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Bill > SB1242
OK SB1242
OK SB1242Insurance; modifying actions to be taken by captive insurance company; updating statutory language. Effective date.
summary
Introduced
02/07/2022
02/07/2022
In Committee
04/06/2022
04/06/2022
Crossed Over
03/23/2022
03/23/2022
Passed
04/27/2022
04/27/2022
Dead
Signed/Enacted/Adopted
04/29/2022
04/29/2022
Introduced Session
2022 Regular Session
Bill Summary
An Act ENROLLED SENATE BILL NO. 1242 By: Quinn of the Senate and Sneed of the House An Act relating to Oklahoma Captive Insurance Company Act; amending 36 O.S. 2021, Sections 6470.2, 6470.3, 6470.10, and 6470.15, which relate to definitions, limitations and requirements, company organizations, and investments and loans; modifying definitions; prohibiting series captive insurance company from providing certain insurance; allowing series captive insurance company to apply for certain certificates of authority; permitting captive insurance companies to establish series limited liability company; prohibiting certain exclusions from applying to certain captive insurance companies; omitting application of Oklahoma Insurance Code to certain procedure; conforming language; updating statutory language; providing for codification; and providing an effective date. SUBJECT: Oklahoma Captive Insurance Company Act
AI Summary
This bill amends the Oklahoma Captive Insurance Company Act to modify definitions, prohibit series captive insurance companies from providing certain insurance, allow series captive insurance companies to apply for specific certificates of authority, permit captive insurance companies to establish series limited liability companies, and prohibit certain exclusions from applying to certain captive insurance companies. The bill also omits the application of the Oklahoma Insurance Code to certain procedures, updates statutory language, and provides an effective date of November 1, 2022.
Committee Categories
Business and Industry, Labor and Employment
Sponsors (2)
Last Action
Approved by Governor 04/29/2022 (on 04/29/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1242&Session=2200 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20ENR/SB/SB1242%20ENR.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20FLR/HFLR/SB1242%20HFLR.PDF |
| Fiscal Note/Analysis - House: Engrossed | http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20SUPPORT%20DOCUMENTS/BILLSUM/House/SB1242%20ENGR%20BILLSUM.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20ENGR/SB/SB1242%20ENGR.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20FLR/SFLR/SB1242%20SFLR.PDF |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20INT/SB/SB1242%20INT.PDF |
| Fiscal Note/Analysis - Senate: Introduced | http://webserver1.lsb.state.ok.us/cf_pdf/2021-22%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1242%20INT%20BILLSUM.PDF |
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