SB 2026 Summary

• Amends 36 O.S. 2011, Section 607.1 to establish requirements for entities organized under the Interlocal Cooperation Act that transact insurance

• Defines "Interlocal Entity" as an organization created under the Interlocal Cooperation Act for transacting insurance, excluding entities created under the Governmental Tort Claims Act

• Requires Interlocal Entities insuring Oklahoma educational institutions to file annual audited financial reports prepared by independent certified public accountants within 180 days of fiscal year-end, regardless of premium amounts received

• Specifies audited financial reports must include independent accountant report, balance sheet, statement of operations, cash flows statement, statement of changes in assets/liabilities/equity, and footnotes

• Allows Commissioner of Insurance to grant 30-day filing extensions for good cause and assess fines up to $500 per day for failure to file required audits; makes audited reports subject to the Oklahoma Open Records Act; effective November 1, 2014