Okla. Admin. Code § 365:25-15-2
Current through Vol. 41, No. 19, June 17, 2024
Section 365:25-15-2 - Annual reporting requirements(a) Except as provided in 36 O.S. § 6470.11, a captive insurance company doing business in this State shall annually, prior to March 1, submit to the Insurance Commissioner a report of its financial condition, verified by oath of two of its executive officers. The report shall be that prescribed by the Insurance Commissioner as "Oklahoma Captive Insurance Company Annual Report." (b) A company that elects to file its annual report on a fiscal year basis pursuant to 36 O.S. § 6470.11(C), shall file such report no later than 60 days following the close of such fiscal year. (c) A company that elects to file its annual report on a fiscal year basis shall submit, concurrently with each premium tax return required in connection with premium taxes due under 36 O.S. § 6470.19 pages 1 through 7 of the "Captive Annual Statement: Pure or Industrial Insured," verified by oath of two of its executive officers. (d) In order to verify results reported in the company's annual report, each company shall cause its books and records to be audited annually by an independent certified public accounting firm approved in accordance with Section 4 of this Subchapter. (e) In order to further verify results reported in the company's annual report each company shall cause to be prepared an actuarial opinion by a qualified actuary certifying the accuracy of the company's life, health, or annuity insurance reserves, or its loss reserves and loss expense reserves, as reported in the annual report. "Qualified actuary" means an individual who is a member of the American Academy of Actuaries or the Casualty Actuarial Society and who has met the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinions in the United States or an individual who has demonstrated competence in loss reserve evaluation to the satisfaction of the insurance commissioner. Upon request by the company and for good cause shown, the Commissioner may grant an exemption from the annual actuarial opinion requirement for any company having direct written and assumed premiums of Two Million Dollars ($2,000,000.00) or less in the preceding year. (f) A risk retention group doing business in this State shall annually submit to the Insurance Commissioner a report of its financial condition, verified by oath of two of its executive officers. The report shall be that required by Section 311 of Title 36 of the Oklahoma Statutes. Okla. Admin. Code § 365:25-15-2
Added at 22 Ok Reg 2045, eff 7-14-05Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/15/2014Amended by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/15/2015Amended byOklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018Amended by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 11/1/2021