Okla. Stat. tit. 36, § 36-6470.24.1
This is the official text of Okla. Stat. tit. 36, § 36-6470.24.1, 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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Notice requirements
Official statutory text
No captive insurance company shall voluntarily take any of the
following actions without providing the Insurance Commissioner at
least thirty (30) days prior written notice and receiving the
Commissioner's approval of any such action:
1. The dissolution of the captive insurance company;
2. A sale, exchange, lease, mortgage, assignment, pledge or
other transfer of or granting of a security interest in, all or
substantially all of the assets of the captive insurance company;
3. Incurring a material indebtedness by the captive insurance
company;
4. Any making of a material loan or other material extension of
credit by the captive insurance company;
5. Any material payment out of capital and surplus;
6. Any merger or consolidation to which the captive insurance
company is a constituent party;
7. Any conversion of the captive insurance company to another
business form;
8. Any transfer to or domestication in any jurisdiction by the
captive insurance company; or
9. Any amendment of the organizational documents of the captive
insurance company.
For purposes of this section, "material", in relation to
financial matters, means any transaction or series of related
transactions involving more than the lesser of five percent (5%) of
the captive insurance company's assets or twenty-five percent (25%)
of its capital and surplus. "Assets" and "capital and surplus"
shall be measured as of the most recent filed report required by
Section 6470.11 of Title 36 of the Oklahoma Statutes.
following actions without providing the Insurance Commissioner at
least thirty (30) days prior written notice and receiving the
Commissioner's approval of any such action:
1. The dissolution of the captive insurance company;
2. A sale, exchange, lease, mortgage, assignment, pledge or
other transfer of or granting of a security interest in, all or
substantially all of the assets of the captive insurance company;
3. Incurring a material indebtedness by the captive insurance
company;
4. Any making of a material loan or other material extension of
credit by the captive insurance company;
5. Any material payment out of capital and surplus;
6. Any merger or consolidation to which the captive insurance
company is a constituent party;
7. Any conversion of the captive insurance company to another
business form;
8. Any transfer to or domestication in any jurisdiction by the
captive insurance company; or
9. Any amendment of the organizational documents of the captive
insurance company.
For purposes of this section, "material", in relation to
financial matters, means any transaction or series of related
transactions involving more than the lesser of five percent (5%) of
the captive insurance company's assets or twenty-five percent (25%)
of its capital and surplus. "Assets" and "capital and surplus"
shall be measured as of the most recent filed report required by
Section 6470.11 of Title 36 of the Oklahoma Statutes.
Status: in_force · Read it on the official government site
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