Okla. Stat. tit. 36, § 36-6454
This is the official text of Okla. Stat. tit. 36, § 36-6454, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Chartering and licensing of risk retention group
Official statutory text
A. 1. A risk retention group seeking to be chartered for
domicile in this state shall be chartered and licensed only to write
liability insurance pursuant to the insurance laws of this state
and, except as provided elsewhere in the Oklahoma Risk Retention
Act, shall comply with all of the laws, rules, regulations, and
requirements applicable to such insurers chartered and licensed in
this state including Section 6455 of this title to the extent such
requirements are not a limitation on the laws, rules, regulations
and requirements in this state.
2. Notwithstanding any other provision of law, all risk
retention groups chartered in this state shall file with the
Insurance Department and the National Association of Insurance
Commissioners an annual statement in a form prescribed by the
Association and in electronic form, if required by the Insurance
Commissioner and completed in accordance with its instructions and
the Practices and Procedures Manual of the Association.
B. Before it may offer insurance in any state, each risk
retention group licensed in this state shall submit for approval to
the Insurance Commissioner of this state a plan of operation or a
feasibility study. The risk retention group shall submit an
appropriate revision in the event of any subsequent material change
in any item of the plan of operation or feasibility study within ten
(10) days of the change. The group shall not offer any additional
kinds of liability insurance in this state or in any other state
until a revision of the plan or study is approved by the
Oklahoma Statutes - Title 36. Insurance Page 1196
Commissioner. At the time of filing its application for charter,
the risk retention group shall provide to the Commissioner a summary
of the following information: the identity of the initial members
of the group or who organized the group, the identity of those
individuals who will provide administrative services or otherwise
influence or control the activities of the group, the amount and
nature of initial capitalization, the coverages to be afforded, and
the states in which the group intends to operate. Upon receipt of
this information, the Commissioner shall transmit the information to
the National Association of Insurance Commissioners. Transmitting
this information shall be sufficient to satisfy the requirements of
Section 6455 of this section.
domicile in this state shall be chartered and licensed only to write
liability insurance pursuant to the insurance laws of this state
and, except as provided elsewhere in the Oklahoma Risk Retention
Act, shall comply with all of the laws, rules, regulations, and
requirements applicable to such insurers chartered and licensed in
this state including Section 6455 of this title to the extent such
requirements are not a limitation on the laws, rules, regulations
and requirements in this state.
2. Notwithstanding any other provision of law, all risk
retention groups chartered in this state shall file with the
Insurance Department and the National Association of Insurance
Commissioners an annual statement in a form prescribed by the
Association and in electronic form, if required by the Insurance
Commissioner and completed in accordance with its instructions and
the Practices and Procedures Manual of the Association.
B. Before it may offer insurance in any state, each risk
retention group licensed in this state shall submit for approval to
the Insurance Commissioner of this state a plan of operation or a
feasibility study. The risk retention group shall submit an
appropriate revision in the event of any subsequent material change
in any item of the plan of operation or feasibility study within ten
(10) days of the change. The group shall not offer any additional
kinds of liability insurance in this state or in any other state
until a revision of the plan or study is approved by the
Oklahoma Statutes - Title 36. Insurance Page 1196
Commissioner. At the time of filing its application for charter,
the risk retention group shall provide to the Commissioner a summary
of the following information: the identity of the initial members
of the group or who organized the group, the identity of those
individuals who will provide administrative services or otherwise
influence or control the activities of the group, the amount and
nature of initial capitalization, the coverages to be afforded, and
the states in which the group intends to operate. Upon receipt of
this information, the Commissioner shall transmit the information to
the National Association of Insurance Commissioners. Transmitting
this information shall be sufficient to satisfy the requirements of
Section 6455 of this section.
Status: in_force · Read it on the official government site
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