- A. At least once in three (3) years, and whenever the Insurance Commissioner determines it to be prudent, the Insurance Commissioner personally, or by a competent person appointed by the Insurance Commissioner, shall visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with the Oklahoma Captive Insurance Company Act. The Insurance Commissioner upon application, in his or her discretion, may enlarge the three-year period to five (5) years, if a captive insurance company is subject to a comprehensive annual audit during that period of a scope satisfactory to the Insurance Commissioner by independent auditors approved by the Insurance Commissioner. The expenses and charges of the examination must be paid to the state by the company or companies examined, and the Department shall issue its warrants for the proper charges incurred in all examinations.
- B. All examination reports, preliminary examination reports or results, working papers, recorded information, documents and copies of documents produced by, obtained by, or disclosed to the Insurance Commissioner or any other person in the course of an examination made under this section are confidential and are not subject to subpoena and may not be made public by the Insurance Commissioner or an employee or agent of the Insurance Commissioner without the written consent of the company, except to the extent provided in this subsection. Nothing in this subsection prevents the Insurance Commissioner from using this information in furtherance of the regulatory authority of the Insurance Commissioner under the Oklahoma Captive Insurance Company Act. The Insurance Commissioner may grant access to this information to public officers having jurisdiction over the regulation of insurance in any other state or country, or to law enforcement officers of this state or any other state or agency of the federal government at any time, so long as the officers receiving the information agree in writing to hold it in a manner consistent with this section.
C.
- 1. This section applies to all business written by a captive insurance company; however, the examination for a branch captive insurance company must be of branch business and branch operations only, as long as the branch captive insurance company provides annually to the Insurance Commissioner a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed and demonstrates to the satisfaction of the Insurance Commissioner that it is operating in sound financial condition in accordance with all applicable laws and regulations of that jurisdiction.
- 2. As a condition of licensure, the alien captive insurance company shall grant authority to the Insurance Commissioner for examination of the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.
Laws 2004, HB 2141, c. 334, § 20, emerg. eff. May 25, 2004.