SB1617 Summary

• Modifies premium tax responsibility for surplus lines insurance, requiring the surplus lines broker or licensee to pay taxes to the Insurance Commissioner when Oklahoma is the home state of the insured, rather than the insurer.

• Changes terminology from "assured" to "insured" and clarifies that only Oklahoma surplus lines licensees or brokers licensed in the insurer's home state may procure surplus lines insurance.

• Eliminates the requirement for captive insurance companies to maintain a resident registered agent licensed as a third-party administrator or managing general agent, allowing the Insurance Commissioner to serve as agent of record when the registered agent cannot be found.

• Adds a maximum tax cap of $100,000 per year for captive insurance companies when calculated taxes exceed that amount, while maintaining the existing minimum tax of $5,000 (prorated in the year of first licensure).

• Declares an emergency effective date for the bill upon passage and approval.