OK HB2021

Insurance Commissioner is authorized to participate in supervisory colleges for domestic insurers that are part of insurance holding company systems with international operations to ensure compliance with Oklahoma insurance laws.

Commissioner's powers include initiating supervisory colleges, clarifying membership and participation, establishing functions and group-wide supervisors, coordinating ongoing activities, and establishing crisis management plans.

Registered insurers subject to supervisory college participation must pay reasonable expenses of the Commissioner's participation, including travel costs, with the Commissioner able to establish regular assessments for these expenses.

Commissioner may share confidential and privileged information with other state, federal, and international regulatory agencies and the National Association of Insurance Commissioners (NAIC) if recipients agree in writing to maintain confidentiality.

Act becomes effective November 1, 2015.