Summary of Engrossed Senate Bill No. 818

• Modifies the Oklahoma Captive Insurance Company Act by amending definitions, licensing requirements, and capital standards for various types of captive insurance companies formed or licensed in Oklahoma.

• Allows any captive insurance company to provide excess workers' compensation insurance, workers' compensation insurance in nature, and reinsurance of workers' compensation policies for parent and affiliated companies.

• Permits licensed insurers from other states to become Oklahoma domiciled captive insurers through a redomestication process requiring approval from insurance regulators in both current and proposed domiciles.

• Establishes procedures for sponsored captive insurance companies to form protected cells as separate legal entities (entity protected cells) that can enter into contracts independently while limiting third-party recourse to assets of that specific cell.

• Effective date: November 1, 2015.