reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-24 - Forms: incorporation by reference, summaries and omissions

Current through Vol. 41, No. 20, July 1, 2024
(a)
Incorporated by reference.
Information required by an item of Form A or Form B or Form D or Form E or form
				  F, as set forth in Appendices A, B, O, Q, and AA of this Chapter may be
				  incorporated by reference in answer or partial answer to any other item.
				  Information contained in any financial statement, annual report, proxy
				  statement, statement filed with a governmental authority, or any other document
				  may be incorporated by reference in answer or partial answer to any item of
				  Form A or Form B or Form D or Form E or Form F provided such document or paper
				  is filed as an exhibit to the statement. Excerpts of documents may be filed as
				  exhibits if the documents are extensive. Documents currently on file with the
				  Commissioner which were filed within three (3) years need not be attached as
				  exhibits. References to information contained in exhibits or in documents
				  already on file shall clearly identify the material and shall specifically
				  indicate that such material is to be incorporated by reference in answer to the
				  item. Matter shall not be incorporated by reference in any case where such
				  incorporation would render the statement incomplete, unclear or
				  confusing.
(b)
Summary or
				  outline of document.
Where an item requires a summary or outline of the
				  provisions of any document, only a brief statement shall be made as to the
				  pertinent provisions of the document. In addition to such statement, the
				  summary or outline may incorporate by reference particular parts of any exhibit
				  or document currently on file with the Commissioner which was filed within
				  three years and may be qualified in its entirety by such reference. In any case
				  where two or more documents required to be filed as exhibits are substantially
				  identical in all material respects except as to the parties thereto, the dates
				  of execution, or other details, a copy of only one of such documents need to be
				  filed with a schedule identifying the omitted documents and setting forth the
				  material details in which the omitted documents differ from the documents
				  filed.
Amended at 9 Ok Reg
					 3885, eff 8-24-92 (emergency); Amended at 10 Ok Reg 1487, eff 5-1-93; Amended
					 at 11 Ok Reg 1861, eff 5-15-94
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-25 - Forms: information unknown or unavailable and extension of time to furnish

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Information unknown or unavailable.
Information required need be
				  given only insofar as it is known or reasonably available to the person filing
				  the statement. If any required information is unknown and not reasonably
				  available to the person filing, either because the obtaining thereof would
				  involve unreasonable effort or expense, or because it rests peculiarly within
				  the knowledge of another person not affiliated with the person filing, the
				  information may be omitted, subject to the following conditions:
(1) The person filing shall give such
				  information on the subject as it possesses or can acquire without unreasonable
				  effort or expense, together with the sources thereof; and
(2) The person filing shall include a
				  statement either showing that unreasonable effort or expense would be involved
				  or indicating the absence of any affiliation with the person within whose
				  knowledge the information rests and stating the result of a request made to
				  such person for the information.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-26 - Forms: additional information and exhibits

Current through
				  Vol. 41, No. 20, July 1, 2024
In addition to the information expressly required to be
					 included in Form A, Form B, Form C, Form D, Form E, and Form F as set forth in
					 Appendices A, B, N, O, Q, and AA of this Chapter, the Commissioner may request
					 such further material information, if any, as may be necessary to make the
					 information contained therein not misleading. The person filing may also file
					 such exhibits as he/she may desire in addition to those expressly required by
					 the statement. Such exhibits shall be so marked as to indicate clearly the
					 subject matters to which they refer. Changes to Forms A, B, C, D, E, or F, as
					 set forth in Appendices A, B, N, O, Q, and AA of this Chapter, shall include on
					 the top of the cover page the phrase: "Change No. [insert number] to" and shall
					 indicate the date of the change and not the date of the original filing.
Amended at 9 Ok Reg
					 3885, eff 8-24-92 (emergency); Amended at 10 Ok Reg 1487, eff 5-1-93; Amended
					 at 11 Ok Reg 1861, eff 5-15-94
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-27 - Forms: amendments [REVOKED]

Current through Vol. 41, No. 20,
				  July 1, 2024
Amended at 9 Ok Reg
					 3885, eff 8-24-92 (emergency); Amended at 10 Ok Reg 1487, eff 5-1-93; Revoked
					 at 11 Ok Reg 1861, eff 5-15-94
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-27.1 - Subsidiaries of domestic insurers

Current through Vol. 41, No. 20,
				  July 1, 2024
The authority to invest in subsidiaries under Section 1632
					 of the Act is in addition to any authority to invest in subsidiaries which may
					 be contained in any other provision of the Insurance Code.
Added at 9 Ok Reg
					 3885, eff 8-24-92 (emergency); Added at 10 Ok Reg 1487, eff 5-1-93; Amended at
					 25 Ok Reg 1660, eff 7-14-08
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-28 - Acquisition of control; statement filing (Form A)

