok Reg 1147, eff 4-26-99; Revoked at 26 Ok
				  Reg 180, eff 11-1-08 (emergency); Revoked at 26 Ok Reg 1654, eff
				  7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-2.1 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meaning, unless the context clearly indicates
				  otherwise:
"Act"
means the Viatical Settlements Act of
				  2008.
"Insured"
means the person covered under the
				  policy being considered for viatication.
"Life expectancy"
means the mean of the number
				  of months the individual insured under the life insurance policy to be
				  viaticated can be expected to live as determined by the viatical settlement
				  provider considering medical records and appropriate experiential data.
"Net death benefit"
means the amount of the life
				  insurance policy or certificate to be viaticated less any outstanding debts or
				  liens.
"Patient identifying information"
means an
				  insured's address, telephone number, facsimile number, electronic mail address,
				  photograph or likeness, employer, employment status, social security number, or
				  any other information that is likely to lead to the identification of the
				  insured.
Added at 26 Ok Reg 180,
				  eff 11-1-08 (emergency); Added at 26 Ok Reg 1654, eff
				  7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-3 - License requirements

Current through Vol. 41, No. 20, July 1,
				2024
(a) In addition to
				the information required in Section
				4055.3
				of Title 36 of this state's statutes, the Commissioner may ask for other
				information necessary to determine whether the applicant for a license as a
				viatical settlement provider or viatical settlement broker complies with the
				requirements of that section.
(b)
				Applicants must complete an application form specified by the Commissioner for
				the license they seek.
(c) The
				application shall be accompanied by the applicable fee. The license may be
				renewed yearly by payment of the applicable fee and a current copy of a letter
				of good standing obtained from the filing officer of the applicant's state of
				domicile. If a viatical settlement provider or viatical settlement broker fails
				to pay the renewal fee within the time prescribed, or a viatical settlement
				provider fails to submit the reports required in O.A.C.
				365:25-11-5,
				the nonpayment or failure to submit the required reports shall, after notice
				and opportunity for hearing, result in lapse of the license. If a viatical
				settlement provider has, at the time of renewal, viatical settlements where the
				insured has not died, it shall do one of the following:
(1) Renew or maintain its current license
				status until the earlier of the following events:
(A) The date the viatical settlement provider
				properly assigns, sells or otherwise transfers the viatical settlements where
				the insured has not died; or
(B)
				The date that the last insured covered by viatical settlement transaction has
				died.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-4 - Other requirements for brokers [REVOKED]

Current through
				Vol. 41, No. 20, July 1, 2024
Revoked at 15 Ok Reg
				  4226, eff 7-24-98 (emergency); Revoked at 16 Ok Reg 1147, eff
				  4-26-99
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-4.1 - Standards for evaluation of reasonable payments for terminally ill insureds

Current through Vol. 41, No. 20, July 1,
				2024
In order to assure that viators receive a reasonable return
				  for viaticating an insurance policy, the return for viaticating a policy shall
				  be no less than the payouts set out in Appendix W of this chapter for insureds
				  who are terminally ill.
Added at 26 Ok Reg 180,
				  eff 11-1-08 (emergency); Added at 26 Ok Reg 1654, eff
				  7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-5 - Reporting requirement

Current through Vol. 41, No. 20, July 1,
				2024
On or before March 1 of each calendar year, each viatical
				  settlement provider licensed in this state shall submit the following
				  information related to the licensee's activities for the previous calendar
				  year:
(1) A report of the viatical
				settlement transactions related to Oklahoma viators, which shall be submitted
				on a form provided by the Insurance Commissioner;
(2) A report of the individual mortality of
				Oklahoma insureds, which shall be submitted on a form provided by the Insurance
				Commissioner; and
(3) A
				certification of the information contained in the reports, which shall be
				submitted on a form provided by the Insurance Commissioner and shall be filed
				with the reports.
Added at 15 Ok Reg 4226,
				  eff 7-24-98 (emergency); Added at 16 Ok Reg 1147, eff 4-26-99; Amended at 17 Ok
				  Reg 1706, eff 7-14-00; Amended at 26 Ok Reg 180, eff 11-1-08 (emergency);
				  Amended at 26 Ok Reg 1654, eff 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-7 - Requirement to file advertising

Current through Vol. 41, No. 20,
				July 1, 2024
A viatical settlement licensee shall provide a copy of any
				  advertisement intended for use in this state whether through written, radio, or
				  television medium to the Commissioner for review and approval before the
				  advertisement is disseminated within this state.
Added at 26 Ok Reg 180,
				  eff 11-1-08 (emergency); Added at 26 Ok Reg 1654, eff
				  7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-8 - Prohibited practices

Current through Vol. 41, No. 20, July 1,
				2024
(a) A viatical
				settlement provider or viatical settlement broker shall obtain from a person
				that is provided with patient identifying information a signed affirmation that
				the person or entity will not further divulge the information without procuring
				the express, written consent of the insured for the disclosure. Notwithstanding
				the foregoing, if a viatical settlement provider or viatical settlement broker
				is served with a subpoena and, therefore, compelled to produce records
				containing patient identifying information, it shall notify the viator and the
				insured in writing at their last known addresses within five (5) business days
				after receiving notice of the subpoena.
(b) A viatical settlement provider shall not
				act also as a viatical settlement broker, whether entitled to collect a fee
				directly or indirectly, in the same viatical settlement.
(c) A viatical settlement broker shall not,
				without the written agreement of the viator obtained prior to performing any
				services in connection with a viatical settlement, seek or obtain any
				compensation from the viator.
Added at 26 Ok Reg 180,
				  eff 11-1-08 (emergency); Added at 26 Ok Reg 1654, eff
				  7-14-09