OK HB2955

Amends the Oklahoma Captive Insurance Company Act to add new definitions including "agency captive insurance company," "dormant captive insurance company," "GAAP," and "public body," while reducing minimum capital requirements for sponsored captive insurance companies from $500,000 to $100,000

Requires captive insurance companies to respond to Insurance Commissioner inquiries within 20 calendar days and authorizes fines up to $100 per day (maximum $100,000) for failure to timely file annual financial statements, audits, or premium tax returns

Creates comprehensive procedures for protected cells of sponsored captive insurance companies, including rules for conversion, merger, conveyance, and legal actions, with assets of each protected cell kept separate and protected from creditors of other cells

Increases the allocation of captive insurance fees and taxes to the State Insurance Commissioner Revolving Fund from $250,000 to $500,000 annually for implementing and administering the Act

Authorizes public bodies (school districts, cities, counties, public trusts) to expend public funds to capitalize captive insurance companies, and permits captive insurers to transact business in foreign currencies or securities with Insurance Commissioner approval