reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-9 - Insurance company practices

Current through Vol. 41, No. 20,
				July 1, 2024
(a) Life
				insurance companies authorized to do business in this state shall respond to a
				request for verification of coverage from a viatical settlement provider or a
				viatical settlement broker within thirty (30) calendar days of the date a
				request is received, subject to the following conditions:
(1) A current authorization consistent with
				applicable law, signed by the policy owner or certificate holder, accompanies
				the request;
(2) In the case of an
				individual policy or group insurance coverage where details with respect to the
				certificate holder's coverage are maintained by the insurer, submission of a
				form substantially similar to Appendix V, which has been completed by the
				viatical settlement provider or the viatical settlement broker in accordance
				with the instructions on the form.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 11 - Viatical Settlements Regulation › Section 365:25-11-10 - Transition period for existing licenses

Current through Vol. 41,
				No. 20, July 1, 2024
(a)
				A viatical settlement provider, a viatical settlement broker, a life settlement
				provider, or a life settlement broker lawfully transacting business in this
				state pursuant to Sections 4045 and/or 4085 of Title 36 of the laws of this
				state on the effective date of this regulation may continue to transact such
				business if said provider's or broker's license was active prior to November 1,
				2008, and the licensee submits a complete application as specified in O.A.C.
				365:25-11-3
				for a license pursuant to the Viatical Settlements Act of 2008, 36 O.S. §
				1455.1, et seq., on or before December 31, 2008.
(b) If an existing licensee's application
				pursuant to this subsection is approved, the new license will replace the prior
				license issued by the Commissioner pursuant to Sections 4045 and/or 4085 and
				will remain in force for the balance of the term of the prior
				license.
(c) If an existing
				licensee's application for licensure pursuant to the Act and this section is
				denied, the prior license of the licensee issued pursuant to Sections 4045
				and/or 4085 of Title 36 is no longer valid and shall be immediately surrendered
				to the Commissioner.
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 365:25-11-11 - Effective date [EXPIRED]

Current through Vol. 41, No. 20, July
				1, 2024
Added at 26 Ok Reg 180,
				  eff 11-1-08 through 7-14-09
				  (emergency)1
1This emergency action expired
				  without being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new Section, the Section is no longer effective. Therefore,
				  on 7-15-09 (after the 7-14-09 expiration of the emergency action), Section
				  365:25-11-11 was no longer effective. For the official text of the emergency
				  rule that was in effect from 11-14-08 through 7-14-09, see 26 Ok Reg
				  180.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 13 - Life Settlements Regulation [Revoked] › Section 365:25-13-1 - Approval of life settlement contracts by commissioner pursuant to 36 O.S. [REVOKED]

Current through Vol. 41, No. 20, July 1,
				2024
Added at 18 Ok Reg 1305,
				  eff 7-14-01; 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 13 - Life Settlements Regulation [Revoked] › Section 365:25-13-2 - License requirements for life settlement providers [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 18 Ok Reg 1305,
				  eff 7-14-01; 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 13 - Life Settlements Regulation [Revoked] › Section 365:25-13-3 - License requirements for life settlement brokers [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 18 Ok Reg 1305,
				  eff 7-14-01; Amended at 22 Ok Reg 67, eff 8-23-04 (emergency); Amended at 22 Ok
				  Reg 2045, eff 7-14-05; 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 13 - Life Settlements Regulation [Revoked] › Section 365:25-13-4 - Other requirements for brokers [REVOKED]

Current through
				Vol. 41, No. 20, July 1, 2024
Added at 18 Ok Reg 1305,
				  eff 7-14-01; 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 13 - Life Settlements Regulation [Revoked] › Section 365:25-13-5 - Reporting requirement [REVOKED]

Current through Vol. 41, No. 20,
				July 1, 2024
Added at 18 Ok Reg 1305,
				  eff 7-14-01; 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 13 - Life Settlements Regulation [Revoked] › Section 365:25-13-6 - General rules [REVOKED]

Current through Vol. 41, No. 20, July
				1, 2024
Added at 18 Ok Reg 1305,
				  eff 7-14-01; 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 13 - Life Settlements Regulation [Revoked] › Section 365:25-13-7 - Advertising [REVOKED]

Current through Vol. 41, No. 20, July 1,
				2024
Added at 18 Ok Reg 1305,
				  eff 7-14-01; 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 15 - Captive Insurance Companies Regulation › Section 365:25-15-1 - Purpose and authority

