OK HB2926

Modifies the definition of "insurer" under 36 O.S. 2011, Section 607.1 to exclude interlocal entities created pursuant to The Governmental Tort Claims Act from the standard $1,000,000 aggregate premium threshold requirement.

Requires interlocal entities that insure Oklahoma educational institutions and receive any amount of premiums or contributions to obtain annual independent certified public accountant audits and file audited financial reports with the Insurance Commissioner within 180 days of fiscal year end.

Audited financial reports must include certified public accountant report, balance sheet, statement of operations, statement of cash flows, statement of changes in assets and liabilities, and financial statement footnotes prepared in accordance with generally accepted accounting principles.

Allows the Insurance Commissioner to grant up to 30-day filing extensions upon request with good cause shown, and permits fines of up to $500 per day for failure to file required audits.

Effective date is November 1, 2014, with audited financial reports subject to public inspection under the Oklahoma Open Records Act.