OK SB700

Prohibits captive insurance companies from dissolving, selling substantially all assets, incurring material debt, merging, converting business form, or amending organizational documents without prior written approval from the Insurance Commissioner (30 days advance notice required)

Requires captive insurance companies to maintain all books, records, and documents in Oklahoma and keep them available for Commissioner inspection, with records preserved until the Commissioner approves their destruction

Modifies minimum capital and surplus requirements: pure captive insurance companies must maintain $250,000 (up from $100,000), association captives $750,000 (up from $400,000), industrial insured captives $500,000 (up from $200,000), and risk retention groups $1,000,000

Changes premium tax structure to a flat rate of 0.2% on direct premiums with a maximum annual tax of $100,000, and 0.1% on assumed reinsurance premiums, with a minimum tax of $5,000 per year

Allows captive insurance companies to provide excess workers' compensation insurance to parent and affiliated companies, and extends examination requirements from every 3 years to every 5 years (with possible extension to 7 years)