Current through
				  Vol. 41, No. 20, July 1, 2024
(a)
Form A.
A person required to
				  file a statement pursuant to Section 1633 of the Act shall furnish the required
				  information on Form A, hereby made a part of this section, as set forth in
				  Appendix A of this Chapter. Such person shall also furnish the required
				  information on Form E, as set forth in Appendix Q of this Chapter.
(b)
Amendments to applications.
The applicant shall promptly advise the Commissioner of any changes in the
				  information so furnished on Form A arising subsequent to the date upon which
				  such information was furnished, but prior to the Commissioner's disposition of
				  the application.
(c)
Identification of section 1633(A) insurers.
(1)
Domestic insurer name.
If
				  the person being acquired is deemed to be a "domestic insurer" solely because
				  of the provisions of Section 1633(A) of the Act, the name of the domestic
				  insurer on the cover page should be indicated as follows: "ABC Insurance
				  Company, a subsidiary of XYZ Holding Company."
(2)
Section 1633(A).
Where a
				  Section 1633(A) insurer is being acquired, references to "the insurer"
				  contained in Form A (Appendix A of this Chapter) shall refer to both the
				  domestic subsidiary insurer and the person being acquired.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-28.1 - Pre-acquisition notification

Current through Vol. 41, No. 20, July 1,
				  2024
If a domestic insurer, including any person controlling a
					 domestic insurer, is proposing a merger or acquisition pursuant to Section
					 1633(A) of the Act, that person shall file a preacquisition notification form,
					 Form E, as set forth in Appendix Q of this Chapter. In addition to the
					 information required by Form E, the Commissioner may wish to require an expert
					 opinion as to the competitive impact of the proposed
					 acquisition.
Amended at 11 Ok Reg
					 1861, eff 5-15-94; Amended at 12 Ok Reg 3155, eff 7-31-95; Amended at 17 Ok Reg
					 1690, eff 7-14-00
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-29 - Annual registration of insurers; statement filing (Form B)

Current through Vol. 41, No. 20, July 1, 2024
(a)
Form B.
An insurer required
				  to file an annual registration statement pursuant to Section 1635 of the Act
				  shall furnish the required information on Form B, hereby made a part of this
				  section, as set forth in Appendix B of this Chapter.
(b)
Summary registration.
An
				  insurer required to file an annual registration statement pursuant to Section
				  1635 of the Act is also required to furnish information required on Form C, as
				  set forth in Appendix N of this Chapter. An insurer shall file a copy of Form C
				  in each state in which the insurer is authorized to do business, if requested
				  by the Commissioner of that state.
(c)
Amendments to Form B.
(1)
15 day amendments.
An
				  amendment to Form B (Appendix B of this Chapter) shall be filed within 15 days
				  after the end of any month in which there is a material change to the
				  information provided in the annual registration statement.
(2)
Filing date amendments.
Amendments shall be filed in the Form B format, as set forth in Appendix B of
				  this Chapter, with only those items which are being amended reported. Each
				  amendment shall include at the top of the coverpage "Amendment No. [insert
				  number] to Form B for [insert year]" and shall indicate the date of the change
				  and not the date of the original filing.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-29.1 - Transactions subject to prior notice -notice filing (Form D)

Current through Vol. 41, No. 20, July 1, 2024
An insurer required to give notice of a proposed
					 transaction pursuant to Section 1636 of the Act shall furnish the required
					 information on Form D, hereby made a part of this section, as set forth in
					 Appendix O of this Chapter.
Added at 9 Ok Reg
					 3885, eff 8-24-92 (emergency); Added at 10 Ok Reg 1487, eff 5-1-93; Amended at
					 11 Ok Reg 1861, eff 5-15-94
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-29.2 - Enterprise risk report

Current through Vol. 41, No. 20, July 1,
				  2024
The ultimate controlling person of an insurer required to
					 file an enterprise risk report pursuant to Section
					 1635(L) of Title
					 36 of the Oklahoma Statutes shall furnish the required information on Form F,
					 as set forth in Appendix AA, hereby made a part of these
					 regulations.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-30 - Extraordinary dividends and other distributions

