§36-607. General qualifications to transact insurance.
500 words·~2 min read·
/ok/title-36-insurance/36-607·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. To qualify for and hold authority to transact insurance in Oklahoma an insurer must be otherwise in compliance with the provisions of the Oklahoma Insurance Code and with its charter powers, and must be an incorporated stock insurer, an incorporated mutual insurer, a mutual benefit association, a nonprofit hospital service and medical indemnity corporation, a farmers mutual fire insurance association, a Lloyd's association or a reciprocal insurer, of the same general type as may be formed as a domestic insurer under this Code; except, that no foreign or alien insurer shall be authorized to transact insurance in Oklahoma which does not maintain reserves as required by Article 15 of this Code applicable to the kind or kinds of insurance transacted by such insurer.
B. No certificate of authority or license to transact any kind of direct insurance business in this state shall be issued, renewed or continued in effect, to any domestic, foreign or alien insurance company or other insurance entity which is owned or financially controlled in whole or in part by another state of the United States, or by a foreign government, or by any political subdivision of either, or which is an agency of any such state, government or subdivision.
C. A domestic, foreign, or alien insurance company, or entity thereof which is owned or financially controlled in whole or in part by another state of the United States, a foreign government, or any political subdivision thereof, or which is an agency of any such state, government, or subdivision may apply only for a certificate of authority as a reinsurer. Such insurance company or entity shall establish and maintain a regional home office in this state, in a building owned or leased by the insurer, that employs Oklahoma employees as defined pursuant to Section 625.1 of this title.
Insurance companies or entities obtaining a certificate of authority under this subsection shall maintain security deposits pursuant to this Code in a bank as defined pursuant to Section 102 of Title 6 of the Oklahoma Statutes.
D. Any insurance company or other insurance entity which is owned or financially controlled in whole or in part by any federally
recognized American Indian tribe or nation may apply for a certificate of authority or license to transact insurance business in this state and will not be subject to subsection B of this section.
E. Insurers under the jurisdiction of the Insurance Commissioner shall keep any contact information deemed necessary by the Commissioner on file with the Insurance Department. Contact information shall be kept current and submitted electronically in the manner and form prescribed by the Commissioner, along with any applicable fees. Any change in contact information shall be submitted within twenty
(20)days of the change. Added by Laws 1957, p. 231, § 607, operative July 1, 1957. Amended by Laws 2013, c. 82, § 1, eff. Nov. 1, 2013; Laws 2022, c. 152, § 1, eff. Nov. 1, 2022; Laws 2024, c. 345, § 12, eff. Nov. 1, 2024.