Association Captive Insurance Company – A captive insurance company that insures risks of the member organizations of the association and their affiliated companies.
Branch Captive Insurance Company – An alien captive insurance company licensed by the Insurance Commissioner to transact the business of insurance in Oklahoma through a business unit with a principle place of business in this state. A branch captive insurance company must be a pure captive insurance company with respect to operations in Oklahoma, unless otherwise permitted by the Insurance Commissioner.
Industrial Insured Captive Insurance Company – A company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies.
Pure Captive Insurance Company – A company that insures risks of its parent, affiliated companies, of its parent and any controlled unaffiliated business, or a combination thereof.
Special Purpose Captive Insurance Company – A captive insurance company that is formed or licensed under the Oklahoma Captive Insurance Company Act that does not meet the definition of any other type of captive insurance company defined in this section and is designated as a special purpose captive insurance company by the Commissioner. Includes:
- Entity or incorporated protected cell (sponsored captives)
- First dollar Workers Compensation policies
Sponsored Captive (Protected Cell) Insurance Company – A captive insurance company:
A. in which the minimum capital and surplus is provided by one or more sponsors;
B. that insures the risks of its participants only through separate participant contracts; and
C. that funds its liability to each participant through one or more protected cells and segregates the assets of each protected cell from the assets of other protected cells and from the assets of the sponsored captive insurance company’s general account.