Current through Vol.
				  41, No. 20, July 1, 2024
(a)
Request for approval of
				  extraordinary dividends.
Requests for approval of extraordinary
				  dividends or any other extraordinary distribution to shareholders shall include
				  the following:
(1) the amount of the proposed
				  dividend;
(2) the date established
				  for payment of the dividend;
(3) a
				  statement as to whether the dividend is to be in cash or other property and, if
				  in property, a description thereof, its cost, and its fair market value
				  together with an explanation of the basis for valuation;
(4) A copy of the calculations determining
				  that the proposed dividend is extraordinary. The work paper shall include the
				  following information:
(A) the amounts, dates
				  and form of payment of all dividends or distributions (including regular
				  dividends but excluding distributions of the insurers own securities) paid
				  within the period of twelve (12) consecutive months ending on the date fixed
				  for payment of the proposed dividend for which approval is sought and
				  commencing on the day after the same day of the same month in the last
				  preceding year;
(B) surplus as
				  regards policyholders (total capital and surplus) as of the 31st day of the
				  December next preceding;
(C) if the
				  insurer is a life insurer, the net gain from operations for the 12-month period
				  ending the 31st day of December next preceding;
(D) if the insurer is not a life insurer, the
				  net income less realized capital gains for the 12-month period ending the 31st
				  day of December next preceding and the two preceding 12-months periods;
				  and
(E) if the insurer is not a
				  life insurer, the dividends paid to stockholders excluding distributions of the
				  insurer's own securities in the preceding two (2) calendar years.
(5) a balance sheet and statement
				  of income for the period intervening from the last annual statement filed with
				  the Commissioner and the end of the month preceding the month in which the
				  request for dividend approval is submitted; and
(6) a brief statement as to the effect of the
				  proposed dividend upon the insurer's surplus and the reasonableness of surplus
				  in relation to the insurer's outstanding liabilities and the adequacy of
				  surplus relative to the insurer's financial needs.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 5 - OKLAHOMA INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT › Section 365:25-7-31 - Adequacy of surplus

Current through Vol. 41, No. 20, July 1,
				  2024
The factors set forth in Section 1636(D) of the Act are not
					 intended to be an exhaustive list. In determining the adequacy and
					 reasonableness of an insurer's surplus no single factor is necessarily
					 controlling. The Commissioner, instead, will consider the net effect of all of
					 these factors plus other factors bearing on the financial condition of the
					 insurer. In comparing the surplus maintained by other insurers, the
					 Commissioner will consider the extent to which each of these factors varies
					 from company to company and in determining the quality and liquidity of
					 investments in subsidiaries, the Commissioner will consider the individual
					 subsidiary and may discount or disallow its valuation to the extent that the
					 individual investments so warrant.
Amended at 9 Ok Reg
					 3885, eff 8-24-92 (emergency); Amended at 10 Ok Reg 1487, eff 5-1-93; Amended
					 at 21 Ok Reg 1668, eff 7-14-04
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 7 - COMPANIES IN HAZARDOUS FINANCIAL CONDITION › Section 365:25-7-40 - Authority

Current through Vol. 41, No. 20, July 1, 2024
This part is adopted and promulgated by the Oklahoma
					 Insurance Commissioner pursuant to Section 307.1, 1801, et seq. and Section
					 1901, et
					 seq., of Title 36 of the Oklahoma Statutes.
Added at 9 Ok Reg
					 2533, eff 6-26-92; Amended at 25 Ok Reg 1660, eff 7-14-08; Amended at 26 Ok Reg
					 1654, eff 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 7 - COMPANIES IN HAZARDOUS FINANCIAL CONDITION › Section 365:25-7-41 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
(a) The purpose of this part is to set forth
				  the standards which the Commissioner may use for identifying insurers found to
				  be in such condition as to render the continuance of their business hazardous
				  to the policyholders, creditors or the general public.
(b) This part shall not be interpreted to
				  limit the powers granted the Commissioner by any laws or parts of laws of this
				  state, nor shall this part be interpreted to supersede any laws or parts of
				  laws of this state.
Added at 9 Ok Reg
					 2533, eff 6-26-92; Amended at 25 Ok Reg 1660, eff 7-14-08; Amended at 26 Ok Reg
					 1654, eff 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 7 - COMPANIES IN HAZARDOUS FINANCIAL CONDITION › Section 365:25-7-43 - Commissioner's authority

