OK HB1335

Creates the Protected Cell Companies Act authorizing Oklahoma domestic insurers to establish one or more protected cells with prior written approval from the Insurance Commissioner.

Segregates and insulates protected cell assets and liabilities from the general account and other protected cells, allowing assets to be used for insurance securitization and alternative capital sources.

Restricts creditor recourse to only protected cell assets attributable to their specific cell and prohibits protected cells from issuing contracts directly to policyholders or reinsureds.

Requires protected cell companies to establish administrative and accounting procedures to separately identify and track assets and liabilities of each protected cell and the general account.

Becomes effective November 1, 2019.