Current through Vol. 41, No. 20, July 1,
				2024
This subchapter provides rules for administering the Oklahoma
				  Captive Insurance Company Act, 36 O.S. §§
									6470.1, et
				  seq., and applicable provisions of the Oklahoma Insurance Code. This subchapter
				  sets forth the financial , reporting , and other requirements which the
				  Insurance Commissioner deems necessary for the regulation of captive insurance
				  companies, as authorized by the Oklahoma Insurance Code and the Oklahoma
				  Captive Insurance Company Act. References to "company" in this subchapter shall
				  mean captive insurance company or companies, unless otherwise
				  specified.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-1.1 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this subchapter
				  and the Oklahoma Captive Insurance Company Act, shall have the following
				  meaning, unless the context clearly indicates otherwise:
"Business plan"
means the business activity of
				  the company designed to accomplish its stated purpose. At a minimum, it must
				  include the following:
(A) identity of the ownership and management;
(B) the type and expected volume of business to be
				  written;
(C) details of any reinsurance agreements to be entered
				  into;
(D) details of any management services or tax allocation
				  agreements; and
(E) financial projections as required per subsection
				  (a)(1)(G) above.
"Feasibility study"
means an analysis of the
				  owner/insured's risk profile and financial condition. The analysis must include
				  and consider the following issues, but is not limited to:
(A) a detailed analysis as to how the captive will effect
				  risk management and loss control;
(B) risks to be insured;
(C) recommendations and projections by a qualified
				  independent actuary recommended premiums, losses, expenses and
				  retentions;
(D) tax projections;
(E) domicile options that address the impact on operating
				  costs and tax issues;
(F) comparison of a captive program with other viable risk
				  financing alternatives;
(G) five-year pro forma financial statements and projections,
				  analysis of the financial impact of establishing a captive, of any form;
				  and
(H) identification of management procedures, underwriting
				  procedures, managerial oversight methods, investment policies, and reinsurance
				  agreements.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-2 - Annual reporting requirements

Current through Vol. 41, No.
				20, July 1, 2024
(a)
				Except as provided in 36 O.S. § 6470.11, a captive insurance company doing
				business in this State shall annually, prior to March 1, submit to the
				Insurance Commissioner a report of its financial condition, verified by oath of
				two of its executive officers. The report shall be that prescribed by the
				Insurance Commissioner as "Oklahoma Captive Insurance Company Annual Report."
(b) A company that elects to file
				its annual report on a fiscal year basis pursuant to 36 O.S. § 6470.11(C),
				shall file such report no later than 60 days following the close of such fiscal
				year.
(c) A company that elects to
				file its annual report on a fiscal year basis shall submit, concurrently with
				each premium tax return required in connection with premium taxes due under 36
				O.S. § 6470.19 pages 1 through 7 of the "Captive Annual Statement: Pure or
				Industrial Insured," verified by oath of two of its executive officers.
(d) In order to verify results
				reported in the company's annual report, each company shall cause its books and
				records to be audited annually by an independent certified public accounting
				firm approved in accordance with Section 4 of this Subchapter.
(e) In order to further verify results
				reported in the company's annual report each company shall cause to be prepared
				an actuarial opinion by a qualified actuary certifying the accuracy of the
				company's life, health, or annuity insurance reserves, or its loss reserves and
				loss expense reserves, as reported in the annual report. "Qualified actuary"
				means an individual who is a member of the American Academy of Actuaries or the
				Casualty Actuarial Society and who has met the Qualification Standards for
				Actuaries Issuing Statements of Actuarial Opinions in the United States or an
				individual who has demonstrated competence in loss reserve evaluation to the
				satisfaction of the insurance commissioner. Upon request by the company and for
				good cause shown, the Commissioner may grant an exemption from the annual
				actuarial opinion requirement for any company having direct written and assumed
				premiums of Two Million Dollars ($2,000,000.00) or less in the preceding year.
(f) A risk retention group doing
				business in this State shall annually submit to the Insurance Commissioner a
				report of its financial condition, verified by oath of two of its executive
				officers. The report shall be that required by Section
				311
				of Title 36 of the Oklahoma Statutes.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-3 - Annual Audit