Current through Vol. 41, No. 20, July 1,
				  2024
(a) For the
				  purposes of making a determination of an insurer's financial condition under
				  this part, the Commissioner may:
(1) Disregard
				  any credit or amount receivable resulting from transactions with a reinsurer
				  that is insolvent, impaired or otherwise subject to a delinquency
				  proceedings;
(2) Make appropriate
				  adjustments including disallowance to asset values attributable to investments
				  in or transactions with parents, subsidiaries, or affiliates consistent with
				  the NAIC Accounting Policies and Procedures Manual, state laws and
				  regulations;
(3) Refuse to
				  recognize the stated value of accounts receivable if the ability to collect
				  receivables is highly speculative in view of the age of the account or the
				  financial condition of the debtor;
(4) Increase the insurer's liability in an
				  amount equal to any contingent liability, pledge, or guarantee not otherwise
				  included if there is a substantial risk that the insurer will be called upon to
				  meet the obligation undertaken within the next 12-month period.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 7 - COMPANIES IN HAZARDOUS FINANCIAL CONDITION › Section 365:25-7-44 - Risk-based capital instructions

Current through Vol. 41, No. 20,
				  July 1, 2024
RBC Reports submitted to the Insurance Department pursuant
					 to the Risk-based Capital for Insurers Act, 36 O.S. §
										1521, et
					 seq., shall be in a form and contain such information as is required by the
					 risk-based capital instructions adopted by the National Association of
					 Insurance Commissioners.
Added at 21 Ok Reg
					 1668, eff 7-14-04
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 7 - COMPANIES IN HAZARDOUS FINANCIAL CONDITION › Section 365:25-7-45 - Separability

Current through Vol. 41, No. 20, July 1, 2024
If any provisions of this part be held invalid, the
					 remainder shall not be affected.
Added at 9 Ok Reg
					 2533, eff 6-26-92
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 9 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 365:25-7-50 - Purpose and scope

Current through Vol. 41, No. 20, July 1,
				  2024
(a) The Oklahoma
				  Insurance Department recognizes that life insurers routinely enter into
				  reinsurance agreements that yield legitimate relief to the ceding insurer from
				  strain to surplus.
(b) However, it
				  is improper for a licensed insurer, in the capacity of ceding insurer, to enter
				  into reinsurance agreements for the principal purpose of producing significant
				  surplus aid for the ceding insurer, typically on a temporary basis, while not
				  transferring all of the significant risks inherent in the business being
				  reinsured. In substance or effect, the expected potential liability to the
				  ceding insurer remains basically unchanged by the reinsurance transaction,
				  notwithstanding certain risk elements in the reinsurance agreement, such as
				  catastrophic mortality or extraordinary survival. The terms of such agreements
				  referred to in this Part and described in
				  365:25-7-51
				  violate:
(1) Section
				  311.1
				  of Title 36 relating to financial statements which do not properly reflect the
				  financial condition of the ceding insurer;
(2) Section
				  5122
				  of Title 36 relating to reinsurance reserve credits, thus resulting in a ceding
				  insurer improperly reducing liabilities or establishing assets for reinsurance
				  ceded; and
(3) Section
				  1201 et
				  seq. of Title 36 relating to creating a situation that may be hazardous to
				  policyholders and the people of this state.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 9 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 365:25-7-52 - Written agreements

Current through Vol. 41, No. 20, July 1,
				  2024
(a) No reinsurance
				  agreement or amendment to any agreement may be used to reduce any liability or
				  to establish any asset in any financial statement filed with the Department,
				  unless the agreement, amendment or a binding letter of intent has been duly
				  executed by both parties no later than the "as of date" of the financial
				  statement.
(b) In the case of a
				  letter of intent, a reinsurance agreement or an amendment to a reinsurance
				  agreement must be executed within a reasonable period of time, not exceeding
				  ninety (90) days from the execution date of the letter of intent, in order for
				  credit to be granted for the reinsurance ceded.
(c) The reinsurance agreement shall contain
				  provisions which provide that:
(1) The
				  agreement shall constitute the entire agreement between the parties with
				  respect to the business being reinsured thereunder and that there are no
				  understandings between the parties other than as expressed in the agreement;
				  and
(2) Any change or modification
				  to the agreement shall be null and void unless made by amendment to the
				  agreement and signed by both parties.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 9 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Section 365:25-7-53 - Existing agreements

Current through Vol. 41, No. 20, July 1,
				  2024
Insurers subject to this part shall reduce to zero by
					 December 31, 1999 any reserve credits or assets established with respect to
					 reinsurance agreements entered into prior to the effective date of this part
					 which, under the provisions of this part would not be entitled to recognition
					 of the reserve credits or assets; provided, however, that the Reinsurance
					 agreements shall have been in compliance with laws or regulations in existence
					 immediately preceding the effective date of the amendments to this
					 part.
Added at 9 Ok Reg
					 3305, eff 7-27-92; Amended at 11 Ok Reg 405, eff 4-19-93 (emergency); Amended
					 at 11 Ok Reg 3319, eff 7-1-94
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-60 - Authority

