OK SB1715

Amends 36 O.S. 2011, Section 625.2 to modify insurance premium tax credits for insurers that establish new regional home offices or expand existing ones, clarifying that credits are available if the insurer meets hiring minimum requirements.

Amends 36 O.S. 2011, Section 625.4 regarding credits for Oklahoma Property and Casualty Insurance Guaranty Association assessments, allowing 100% of assessments as a credit against premium tax at 10% per year over ten successive years.

Caps total annual tax credits for all insurers at $10,000,000 for fiscal years beginning on or after the effective date, with the Oklahoma Department of Insurance determining proportionate shares when claims exceed the limit.

Excludes credits earned prior to the effective date from the $10,000,000 annual cap.

Effective July 1, 2012, with emergency clause allowing immediate implementation upon passage and approval.