OK SB663

Creates the Own Risk and Solvency Assessment (ORSA) Act requiring insurers and insurance groups to maintain risk management frameworks and conduct regular ORSAs consistent with the National Association of Insurance Commissioners (NAIC) Guidance Manual.

Requires insurers to submit ORSA Summary Reports to the Insurance Commissioner no more than once annually upon request, with attestation from the chief risk officer that the enterprise risk management process is being applied.

Exempts insurers from requirements if they have less than $500,000,000 in annual direct written and unaffiliated assumed premiums and their insurance group has less than $1,000,000,000 in such premiums.

Establishes ORSA Summary Reports and supporting documents as confidential and privileged information not subject to the Oklahoma Open Records Act, subpoena, discovery, or use in private civil actions, with exceptions for the Insurance Commissioner's regulatory duties.

Imposes penalties of $1,000 per day for late filing with a maximum of $25,000, with the Insurance Commissioner authorized to reduce penalties for demonstrated financial hardship; act becomes effective January 1, 2016.