Current through Vol. 41, No. 20, July 1,
				2024
(a) All companies
				shall have an annual audit by an independent certified public accountant,
				authorized by the Insurance Commissioner, and shall file such annual audited
				financial report with the Insurance Commissioner on or before June 30 for the
				year ending December 31 immediately preceding.
(b) A pure captive insurance company may make
				written application to file its annual report on a fiscal year basis and, if
				approved by the Commissioner, shall file such report no later than one hundred
				eighty (180) days following the close of the fiscal year.
(c) A company that elects to file its annual
				report on a fiscal year basis shall submit, concurrently with each premium tax
				return required, a schedule detailing the net direct written premium and
				assumed premium for the fiscal year in question.
(d) The annual audited financial report shall
				be considered part of the company's annual report of financial condition except
				with respect to the date by which it must be filed with the Insurance
				Commissioner.
(e) The annual
				audited financial report shall consist of the following:
(1)
Opinion of Independent Certified
				Public Accountant.
(A) Financial
				statements furnished pursuant to this section shall be examined by independent
				certified public accountants in accordance with generally accepted accounting
				principles, or as required by any other comprehensive basis of accounting in
				use by the company and approved by the Insurance Commissioner.
(B) The opinion of the independent certified
				public accountant shall cover all years presented.
(C) The opinion shall be addressed to the
				company on stationery of the accountant showing the address of issuance, shall
				bear original manual signatures and shall be dated.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-5 - Deposit Requirement

Current through Vol. 41, No. 20, July 1,
				2024
Whenever the Insurance Commissioner determines, pursuant to
				  36 O.S. §
									6470.6,
				  that the financial condition of a company warrants additional capital and
				  surplus based upon the type, volume, and nature of insurance business
				  transacted, he may require such additional capital in the form of a deposit
				  with the Department . Such additional capital shall consist of cash, securities
				  approved by the Insurance Commissioner, or a clean irrevocable letter of credit
				  issued by a bank chartered by the State of Oklahoma or a member bank of the
				  Federal Reserve System and approved by the Insurance Commissioner. The company
				  may receive interest or dividends from said deposit or exchange the deposits
				  for others of equal value with the approval of the Insurance Commissioner. If
				  such company discontinues business, the Insurance Commissioner shall return
				  such deposit only after being satisfied that all obligations of the company
				  have been discharged.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-6 - Organizational examination

Current through Vol. 41, No. 20, July 1,
				2024
In addition to the processing of the application, an
				  organizational investigation or examination may be performed before or after an
				  applicant is licensed. Such investigation or examination may consist of a
				  general survey of the company's corporate records, including charter, bylaws
				  and minute books; verification of capital and surplus; verification of
				  principal place of business; determination of assets and liabilities;
				  biographical affidavits; and a review of such other factors as the Insurance
				  Commissioner deems necessary.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-8 - Insurance managers and intermediaries

Current through Vol. 41,
				No. 20, July 1, 2024
No person shall, in or from within this State, act as an
				  insurance manager, broker, producer, salesman, or reinsurance intermediary for
				  captive business without the authorization of the Insurance Commissioner.
				  Application for such authorization must be on a form prescribed by the
				  Insurance Commissioner.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-9 - Executive officers and directors

Current through Vol. 41, No.
				20, July 1, 2024
(a)
				Every company shall report to the Insurance Commissioner within thirty (30)
				days after any change in its executive officers or directors, including in its
				report a statement of the business and professional affiliations of any new
				executive officer or director. Every executive officer or director shall
				provide a biographical affidavit to the Insurance Commissioner within
				forty-five (45) days of his/her appointment as an executive officer or to the
				board of directors of the company.
(b) Except as otherwise permitted under the
				company's plan of operation approved by the Commissioner, no director, officer,
				or employee of a company shall, except on behalf of the company, accept, or be
				the beneficiary of, any fee, brokerage, gift, or other emolument because of any
				investment, loan, deposit, purchase, sale, payment or exchange made by or for
				the company, but such person may receive reasonable compensation for necessary
				services rendered to the company in his or her usual private, professional or
				business capacity.
(c) Any profit
				or gain received by or on behalf of any person in violation of this section
				shall inure to and be recoverable by the company.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-10 - Conflict of interest

