Bill > HB2955

Introduced Session

An Act relating to insurance; amending 36 O.S. 2021, Sections 6470.2, as amended by Section 1, Chapter 127, O.S.L. 2022, 6470.3, as amended by Section 2, Chapter 127, O.S.L. 2022, 6470.6, 6470.10, as amended by Section 3, Chapter 127, O.S.L. 2022, 6470.14, 6470.19, 6470.24.1, and 6470.29 (36 O.S. Supp. 2025, Sections 6470.2, 6470.3, and 6470.10), which relate to the Oklahoma Captive Insurance Company Act; providing definitions; adding language to clarify persons referenced; permitting Insurance Commissioner disclose information to the National Association of Insurance Commissioners if conditions are met; requiring captive insurance company respond to inquiries within timeframe; requiring sponsored captive insurance companies to maintain unimpaired paid-in capital; permitting irrevocable letter of credit issued by financial institutions approved by the Insurance Commissioner; permitting the suspension or revocation of license for failure to adequately respond to inquiry; permitting fines; modifying fees and taxes to be reported and disbursed by the Insurance Commissioner; requiring Insurance Commissioner's approval of mergers or acquisitions involving change in control of a captive insurance company; requiring captive insurance companies establish and maintain administrative and accounting procedures; requiring written approval for transfer of assets made with respect to protected cell; requiring clear indication in participant contact; requiring annual auditor review; requiring contract identify protected cell; authorizing the remedy of tracing; clarifying creation of protected cell shall not create a legal person; permitting conversion of one or more protected cells; requiring written notice before conversion; directing that conversion shall be deemed a continuation of protected cell's existence; stipulating that conversion shall occur without any transfer or assignment; clarifying conversion shall not limit any rights or protections applicable; referencing law to be followed for certain converting protected cells; permitting conveyance of protected cell; authorizing certain captive insurance companies conversion into a protected cell; stipulating that conversion shall be subject to a business plan; permitting certain mergers of protected cells by a sponsored captive insurance company; clarifying creditors to whom assets and recourse are available; establishing that establishment of one or more protected cells does not alone constitute fraud; providing information to be specified in legal actions; clarifying that legal action that does not specify protected cells shall be deemed against the general assets only; clarifying that unnamed protected cells shall not be party to legal action; establishing no protected cell has duty to defend rights and obligations of any other protected cell; providing treatment and status of papers, documents, or property in legal action; directing that assets and liabilities kept separate in connection with rehabilitation or liquidation; providing how receiver shall manage assets and liabilities of protected cell captive insurance company; prohibiting unapproved use of assets to pay expenses or claims; providing procedures for a captive insurance company dealing with foreign currency or securities; permitting public bodies to expend public funds; repealing 36 O.S. 2021, Section 6470.28, which relates to conversion or merger and applicability of Article 16A of the Insurance Code; providing for codification; and providing an effective date.

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Jason Blair (R)*,  Mark Tedford (R), 

House Commerce & Economic Development Oversight Hearing (10:30:00 3/5/2026 Room 450) (on 03/05/2026)

Official Document