HB1108 Summary

• Requires captive insurance companies to obtain Insurance Commissioner approval before taking major corporate actions (dissolution, asset transfers, mergers, amendments) with 30 days advance notice

• Establishes mandatory record-keeping requirements for captive insurance companies, including maintaining books and records in Oklahoma and making them available for inspection by the Commissioner

• Allows captive insurance companies to provide excess workers' compensation insurance and reinsure workers' compensation of qualified self-insured plans, removing prior restrictions

• Increases minimum paid-in capital and surplus requirements for various captive insurance types (e.g., pure captives from $100,000 to $250,000; association captives to $750,000) and allows provisional licensing for up to 60 days

• Modifies the premium tax structure for captive insurance companies to a flat 0.2% rate on direct premiums with a $5,000 minimum and $100,000 maximum annual tax, and simplifies reporting and accounting requirements