Current through Vol. 41, No. 20, July 1,
				2024
Each company chartered in this State shall adopt a conflict
				  of interest statement for its executive officers and directors . Such policy
				  shall require that each such person disclose to the company's governing body,
				  at least annually, any outside commitments that have the potential to create a
				  conflict of interest with respect to the duty of such person to further the
				  interests of the company.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-12 - Acquisition of control of or merger with domestic company

Current
				through Vol. 41, No. 20, July 1, 2024
(a) All persons shall comply with Sections
				1651-1653 of Title 36 and associated regulations when seeking to acquire
				control of or merge with a domestic captive insurer, notwithstanding that the
				Insurance Commissioner may waive or modify the requirements for public notice
				and hearing when the Insurance Commissioner concludes the public hearing is not
				necessary due to the limited public interest in the change of
				control.
(b) Definitions of terms
				found in Section
				1651 of
				Title 36 shall apply when a captive insurance company seeks to acquire control
				of or merge with a domestic company. For purposes of this section, the
				definition of the term insurer as set out in Section
				1651 of
				Title 36 shall include captive insurance companies.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-13 - Change of business

Current through Vol. 41, No. 20, July 1,
				2024
(a) Except as
				otherwise provided, any change in the nature of the captive business from that
				stated in the company's plan of operation filed with the Insurance Commissioner
				upon application requires prior approval from the Insurance Commissioner.
(b) For purposes of this Section,
				"nature of the captive business" includes, but is not limited to, nonrecurring
				transactions such as loans or extensions of credit, reinsurance agreements or
				modifications thereto, management agreements, service contracts and all
				cost-sharing arrangements and changes in certificate of incorporation or
				bylaws.
(c) All business plan
				changes, both in the nature of the captive business or otherwise, shall be
				filed with the Insurance Commissioner thirty (30) days in advance of the
				effective date of the change.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-14 - Prior approval

Current through Vol. 41, No. 20, July 1,
				2024
Requests for the prior approval of the Insurance Commissioner
				  of mergers, consolidations, conversions, mutualizations, redomestications or
				  any other matter for which prior approval is required shall be made on the
				  appropriate forms as set out in this Chapter for use by insurers or on forms as
				  prescribed by the Insurance Commissioner.
Added at 22 Ok Reg 2045,
				  eff 7-14-05
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-16 - Consolidated or combined audits

Current through Vol. 41, No. 20,
				July 1, 2024
A company may make written application to the Commissioner
				  for approval to submit a consolidated annual audit in lieu of separate annual
				  audits if the company is part of a group of entities that consolidates its
				  annual audit. In such cases, a consolidating or combining worksheet shall be
				  prepared with the annual audit as follows:
(1) Amounts for each company subject to this
				section shall be stated separately.
(2) Non-insurance operations may be shown on
				the worksheet on a combined or individual basis.
(3) Explanations of consolidating and
				eliminating entries shall be included.
(4) A reconciliation shall be included of any
				differences between the amounts shown in the individual company columns of the
				worksheet and comparable amounts shown on the annual reports of such
				companies.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-17 - Sponsored captive shares and dividends

Current through Vol. 41,
				No. 20, July 1, 2024
(a)
				A sponsored captive insurer shall be a single legal entity and each protected
				cell of or within a sponsored captive insurer may be established as a separate
				legal entity, which shall constitute a legal entity separate from the sponsored
				captive insurer. Each protected cell shall be separately identified or
				designated as being a part of the sponsored captive insurer.
(b) A sponsored captive insurer may create
				and issue shares in one or more classes or series for one or more protected
				cells. The proceeds of the issue shall be included in the assets of the
				protected cell that issued the shares.
(c) The proceeds of the issue of shares,
				other than protected cell shares, shall be included in the sponsored captive
				insurer's general assets.
(d)
				Subject to prior approval by the Commissioner, a sponsored captive insurer may
				pay a dividend on protected cell shares of any class or series whether or not a
				dividend is declared on any other class or series of protected cell shares, or
				any other shares.
(e) Protected
				cell dividends may be paid on the protected cell shares from the protected cell
				assets. The dividends shall only be paid to the shareholders of the protected
				cell from which the protected cell shares were issued and otherwise in
				accordance with the rights of the shares.
(f) Any act, matter, deed, agreement,
				contract, instrument under seal, or other instrument or arrangement, which is
				to be binding on or to inure to the benefit of a protected cell, shall be
				executed by the sponsored captive insurer for and on behalf of such protected
				cell, and shall indicate that the execution is in the name of, by or for the
				account of, the protected cell.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-18 - Variable contracts