Current through Vol. 41, No. 20, July 1, 2024
This part is promulgated pursuant to the authority granted
					 by 36 O.S. §
										5124.
Added at 9 Ok Reg
					 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff
					 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-61 - Purpose and severability

Current through Vol. 41, No. 20, July
				  1, 2024
(a) The purpose
				  of this regulation is to set forth rules and procedural requirements that the
				  commissioner deems necessary to carry out the provisions of Sections
				  5121 to
				  5125 of
				  Title 36 of the Oklahoma statutes (the Act). The actions and information
				  required by this regulation are declared to be necessary and appropriate in the
				  public interest and for the protection of the ceding insurers in this
				  state.
(b) If any provision of this
				  regulation, or the application to any person or circumstance, is held invalid,
				  the remainder of the regulation and the application of the provision to persons
				  or circumstances other than those to which it is held invalid, shall not be
				  affected.
Added at 9 Ok Reg
					 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff 5-1-93; Amended at
					 17 Ok Reg 1690, eff 7-14-00; Amended at 19 Ok Reg 1310, eff
					 7-14-02
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-62 - Credit for reinsurance - Reinsurer licensed in this state

Current through Vol. 41, No. 20, July 1, 2024
Pursuant to Section 5122(B) of the Act, the Commissioner
					 shall allow credit for reinsurance ceded by a domestic insurer to an assuming
					 insurer which was licensed in this state as of any date on which statutory
					 financial statement credit for reinsurance is claimed.
Added at 9 Ok Reg
					 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff 5-1-93; Amended at
					 17 Ok Reg 1690, eff 7-14-00; Amended at 19 Ok Reg 1310, eff
					 7-14-02
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-63 - Credit for reinsurance - Accredited reinsurers

Current through
				  Vol. 41, No. 20, July 1, 2024
(a) Pursuant to Section 5122(C) of the Act,
				  the Commissioner shall allow credit for reinsurance ceded by a domestic insurer
				  to an assuming insurer which is accredited as a reinsurer in this state as of
				  any date on which statutory financial credit for reinsurance is claimed. An
				  accredited reinsurer is one which:
(1) Files
				  a properly executed Form AR-1, as set forth in Appendix P of this Chapter, as
				  evidence of its submission to this state's jurisdiction and to this state's
				  authority to examine its books and records;
(2) Files with the Commissioner a certified
				  copy of a certificate of authority or other acceptable evidence that it is
				  licensed to transact insurance or reinsurance in at least one state, or, in the
				  case of a United States branch of an alien assuming insurer, is entered through
				  and licensed to transact insurance or reinsurance in at least one
				  state;
(3) Files with the
				  Commissioner, on or before March 1 of each year, a copy of its annual statement
				  filed with the insurance department of its state of domicile or, in the case of
				  an alien assuming insurer, with the state through which it is entered and in
				  which it is licensed to transact insurance or reinsurance, and a copy of its
				  most recent audited financial statement; and
(4) Maintains a surplus as regards
				  policyholders in an amount not less than $20,000,000, or obtains the
				  affirmative approval of the Commissioner upon a finding that it has adequate
				  financial capacity to meet its reinsurance obligations and is otherwise
				  qualified to assume reinsurance from domestic insurers.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-64 - Credit for reinsurance - Reinsurer domiciled and licensed in another state

Current through Vol. 41, No. 20, July 1, 2024
(a) Pursuant to Section 5122(D) of the Act
				  the Commissioner shall allow credit for reinsurance ceded by a domestic insurer
				  to an assuming insurer which as of any date on which statutory financial
				  statement credit for reinsurance is claimed:
(1) Is domiciled in (or, in the case of a
				  United States branch of an alien assuming insurer, is entered through ) a state
				  which employs standards regarding credit for reinsurance substantially similar
				  to those applicable under the Act and this part;
(2) Maintains a surplus as regards
				  policyholders in an amount not less than $20,000,000; and
(3) Files a properly executed Form AR-1 (see
				  Appendix P of this Chapter) with the Commissioner as evidence of its submission
				  to this state's authority to examine its books and records.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-66 - Credit for reinsurance required by law

Current through Vol. 41,
				  No. 20, July 1, 2024
Pursuant to Section 5122(H) of the Act, the Commissioner
					 shall allow credit for reinsurance ceded by a domestic insurer to an assuming
					 insurer not meeting the requirements of Section 5122(B), (C), (D), (E), (F),
					 (G) or other appropriate section of the Credit for Reinsurance Act but only as
					 to the insurance of risks located in jurisdictions where the reinsurance is
					 required by the applicable law or regulation of that jurisdiction. As used in
					 this section, "jurisdiction" means state, district or territory of the United
					 States and any lawful national government.
Added at 9 Ok Reg
					 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff 5-1-93; Amended at
					 17 Ok Reg 1690, eff 7-14-00; Amended at 19 Ok Reg 1310, eff
					 7-14-02
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-67 - Asset or reduction from liability for reinsurance ceded to an unauthorized assuming insurer not meeting the requirements of 365:25-7-62 through 66 and 365:25-7-73 through 74

