§36-6470.12. Discounting of loss and loss adjustment expense
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/ok/title-36-insurance/36-6470-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
reserves – Actuarial opinion.
A. Upon written application, accompanied by such information as the Commissioner requires, the Insurance Commissioner may grant permission to a sponsored captive insurance company or a special purpose captive insurance company to discount loss and loss adjustment expense reserves at treasury rates applied to the
applicable payments projected through the use of the expected payment pattern associated with the reserves.
B. A sponsored captive insurance company and a special purpose captive insurance company, and any captive insurer, at the Commissioner's discretion, shall file annually an actuarial opinion on the company's loss and loss adjustment expense reserves or life and health policy and claim reserves, as applicable. The individual who prepares the Statement of Actuarial Opinion must be independent of the captive company and its affiliates.
C. The Insurance Commissioner may disallow the discounting of reserves if a captive insurance company violates a provision of this title. Added by Laws 2004, c. 334, § 19, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 10, eff. Nov. 1, 2013; Laws 2015, c. 298, § 18, eff. Nov. 1, 2015; Laws 2018, c. 95, § 11, eff. Nov. 1, 2018.