Current through Vol. 41, No. 20, July 1,
				2024
Any captive company that issues variable life or annuity
				  contracts shall establish separate accounts subject to the requirements of 36
				  O.S. §
									6061.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-19 - Qualification of sponsors

Current through Vol. 41, No. 20, July 1,
				2024
A sponsor of a sponsored captive insurance company may be any
				  person approved by the Commissioner in the exercise of his or her discretion,
				  based on a determination that the approval of such person as a sponsor is
				  consistent with the purposes of this Subchapter. In evaluating the
				  qualifications of a proposed sponsor, the Commissioner shall consider the type
				  and structure of the proposed sponsor entity, its experience in financial
				  operations, financial stability and strength, business reputation, and such
				  other facts deemed relevant by the Commissioner. A risk retention group shall
				  not be a sponsor of a sponsored captive insurance company.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-20 - Sponsored captive and cell assets

Current through Vol. 41, No.
				20, July 1, 2024
(a) The
				assets of a sponsored captive insurer shall be either protected cell assets or
				general assets. The protected cell assets shall comprise the assets of the
				sponsored captive insurer held within or on behalf of the protected cells of
				the sponsored captive insurer. The general assets of a sponsored captive
				insurer shall comprise the assets of the sponsored captive insurer which are
				not protected cell assets.
(b) The
				assets of a protected cell are comprised of assets representing the capital
				stock and reserves attributable to the protected cell or all other assets
				attributable to or held within the protected cell. For the purposes of this
				Section, "reserves" includes retained earnings, capital surplus, and paid-in
				capital.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-21 - Delinquency of sponsored captive insurance companies

Current
				through Vol. 41, No. 20, July 1, 2024
(a) Upon any order of supervision,
				rehabilitation, or liquidation of a sponsored captive insurance company, the
				receiver shall manage the assets and liabilities of the sponsored captive
				insurance company pursuant to the provisions of this Subchapter.
(b) Notwithstanding any provision to the
				contrary:
(1) the assets of a protected cell
				may not be used to pay any expenses or claims other than those attributable to
				such protected cell; and
(2) a
				sponsored captive insurance company's capital and surplus shall at all times be
				available to pay any expenses of or claims against the sponsored captive
				insurance company; and
(3) in the
				event of an insolvency of a sponsored captive insurance company where the
				Commissioner determines that one or more protected cells remain solvent, the
				Commissioner may separate such cells from the sponsored captive insurance
				company, and may allow, on application of the sponsor, for the conversion of
				such protected cells into one or more new or existing sponsored captive
				insurance companies with a sponsor or sponsors, or one or more other captive
				insurance companies, pursuant to such plan or plans of operation as the
				Commissioner deems acceptable.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-22 - Reinsurance of life insurance policies

Current through Vol. 41,
				No. 20, July 1, 2024
(a)
				This Section establishes reserve requirements and the form of the annual report
				required of a captive insurance company that reinsures life insurance policies,
				including term, universal, and variable life policies, and related guarantees
				and riders (collectively, "Life Insurance Policies").
(b) A captive insurance company described in
				Section 20 of this Subchapter shall maintain reserves that are actuarially
				sufficient to support the liabilities incurred by the captive insurance company
				in reinsuring life insurance policies.
(c) For purposes of the annual report
				required by 36 O.S. §
									6470.11:
(1) a captive insurance company described in
				Section 20 of this Subchapter that uses statutory accounting shall submit the
				annual report in the form of the annual statement approved by the National
				Association of Insurance Commissioners for life insurers, as modified or
				supplemented by the Commissioner, unless the Commissioner requires or approves
				a different form of annual report; and
(2) a captive insurance company described in
				Section 20 of this Subchapter that uses generally accepted accounting
				principles, including any appropriate or necessary modifications or adaptations
				thereto approved by the Commissioner, shall submit the annual report in the
				form approved by the Commissioner.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 15 - Captive Insurance Companies Regulation › Section 365:25-15-23 - Dormant captive insurance companies