Current through Vol. 41, No. 20, July 1,
				  2024
(a) Pursuant to
				  Section 5123, the Commissioner shall allow a reduction from liability for
				  reinsurance ceded by a domestic insurer to an assuming insurer not meeting the
				  requirements of Section 5122 or other appropriate section of the Credit for
				  Reinsurance Act in an amount not exceeding the liabilities carried by the
				  ceding insurer. The reduction shall be in the amount of funds held by or on
				  behalf of the ceding insurer, including funds held in trust for the exclusive
				  benefit of the ceding insurer, under a reinsurance contract with such assuming
				  insurer as security for the payment of obligations under the reinsurance
				  contract. The security shall be held in the United States subject to withdrawal
				  solely by, and under the exclusive control of, the ceding insurer or, in the
				  case of a trust, held in a qualified United States financial institution
				  asdefined in Section 5123.1(B) of the Act. This security may be in the form of
				  any of the following:
(1) Cash;
(2) Securities listed by the Securities
				  Valuation Office of the National Association of Insurance Commissioners,
				  including those deemed exempt from filing as defined by the Purposes and
				  Procedures Manual of the Securities Valuation Office, and qualifying as
				  admitted assets;
(3) Clean,
				  irrevocable, unconditional and "evergreen" letters of credit issued or
				  confirmed by a qualified United States institution, as defined in Section
				  5123.1(A), effective no later than December 31 of the year for which filing is
				  being made, and in the possession of, or in trust for, the ceding insurer on or
				  before the filing date of its annual statement. Letters of credit meeting
				  applicable standards of issuer acceptability as of the dates of their issuance
				  (or confirmation) shall, notwithstanding the issuing (or confirming)
				  institution's subsequent failure to meet applicable standards of issuer
				  acceptability, continue to be acceptable as security until their expiration,
				  extension, renewal, modification or amendment, whichever first occurs;
				  or
(4) Any other form of security
				  acceptable to the Commissioner.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-68 - Trust agreements qualified under Section 365:25-7-67

Current
				  through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
As used in this
				  section:
(1) "Beneficiary" means the entity
				  for whose sole benefit the trust has been established and any successor of the
				  beneficiary by operation of law. If a court of law appoints a successor in
				  interest to the named beneficiary, then the named beneficiary includes and is
				  limited to the court appointed domiciliary receiver (including conservator,
				  rehabilitator or liquidator).
(2)
				  "Grantor" means the entity that has established a trust for the sole benefit of
				  the beneficiary. When established in conjunction with a reinsurance agreement,
				  the grantor is the unlicensed, unaccredited assuming insurer.
(3) "Obligations," as used in paragraph
				  (b)(11) of this section, means:
(A) Reinsured
				  losses and allocated loss expenses paid by the ceding company, but not
				  recovered from the assuming insurer;
(B) Reserves for reinsured losses reported
				  and outstanding;
(C) Reserves for
				  reinsured losses incurred but not reported; and
(D) Reserves for allocated reinsured loss
				  expenses and unearned premiums.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-69 - Other security

Current through Vol. 41, No. 20, July 1,
				  2024
A ceding insurer may take credit for unencumbered funds
					 withheld by the ceding insurer in the United States subject to withdrawal
					 solely by the ceding insurer and under its exclusive control.
Added at 9 Ok Reg
					 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff
					 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-70 - Reinsurance contract

Current through Vol. 41, No. 20, July 1,
				  2024
Credit will not be granted, nor an asset or reduction from
					 liability allowed, to a ceding insurer for reinsurance effected with assuming
					 insurers meeting the requirements of OAC
					 365:25-7-62,
					 365:25-7-63,
					 365:25-7-64,
					 365:25-7-65,
					 365:25-7-67,
					 365:25-7-73, or
					 365:25-7-74 or otherwise in
					 compliance with Section 5122 of the Act after the adoption of this part unless
					 the reinsurance agreement:
(1) Includes
				  a proper insolvency clause, which states that reinsurance is payable directly
				  to the liquidator or successor without diminution regardless of the status of
				  the ceding company, pursuant to Section 711 of the Insurance Code;
				  and
(2) Includes a provision
				  pursuant to Section 5122 of the Act whereby the assuming insurer, if an
				  unauthorized assuming insurer, has submitted to the jurisdiction of an
				  alternative dispute resolution panel or court of competent jurisdiction within
				  the United States, has agreed to comply with all requirements necessary to give
				  such court or panel jurisdiction, has designated an agent upon whom service of
				  process may be effected, and has agreed to abide by the final decision of such
				  court or panel; and
(3) Includes a
				  proper reinsurance intermediary clause, if applicable, which stipulates that
				  the credit risk for the intermediary is carried by the assuming
				  insurer.
Added at 9 Ok Reg
					 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff
					 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-71 - Contracts affected

