Okla. Admin. Code § 365:25-15-13

Current through Vol. 41, No. 19, June 17, 2024

Section 365:25-15-13 - Change of business

(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.

Okla. Admin. Code § 365:25-15-13

Added at 22 Ok Reg 2045, eff 7-14-05

Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/15/2014

Amended by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/15/2015

Amended by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 11/1/2021