Current through Vol. 41,
				No. 20, July 1, 2024
(a)
				As used in this Section, unless the context requires otherwise, "dormant
				captive insurance company" means a captive insurance company which has:
(1) ceased transacting the business of
				insurance, including the issuance of insurance policies;
(2) no remaining liabilities associated with
				insurance business transactions; and
(3) no unpaid premium taxes.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
(a) The purpose of this regulation is to set
				forth standards and procedures for recommendations to consumers that result in
				a transaction involving annuity products so that the insurance needs and
				financial objectives of consumers at the time of the transaction are
				appropriately addressed.
(b)
				Nothing herein shall be construed to create or imply a private cause of action
				for a violation of this regulation.
Added at 22 Ok Reg 1429,
				  eff 5-4-05 (emergency); Added at 23 Ok Reg 2738, eff
				  7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-2 - Scope

Current through Vol. 41, No. 20, July 1, 2024
This regulation shall apply to any recommendation to purchase
				  or exchange an annuity made to a consumer by an insurance producer, or an
				  insurer where no producer is involved, that results in the purchase or exchange
				  recommended.
Added at 22 Ok Reg 1429,
				  eff 5-4-05 (emergency); Added at 23 Ok Reg 2738, eff
				  7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-3

Current
				through Vol. 41, No. 20, July 1, 2024
Added at 22 Ok Reg 1429,
				  eff 5-4-05 (emergency); Added at 23 Ok Reg 2738, eff
				  7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-4 - Exemptions

Current through Vol. 41, No. 20, July 1, 2024
Unless otherwise specifically included, this regulation shall
				  not apply to recommendations involving:
(1) Direct response solicitations where there
				is no recommendation based on information collected from the consumer pursuant
				to this regulation; or
(2)
				Contracts used to fund:
(A) An employee
				pension or welfare benefit plan that is covered by the Employee Retirement and
				Income Security Act (ERISA);
(B) A
				plan described by Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the
				Internal Revenue Code (IRC), as amended, if established or maintained by an
				employer;
(C) A government or
				church plan defined in Section 414 of the IRC, a government or church welfare
				benefit plan, or a deferred compensation plan of a state or local government or
				tax exempt organization under Section 457 of the IRC;
(D) A nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
(E) Settlements of or assumptions of
				liabilities associated with personal injury litigation or any dispute or claim
				resolution process; or
(F) Formal
				prepaid funeral contracts.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-5 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Subchapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
"Annuity"
means a fixed annuity or variable
				  annuity that is individually solicited, whether the product is classified as an
				  individual or group annuity.
"Insurer"
means a company required to be
				  licensed under the laws of this state to provide insurance products, including
				  annuities.
"Insurance producer"
means a person required to
				  be licensed under the laws of this state to sell, solicit or negotiate
				  insurance, including annuities.
"Recommendation"
means advice provided by an
				  insurance producer, or an insurer where no producer is involved, to an
				  individual consumer that results in a purchase or exchange of an annuity in
				  accordance with that advice.
Added at 22 Ok Reg 1429,
				  eff 5-4-05 (emergency); Added at 23 Ok Reg 2738, eff
				  7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-6 - Misrepresentation, fraud and incomplete comparisons of annuities

Current
				through Vol. 41, No. 20, July 1, 2024
Insurers and insurance producers shall not make or issue or
				  cause to be made or issued any recommendation or statement misrepresenting or
				  fraudulently or unfairly making incomplete comparisons regarding the terms or
				  conditions of any annuity contract for the purpose of inducing or attempting to
				  induce the owner of such contract to forfeit or surrender such contract or
				  allow it to lapse for the purpose of replacing such contract in any way
				  whatsoever.
Added at 22 Ok Reg 1429,
				  eff 5-4-05 (emergency); Added at 23 Ok Reg 2738, eff
				  7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-7 - Duties of insurers and of insurance producers

Current through
				Vol. 41, No. 20, July 1, 2024
(a)
Suitability required.
In
				recommending to a consumer the purchase of an annuity or the exchange of an
				annuity that results in another insurance transaction or series of insurance
				transactions, the insurance producer, or the insurer where no producer is
				involved, shall have reasonable grounds for believing that the recommendation
				is suitable for the consumer on the basis of the facts disclosed by the
				consumer as to his or her investments and other insurance products and as to
				his or her financial situation and needs.
(b)
Producer required to obtain
				information from consumer.
Prior to the execution of a purchase or
				exchange of an annuity resulting from a recommendation, an insurance producer,
				or an insurer where no producer is involved, shall make reasonable efforts to
				obtain information concerning:
(1) The
				consumer's financial status;
(2)
				The consumer's tax status;
(3) The
				consumer's investment objectives; and
(4) Such other information used or considered
				to be reasonable by the insurance producer, or the insurer where no producer is
				involved, in making recommendations to the consumer.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-8 - Mitigation of responsibility