Current through Vol. 41, No. 20, July 1,
				  2024
All new and renewal reinsurance transactions entered into
					 after the effective date of this part shall conform to the requirements of the
					 Act and this part if credit is to be given to the ceding insurer for such
					 reinsurance.
Added at 9 Ok Reg
					 3971, eff 9-3-92 (emergency); Added at 10 Ok Reg 1487, eff
					 5-1-93
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 11 - CREDIT FOR REINSURANCE › Section 365:25-7-73 - Credit for reinsurance - certified reinsurers

Current through
				  Vol. 41, No. 20, July 1, 2024
(a) Pursuant to 36 O.S. § 5122(F), the
				  Commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				  an assuming insurer that has been certified as a reinsurer in this state at all
				  times for which statutory financial statement credit for reinsurance is claimed
				  under this section. The credit allowed shall be based upon the security held by
				  or on behalf of the ceding insurer in accordance with a rating assigned to the
				  certified reinsurer by the Commissioner. The security shall be in a form
				  consistent with the provisions of Sections 5122(F) and 5123 of the Act and OAC
				  365:25-7-68,
				  365:25-7-69 or
				  365:25-7-72. The amount of
				  security required in order for full credit to be allowed shall correspond with
				  the following requirements:
(1) Assuming
				  insurer ratings and security requirements.
(A)
				  Secure - 1: 0% security required
(B) Secure - 2: 10% security
				  required
(C) Secure - 3: 20%
				  security required
(D) Secure - 4:
				  50% security required
(E) Secure -
				  5: 75% security required
(F)
				  Vulnerable - 6: 100% security required
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 13 - ELECTRONIC FILINGS › Section 365:25-7-75 - Electronic filings of quarterly financial statements

Current
				  through Vol. 41, No. 20, July 1, 2024
Each insurer authorized to do business under the provisions
					 of the Oklahoma Insurance Code shall file quarterly financial statements, along
					 with any supplemental filings, electronically with the National Association of
					 Insurance Commissioners (NAIC) by electronic means and format as approved by
					 the NAIC. Each insurer shall file electronically on or before the due dates
					 specified in the Oklahoma Insurance Code and the NAIC Annual Statement
					 Insurance Handbook.
Added at 13 Ok Reg
					 2679, eff 7-1-96; Amended at 19 Ok Reg 1310, eff 7-14-02; Amended at 21 Ok Reg
					 1668, eff 7-14-04
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 13 - ELECTRONIC FILINGS › Section 365:25-7-76 - Insurance Company Holding Company Act

Current through Vol. 41,
				  No. 20, July 1, 2024
Paper filings with the Insurance Department made pursuant
					 to the Insurance Holding Company System Act, 36 O.S. §
										1651, et
					 seq, shall also be made by electronic means and format as approved by the
					 Insurance Commissioner. The Insurance Commissioner may exclude a specific
					 filing, filings or categories of filings from the requirements of this section
					 at the Commissioner's discretion.
Added at 25 Ok Reg
					 1660, eff 7-14-08
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 15 - COMPANY SUPERVISION › Section 365:25-7-80 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
This Part is intended to specify the confidential status
					 and handling of certain information contained in the files of the Insurance
					 Commissioner ("Commissioner") pursuant to various provisions of the Oklahoma
					 Insurance Code (36 O.S. §§ 101-7301 ).
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 15 - COMPANY SUPERVISION › Section 365:25-7-81 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Part,
					 shall have the following meaning, unless the context clearly indicates
					 otherwise:
"Confidential information"
means all
					 documents, materials, or other information in the possession or control of the
					 Oklahoma Insurance Department ("Department") pursuant to the Oklahoma Insurance
					 Holding Company System Regulatory Act, 36 O.S. §§
										1631 et seq. and investigatory
					 files, working papers, recorded information, documents, and copies thereof
					 produced by, obtained by, or disclosed to the Commissioner or any other person
					 in the course of an examination made under Sections
					 309.1
					 through
					 309.7
					 of Title 36 of the Oklahoma Statutes, or in the course of analysis by the
					 Commissioner of the financial condition or market conduct of any person or
					 company.
"Exchange"
means sending or receiving
					 information to or from any other Regulator charged with supervision of an
					 insurer or its affiliates, including other state, federal, and international
					 regulatory agencies.
"Supervisory"
means those duties of the
					 Commissioner involving the financial condition and solvency of any person or
					 entity engaged, directly or through others, in the business of
					 insurance.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 15 - COMPANY SUPERVISION › Section 365:25-7-82 - Authorization

