Okla. Admin. Code § 365:25-7-29

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

Section 365:25-7-29 - Annual registration of insurers; statement filing (Form B)

(a)Form B. An insurer required to file an annual registration statement pursuant to Section 1635 of the Act shall furnish the required information on Form B, hereby made a part of this section, as set forth in Appendix B of this Chapter.

(b)Summary registration. An insurer required to file an annual registration statement pursuant to Section 1635 of the Act is also required to furnish information required on Form C, as set forth in Appendix N of this Chapter. An insurer shall file a copy of Form C in each state in which the insurer is authorized to do business, if requested by the Commissioner of that state.

(c)Amendments to Form B.

(1)15 day amendments. An amendment to Form B (Appendix B of this Chapter) shall be filed within 15 days after the end of any month in which there is a material change to the information provided in the annual registration statement.

(2)Filing date amendments. Amendments shall be filed in the Form B format, as set forth in Appendix B of this Chapter, with only those items which are being amended reported. Each amendment shall include at the top of the coverpage "Amendment No. [insert number] to Form B for [insert year]" and shall indicate the date of the change and not the date of the original filing.

(d)Alternative and consolidated registrations.

(1)Registration statement for affiliates. Any authorized insurer may file a registration statement on behalf of any affiliated insurer or insurers which are required to register under Section 1635 of the Act. A registration statement may include information not required by the Act regarding any insurer in the insurance holding company system even if such insurer is not authorized to do business in this State. In lieu of filing a registration statement on Form B (Appendix B of this Chapter), the authorized insurer may file a copy of the registration statement or similar report which it is required to file in its State of domicile, provided:

(A) the statement or report contains substantially similar information required to be furnished on Form B; and

(B) the filing insurer is the principal insurance company in the insurance holding company system.

(2)Principal insurance company in holding company. The question of whether the filing insurer is the principal insurance company in the insurance holding system is a question of fact and an insurer filing a registration statement or reporting in lieu of Form B (Appendix B of this Chapter) on behalf of an affiliated insurer, shall set forth a brief statement of facts which will substantiate the filing insurer's claim that it, in fact, is the principal insurer in the insurance holding company system.

(3)Unauthorized insurers. With the prior approval of the Commissioner, an unauthorized insurer may follow any of the procedures which could be done by an authorized insurer under (1) of this subsection.

(4)Section 1635(H) or (I). Any insurer may take advantage of the provisions of Section 1635(H) or (I) of the Act without obtaining the prior approval of the Commissioner. The Commissioner, however, reserves the right to require individual filings if he/she deems such filings necessary in the interest of clarity, ease of administration or the public good.

(e)Disclaimers and termination of registration.

(1)Disclaimer of affiliation. A disclaimer of affiliation or a request for termination of registration claiming that a person does not, or will not upon the taking of some proposed action, control another person (hereinafter referred to as the 'subject") shall contain the following information:

(A) the number of authorized, issued and outstanding voting securities of the subject.

(B) with respect to the person whose control is denied and all affiliates of such person, the number and percentage of shares of the subject's voting securities which are held of record or known to be beneficially owned, and the number of shares concerning which there is a right to acquire, directly or indirectly.

(C) all material relationships and bases for affiliation between the subject and the person whose control is denied and all affiliates of such person.

(D) a statement explaining why such person should not be considered to control the subject.

(2)Termination of registration. A request for termination of registration shall be deemed to have been granted unless the Commissioner, within 30 days after receipt of the request, notifies the registrant otherwise.

Okla. Admin. Code § 365:25-7-29

Amended at 9 Ok Reg 2097, eff 6-15-92; Amended at 9 Ok Reg 3885, eff 8-24-92 (emergency); Amended at 10 Ok Reg 1487, eff 5-1-93; Amended at 11 Ok Reg 1861, eff 5-15-94; Amended at 12 Ok Reg 3155, eff 7-31-95

Amended byOklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018