Current through Vol. 41, No. 20,
				July 1, 2024
(a) The
				Insurance Commissioner may order:
(1) An
				insurer to take reasonably appropriate corrective action for any consumer
				harmed by the insurer's, or by its insurance producer's, violation of this
				regulation;
(2) An insurance
				producer to take reasonably appropriate corrective action for any consumer
				harmed by the insurance producer's violation of this regulation; and
(3) A general agency or independent agency
				that employs or contracts with an insurance producer to sell, or solicit the
				sale, of annuities to consumers, to take reasonably appropriate corrective
				action for any consumer harmed by the insurance producer's violation of this
				regulation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-9 - Recordkeeping

Current through Vol. 41, No. 20, July 1, 2024
(a) Insurers, general agents, independent
				agencies and insurance producers shall maintain or be able to make available to
				the commissioner records of the information collected from the consumer and
				other information used in making the recommendations that were the basis for
				insurance transactions for five (5) years after the insurance transaction is
				completed by the insurer. An insurer is permitted, but shall not be required,
				to maintain documentation on behalf of an insurance producer.
(b) Records required to be maintained by this
				regulation may be maintained in paper, photographic, microprocess, magnetic,
				mechanical or electronic media or by any process that accurately reproduces the
				actual document.
Added at 22 Ok Reg 1429,
				  eff 5-4-05 (emergency); Added at 23 Ok Reg 2738, eff
				  7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-10 - Advertisements [EXPIRED]

Current through Vol. 41, No. 20, July 1,
				2024
Added at 22 Ok Reg 1429,
				  eff 5-4-05 through 7-14-06
				  (emergency)1
1This emergency action expired
				  without being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new Section, the Section is no longer effective. Therefore,
				  on 7-15-06 (after the 7-14-06 expiration of the emergency action), Section
				  365:25-17-10 was no longer effective. For the official text of the emergency
				  rule that was effective from 5-4-05 through 7-14-06, see 22 Ok Reg
				  1429.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 17 - Consumer Protection in Annuity Transactions Regulation › Section 365:25-17-11 - Visit in senior's home [EXPIRED]

Current through Vol. 41, No.
				20, July 1, 2024
Added at 22 Ok Reg 1429,
				  eff 5-4-05 through 7-14-06
				  (emergency)1
1This emergency action expired
				  without being superseded by a permanent action. Upon expiration of an emergency
				  action enacting a new Section, the Section is no longer effective. Therefore,
				  on 7-15-06 (after the 7-14-06 expiration of the emergency action), Section
				  365:25-17-11 was no longer effective. For the official text of the emergency
				  rule that was effective from 5-4-05 through 7-14-06, see 22 Ok Reg
				  1429.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 19 - Annuity Disclosure Regulation › Section 365:25-19-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this regulation is to provide standards for
				  the disclosure of certain minimum information about annuity contracts to
				  protect consumers and foster consumer education. The regulation specifies the
				  minimum information which must be disclosed and the method for disclosing it in
				  connection with the sale of annuity contracts. The goal of this regulation is
				  to ensure that purchasers of annuity contracts understand certain basic
				  features of annuity contracts.
Added at 23 Ok Reg 2738,
				  eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 19 - Annuity Disclosure Regulation › Section 365:25-19-2 - Authority

Current through Vol. 41, No. 20, July 1, 2024
This regulation is issued based upon the authority granted
				  the Insurance Commissioner under Section 1204 of the Oklahoma Unfair Trade
				  Practices Act, 36 O.S. §
									1204.
Added at 23 Ok Reg 2738,
				  eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 19 - Annuity Disclosure Regulation › Section 365:25-19-3 - Applicability and scope

