Oklahoma legislation · 2026 Regular Session
Oklahoma HB2955: Insurance; Oklahoma Captive Insurance Company Act; protected cell; conversion; sponsored captive insurance company; legal action; effective date.
Status: In committee, April 28, 2026
What the bill says
An Act relating to insurance; amending 36 O.S. 2021, Sections 6470.2, as amended by Section 1, Chapter 127, O.S.L. 2022, 6470.3, as amended by Section 2, Chapter 127, O.S.L. 2022, 6470.6, 6470.10, as amended by Section 3, Chapter 127, O.S.L. 2022, 6470.14, 6470.19, 6470.24.1, 6470.29, and 6470.35 (36 O.S. Supp. 2025, Sections 6470.2, 6470.3, 6470.10, and 6470.35), which relate to the Oklahoma Captive Insurance Company Act; providing definitions; adding language to clarify persons referenced…
From the engrossed text, April 27, 2026:
An Act relating to insurance; amending 36 O.S. 2021, Sections 6470.2, as amended by Section 1, Chapter 127, O.S.L. 2022, 6470.3, as amended by Section 2, Chapter 127, O.S.L. 2022, 6470.6, 6470.10, as amended by Section 3, Chapter 127, O.S.L. 2022, 6470.14, 6470.19, 6470.24.1, 6470.29, and 6470.35 (36 O.S. Supp. 2025, Sections 6470.2, 6470.3, 6470.10, and 6470.35), which relate to the Oklahoma Captive Insurance Company Act; providing definitions; adding language to clarify persons referenced; permitting Insurance Commissioner disclose information to the National Association of Insurance Commissioners if conditions are met; requiring captive insurance company respond to inquiries within timeframe; requiring sponsored captive insurance companies to maintain unimpaired paid-in capital; permitting irrevocable letter of credit issued by financial institutions approved by the Insurance Commissioner; permitting the suspension or revocation of license for failure to adequately respond to inquiry; permitting fines; modifying fees and taxes to be reported and disbursed by the Insurance Commissioner; requiring Insurance Commissioner's approval of mergers or acquisitions involving change in control of a captive insurance company; requiring captive insurance companies establish and maintain administrative and accounting procedures; requiring written approval for transfer of assets made with respect to protected cell; requiring clear indication in participant contact; requiring annual auditor review; requiring contract identify protected cell; SENATE FLOOR VERSION - HB2955 SFLR Page (Bold face denotes Committee Amendments) …