Okla. Stat. tit. 36, § 36-6455

Risk retention groups chartered and licensed in states other

than this state and seeking to do business as risk retention groups

in this state shall observe and abide by the laws of this state as

follows:

A. Before offering insurance in this state, a risk retention

group shall submit to the Commissioner of this state, on a form

prescribed by the National Association of Insurance Commissioners of

this state:

1. A statement identifying the state or states in which the

risk retention group is chartered and licensed as a liability

insurance company, the date of chartering, its principal place of

business, and such other information, including information on its

membership, as the Commissioner of this state may require to verify

that the group is qualified to be licensed as a risk retention

group;

2. A copy of its plan of operation or a feasibility study and

revisions of such plan or study submitted to its state of domicile;

provided, however, that the provision relating to the submission of

a plan of operation or a feasibility study shall not apply with

respect to any line or classification of liability insurance which:

a. was defined in the federal Product Liability Risk

Retention Act of 1981 before October 27, 1986, and

b. was offered before such date by a risk retention group

which had been chartered and operating for not less

than three (3) years before such date;

3. A copy of any material revision to its plan of operation or

feasibility study required by subsection B of Section 6454 within

thirty (30) days of the date of approval of the revision by the

Insurance Commissioner of its chartering state, or within thirty

(30) days of filing if no such approval is required; and

Oklahoma Statutes - Title 36. Insurance Page 1201

4. A statement of registration which designates the

Commissioner of this state as its agent for the purpose of receiving

service of legal documents or process.

The risk retention group shall pay a filing fee, in an amount

determined by the Commissioner.

B. Any risk retention group doing business in this state shall

submit to the Commissioner of this state:

1. A copy of the group's financial statement submitted to its

state of domicile, which shall be certified by an independent public

accountant or certified public accountant and contain a statement of

opinion on loss and loss adjustment expense reserves made by a

member of the American Academy of Actuaries or a loss reserve

specialist qualified pursuant to criteria established by the

National Association of Insurance Commissioners;

2. A copy of each examination of the risk retention group as

certified by a Commissioner or public official conducting the

examination;

3. Upon request by the Commissioner of this state, a copy of

any audit performed with respect to the risk retention group; and

4. Such information as may be required to verify its continuing

qualification as a risk retention group.

C. 1. Each risk retention group shall be liable for the

payment of premium taxes and taxes on premiums of direct business

for risk, and shall be subject to taxation at the same rate and

subject to the same interest, fines, and penalties for nonpayment as

that applicable to foreign admitted insurers.

2. To the extent licensed agents or brokers are utilized

pursuant to Section 6462 of this title, they shall report to the

Commissioner premiums for direct business for risks resident or

located within the state which the licensees have placed with or on

behalf of a risk retention group not chartered in this state.

3. To the extent that insurance agents or brokers are utilized

pursuant to Section 6462 of this title, each agent or broker shall

keep a complete and separate record of all policies procured from

each such risk retention group, which record must be open to

examination by the Insurance Commissioner or a designee of the

Insurance Commissioner or a representative of the Insurance
in this state.

3. To the extent that insurance agents or brokers are utilized

pursuant to Section 6462 of this title, each agent or broker shall

keep a complete and separate record of all policies procured from

each such risk retention group, which record must be open to

examination by the Insurance Commissioner or a designee of the

Insurance Commissioner or a representative of the Insurance

Commissioner on demand. These records shall, for each policy and

each kind of insurance provided thereunder, include the following:

a. the limit of liability,

b. the time period covered,

c. the effective date,

d. the name of the risk retention group which issued the

policy,

e. the gross premium charged, and

f. the amount of return premiums, if any.

Oklahoma Statutes - Title 36. Insurance Page 1202

D. Any risk retention group, its agents and representatives

shall comply with the provisions of the Unfair Claims Settlement

Practices Act of this state.

E. Any risk retention group shall comply with the laws of this

state regarding deceptive, false or fraudulent acts or practices.

However, if the Commissioner of this state seeks an injunction

regarding such conduct, the injunction shall be obtained from a

court of competent jurisdiction.

F. Any risk retention group shall submit to an examination by

the Commissioner of this state to determine its financial condition

if the Commissioner of the jurisdiction in which the group is

chartered has not initiated an examination or does not initiate an

examination within sixty (60) days after a request to do so is made

by the Commissioner of this state. Any such examination shall be

coordinated to avoid unjustified repetition of examination by

Commissioners of other states and shall be conducted in an

expeditious manner and in accordance with the National Association

of Insurance Commissioner's Examiner Handbook.

G. Every application form for insurance from a risk retention

group and every policy issued by a risk retention group shall

contain in ten-point type on the front page and the declaration

page, the following notice:

NOTICE

This policy is issued by your risk retention group. Your risk

retention group may not be subject to all of the insurance laws and

regulations of your state. State insurance insolvency guaranty

funds are not available for your risk retention group.

H. The following acts by a risk retention group are hereby

prohibited:

1. The solicitation or sale of insurance by a risk retention

group to any person who is not eligible for membership in such

group; and

2. The solicitation or sale of insurance by, or operation of, a

risk retention group that is in a hazardous financial condition or

is financially impaired.

I. No risk retention group shall be allowed to do business in

this state if an insurance company is directly or indirectly a

member or owner of such risk retention group, other than in the case

of a risk retention group all of whose members are insurance

companies.

J. The terms of any insurance policy offered by a risk

retention group shall not provide, or be construed to provide,

coverage prohibited generally by the Insurance Code or any other law

of this state or declared unlawful by the highest court of this

state whose law applies to insurance policy.

K. A risk retention group which is not chartered in this state

but is doing business in this state shall comply with a lawful order

Oklahoma Statutes - Title 36. Insurance Page 1203

issued in a voluntary dissolution proceeding or in a delinquency

proceeding commenced by an Insurance Commissioner of any state if

there has been a finding of financial impairment after an

examination by any state Insurance Commissioner under subsection F

of this section.