Current through Vol. 41, No. 20, July 1, 2024
(a) The Commissioner is authorized to enter
				  into agreements in accordance with Sections
				  1638 and
				  1640 of Title 36 of the Oklahoma
				  Statutes, providing the basis for cooperation between the Commissioner and
				  other regulatory agencies.
(b)
				  Pursuant to various provisions of Title 36, the Commissioner has the legal
				  authority and power to obtain, hold, and exchange certain confidential
				  information in respect to individuals, legal entities, and groups, including
				  the relevant non-regulated entities of such groups when:
(1) the Commissioner considers the
				  information to be necessary for the supervision of insurance legal entities or
				  groups, or when another Regulator considers the information to be necessary,
				  and
(2) the Commissioner is
				  reasonably requested to provide relevant information by another
				  Regulator.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 15 - COMPANY SUPERVISION › Section 365:25-7-83 - Professional confidentiality

Current through Vol. 41, No. 20, July
				  1, 2024
(a) The
				  Commissioner, including the staff of the Department and any individual acting
				  on its behalf (presently or in the past), are required, as a condition of
				  employment or contract, respectively, to protect confidential information in
				  the possession of the Commissioner or the Department, including confidential
				  information received from other Regulators. Wrongful disclosure of confidential
				  information is grounds for termination of employment or termination of
				  contract, as applicable. In addition, any person failing to maintain
				  confidentiality shall be guilty of a misdemeanor pursuant to 36 O.S. §
										117.
(b) The Commissioner shall deny any request
				  for confidential information, other than when required by law, or when
				  requested by another Regulator who has a legitimate supervisory interest and
				  the ability to uphold the confidentiality of the requested
				  information.
(c) The exchange of
				  confidential information shall serve no other purposes than those directly
				  related to the fulfillment of a supervisory function.
(d) The Commissioner has a legitimate
				  interest and a valid purpose related to the fulfillment of supervisory
				  functions in seeking information from another Regulator.
(e) Valid purposes may include, but are not
				  limited to:
(1) Licensing;
(2) Competence, experience, and integrity
				  criteria;
(3) Ongoing supervision,
				  including enforcement action and sanctions;
(4) Supervisory practices;
(5) Winding-up, liquidation, or
				  bankruptcy;
(6) Anti-money
				  laundering or combating the financing of terrorism ("AML/CFT").
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 15 - COMPANY SUPERVISION › Section 365:25-7-84 - Passing on of confidential information

Current through Vol. 41, No.
				  20, July 1, 2024
(a) Any
				  passing on of confidential information, including information that shall be
				  forwarded by way of official reporting, necessitates prior explicit agreement
				  of the Regulator from whom the information originates and must be subject to
				  agreement, in particular regarding the purpose for which the information shall
				  be used.
(b) Requests from other
				  Regulators for passing on of confidential information shall be decided on a
				  case-by-case basis by the Commissioner.
(c) Without prejudice to the foregoing, the
				  Commissioner may pass on information where it will assist:
(1) Other Regulators in the fulfillment of
				  their supervisory functions; and
(2) Governmental agencies, competent in the
				  financial services field (including central banks), law enforcement agencies,
				  and relevant courts in the performance of their duties.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 7 - Companies › Part 15 - COMPANY SUPERVISION › Section 365:25-7-85 - Agreements for information exchange

Current through Vol. 41, No.
				  20, July 1, 2024
(a)
				  Agreements may be used to establish a framework between Regulators to
				  facilitate the efficient execution of requests for or provision of
				  information.
(b) Compliance with
				  the strict confidentiality regime, set forth in Section
				  1640 of Title 36 of the Oklahoma
				  Statutes and this Part, is a key prerequisite for the exchange of confidential
				  information. Every agreement to exchange such information shall include a
				  written confirmation statement in substantially the same terms as that found in
				  the Written Confirmation Statement in Appendix BB of this Chapter, and the
				  agreement shall be signed by an appropriate managerial representative of the
				  Regulator.