2014 Oklahoma Statutes
Title 36. Insurance
§36-6470.25. Application of terms and conditions of Insurance Code – Sponsored captive insurance company.
A. Except as otherwise provided in this section, the terms and conditions set forth in Articles 18 and 19 of the Oklahoma Insurance Code pertaining to insurance supervisions, conservatorship, rehabilitation, and receiverships apply in full to captive insurance companies formed or licensed under the Oklahoma Captive Insurance Company Act.
B. In the case of a sponsored captive insurance company:
1. The assets of the protected cell may not be used to pay expenses or claims other than those attributable to the protected cell; and
2. Its capital and surplus at all times must be available to pay expenses of or claims against the sponsored captive insurance company and may not be used to pay expenses or claims attributable to a protected cell.
Added by Laws 2004, c. 334, § 32, emerg. eff. May 25, 2004. Amended by Laws 2006, c. 264, § 69, eff. July 1, 2006.
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