OK SB692

Amends 36 O.S. 2011, Section 607.1 to require Interlocal Cooperation Act entities that transact insurance and receive any premiums or contributions within a twelve-month period to conduct annual audits by independent certified public accountants.

Audited financial reports must be filed with the Insurance Commissioner within 180 days of the fiscal year-end and include balance sheets, statements of operations and cash flows, and footnotes prepared in accordance with generally accepted accounting principles.

Commissioner may grant 30-day extensions upon written request showing good cause, and may assess fines up to $500 per day for failure to file required audits.

Audited financial reports are subject to public inspection under the Oklahoma Open Records Act.

Amends 70 O.S. 2011, Section 5-117 to clarify that school district pooling of self-insured reserves and losses through interlocal agreements is subject to Section 607.1 audit requirements.