§36-6470.15. Investment requirements – Loans.
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/ok/title-36-insurance/36-6470-15·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An association captive insurance company, a sponsored captive insurance company, and a risk retention group shall comply with the investment requirements contained in the Oklahoma Insurance Code. The Insurance Commissioner may approve the use of alternative investment requirements upon application by such captive insurance company.
B. Except as to unimpaired paid-in capital as provided in paragraph 7 of subsection A of Section 6470.6 of this title, a pure captive insurance company, a special purpose captive insurance company, a branch captive insurance company, a series captive insurance company, and an industrial insured captive insurance company are not subject to any restrictions on allowable investments contained in the Oklahoma Insurance Code; however, the Insurance Commissioner may prohibit or limit an investment that threatens the solvency or liquidity of the company.
C. Loans of minimum capital and surplus funds required by Section 6470.6 of this title are prohibited.
D. Subject to subsections A and B of this section and Section 6470.31 of this title, as applicable, a captive insurance company may own securities of or other interests in another captive insurance company, whether voting or nonvoting. Added by Laws 2004, c. 334, § 22, emerg. eff. May 25, 2004. Amended by Laws 2013, c. 41, § 13, eff. Nov. 1, 2013; Laws 2015, c. 298, § 19, eff. Nov. 1, 2015; Laws 2022, c. 127, § 5, eff. Nov. 1, 2022.