Current through Vol. 41, No. 20, July 1,
				2024
This regulation applies to all group and individual annuity
				  contracts and certificates except:
(1)
Registered or non-registered variable annuities.
Registered or
				non-registered variable annuities or other registered products;
(2)
Immediate and deferred
				annuities.
Immediate and deferred annuities that contain no
				nonguaranteed elements;
(3)
Annuities used to fund plans or arrangements.
(A) Annuities used to fund:
(i) An employee pension plan which is covered
				by the Employee Retirement Income Security Act (ERISA);
(ii) A plan described by Sections 401(a),
				401(k) or 403(b) of the Internal Revenue Code, where the plan, for purposes of
				ERISA, is established or maintained by an employer,
(iii) A governmental or church plan defined
				in Section 414 or a deferred compensation plan of a state or local government
				or a tax exempt organization under Section 457 of the Internal Revenue Code;
				or
(iv) A nonqualified deferred
				compensation arrangement established or maintained by an employer or plan
				sponsor.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 19 - Annuity Disclosure Regulation › Section 365:25-19-5 - Standards for the disclosure document and buyer's guide

Current
				through Vol. 41, No. 20, July 1, 2024
(a)
Disclosure document and buyer's
				guide.
(1) Where the application for an
				annuity contract is taken in a face-to-face meeting, the applicant shall at or
				before the time of application be given both the disclosure document described
				in Subsection (b) and , based on the type of annuity product involved in the
				application, the most current and appropriate version of the NAIC Buyer's Guide
				to Annuities ("Buyer's Guide").
(2)
				Where the application for an annuity contract is taken by means other than in a
				face-to-face meeting, the applicant shall be sent both the disclosure document
				and the Buyer's Guide no later than five (5) business days after the completed
				application is received by the insurer.
(A)
				With respect to an application received as a result of a direct solicitation
				through the mail:
(i) Providing a Buyer's
				Guide in a mailing inviting prospective applicants to apply for an annuity
				contract shall be deemed to satisfy the requirement that the Buyer's Guide be
				provided no later than five (5) business days after receipt of the
				application.
(ii) Providing a
				disclosure document in a mailing inviting a prospective applicant to apply for
				an annuity contract shall be deemed to satisfy the requirement that the
				disclosure document be provided no later than five (5) business days after
				receipt of the application.
(B) With respect to an application received
				via the Internet:
(i) Taking reasonable steps
				to make the Buyer's Guide available for viewing and printing on the insurer's
				website shall be deemed to satisfy the requirement that the Buyer's Guide be
				provided no later than five (5) business day of receipt of the
				application.
(ii) Taking reasonable
				steps to make the disclosure document available for viewing and printing on the
				insurer's website shall be deemed to satisfy the requirement that the
				disclosure document be provided no later than five (5) business days after
				receipt of the application.
(C) A solicitation for an annuity contract
				provided in other than a face-to face meeting shall include a statement that
				the proposed applicant may contact the insurance department of the state for a
				free annuity Buyer's Guide. In lieu of the foregoing statement, an insurer may
				include a statement that the prospective applicant may contact the insurer for
				a free annuity Buyer's Guide.
(3) Where the Buyer's Guide and disclosure
				document are not provided at or before the time of application, a free look
				period of no less than fifteen (15) days shall be provided for the applicant to
				return the annuity contract without penalty. This free look shall run
				concurrently with any other free look provided under state law or
				regulation.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 19 - Annuity Disclosure Regulation › Section 365:25-19-6 - Report to Contract Owners

Current through Vol. 41, No. 20, July
				1, 2024
For annuities in the payout period with changes in
				  non-guaranteed elements and for the accumulation period of a deferred annuity,
				  the insurer shall provide each contract owner with a report, at least annually,
				  on the status of the contract that contains at least the following
				  information:
(1) The beginning and end
				date of the current report period;
(2) The accumulation and cash surrender
				value, if any, at the end of the previous report period and at the end of the
				current report period;
(3) The
				total amounts, if any, that have been credited, charged to the contract value
				or paid during the current report period; and
(4) The amount of outstanding loans, if any,
				as of the end of the current report period.
Added at 23 Ok Reg 2738,
				  eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 19 - Annuity Disclosure Regulation › Section 365:25-19-7 - Penalties

Current through Vol. 41, No. 20, July 1, 2024
In addition to any other penalties provided by the laws of
				  this state, an insurer or producer that violates a requirement of this
				  regulation shall be guilty of a violation of the Oklahoma Unfair Trade
				  Practices Act, 36 O.S. §
									1201, et
				  seq.
Added at 23 Ok Reg 2738,
				  eff 7-14-06