Okla. Stat. tit. 36, § 36-6470.3

for conducting business in state – Information required – Fees –

Provisional license.

A. A captive insurance company, when permitted by its articles

of incorporation or charter, may apply to the Insurance Commissioner

for a license to do any and all insurance authorized by this title;

however:

1. A pure captive insurance company may not insure any risks

other than those of its parent, affiliated companies of its parent,

or any controlled unaffiliated business, or a combination thereof;

2. An association captive insurance company may not insure any

risks other than those of the member organizations of its

association and their affiliated companies;

3. An industrial insured captive insurance company may not

insure any risks other than those of the industrial insureds that

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comprise the industrial insured group and their affiliated

companies;

4. A special purpose captive insurance company may provide

insurance or reinsurance, or both, for risks as approved by the

Insurance Commissioner;

5. A captive insurance company may not provide personal motor

vehicle or homeowner's insurance coverage or any component of these

coverages;

6. Any captive insurance company may provide workers'

compensation insurance, insurance in the nature of workers'

compensation insurance, and reinsurance of such policies, unless

prohibited by federal law or laws of this state or any other state

having jurisdiction over the transaction; and

7. A series captive insurance company may not insure any risks

other than those permitted in paragraphs 1 through 6 of this

subsection. A series may elect to apply for a certificate of

authority as an association captive insurance company, industrial

insured captive insurance company, a pure captive insurance company,

series captive insurance company, or a special purpose captive

insurance company.

B. To conduct insurance business in this state a captive

insurance company shall:

1. Obtain from the Insurance Commissioner a license authorizing

it to conduct insurance business in this state;

2. Maintain a place of business in this state designated as its

registered office; and

3. Appoint a resident registered agent to accept service of

process and to otherwise act on its behalf in this state. Whenever

the registered agent cannot with reasonable diligence be found at

the registered office of the captive insurance company, the

Insurance Commissioner shall be deemed an agent of the captive

insurance company upon whom any process, notice, or demand may be

served.

C. 1. Before receiving a license, a captive insurance company

shall file with the Commissioner a certified copy of its

organizational documents, a statement under oath of its president or

other authorized person showing its financial condition, a

feasibility study, a business plan, and any other statements,

information or documents required by the Commissioner.

2. In addition to the information required by paragraph 1 of

this subsection, an applicant captive insurance company shall file

with the Insurance Commissioner evidence of:

a. the amount and liquidity of its assets relative to the

risks to be assumed,

b. the adequacy of the expertise, experience, and

character of the person or persons who will manage it,

c. the overall soundness of its plan of operation,

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d. the adequacy of the loss prevention programs of its

insureds, and

e. such other factors considered relevant by the

Insurance Commissioner in ascertaining whether the

proposed captive insurance company will be able to

meet its obligations.

3. Information submitted pursuant to this subsection is

confidential and may not be made public by the Insurance

Commissioner or an agent or employee of the Insurance Commissioner

without the written consent of the company, except that:

a. information may be discoverable by a party in a civil
n ascertaining whether the

proposed captive insurance company will be able to

meet its obligations.

3. Information submitted pursuant to this subsection is

confidential and may not be made public by the Insurance

Commissioner or an agent or employee of the Insurance Commissioner

without the written consent of the company, except that:

a. information may be discoverable by a party in a civil

action or contested case to which the captive

insurance company that submitted the information is a

party, upon a showing by the party seeking to discover

the information that:

(1) the information sought is relevant to and

necessary for the furtherance of the action or

case,

(2) the information sought is unavailable from other

nonconfidential sources, and

(3) a subpoena issued by a judicial or administrative

officer of competent jurisdiction has been

submitted to the Insurance Commissioner; however,

the provisions of this paragraph do not apply to

an industrial insured captive insurance company

insuring the risks of an industrial insured

group, and

b. the Insurance Commissioner may disclose the

information to a public officer having jurisdiction

over the regulation of insurance in another state if:

(1) the public official agrees in writing to maintain

the confidentiality of the information, and

(2) the laws of the state in which the public

official serves require the information to be

confidential.

D. Except for a special purpose captive insurance company, a

captive insurance company shall pay to the Department a

nonrefundable application fee of Two Hundred Dollars ($200.00) for

reviewing its application to determine whether it is complete and in

addition, the Insurance Commissioner may retain legal, financial,

and examination services from outside the Department, the reasonable

cost of which may be charged against the applicant. A special

purpose captive insurance company shall pay to the Department a

nonrefundable fee of Three Hundred Dollars ($300.00). Also, a

captive insurance company shall pay a license fee for the year of

registration and a renewal fee of Three Hundred Dollars ($300.00).

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E. If the Insurance Commissioner is satisfied that the

documents and statements filed by the captive insurance company

comply with the provisions of the Oklahoma Captive Insurance Company

Act, the Insurance Commissioner may grant a license authorizing the

company to do insurance business in this state until the succeeding

March 1 at which time the license may be renewed.

F. 1. Notwithstanding any other provision of this act, the

Insurance Commissioner may issue a provisional license to any

applicant captive insurance company if the Insurance Commissioner

deems that the public interest will be served by the issuance of

such license.

2. As a condition precedent to the issuance of a provisional

license under this section, the applicant shall have filed a

complete application containing all information required by this

section, paid all fees required for licensure and the Insurance

Commissioner shall have made a preliminary finding that the

expertise, experience and character of the person or persons who

will control and manage the applicant captive insurer are

acceptable.

3. The Insurance Commissioner may by order limit the authority

of any provisional licensee in any way deemed necessary to protect

insureds and the public. The Insurance Commissioner may by order

revoke a provisional license if the interests of insureds or the

public are endangered. If the applicant fails to complete the

regular licensure application process, the provisional license shall

terminate automatically.