Sales and Solicitation on behalf of captive business and OAC 365 :25-15-8
To: All Oklahoma Licensed Captive Insurance Companies
From: Glen Mulready, Insurance Commissioner
Date: February 25, 2020
Re: Sales and Solicitation on behalf of captive business and OAC 365 :25-15-8
The purpose of this bulletin is to clarify the compliance requirements that must be met & maintained in order to sell or solicit on behalf of a Captive Insurance Company licensed in Oklahoma as filed under OAC 365:25-15-8, which states the following:
365:25-15-8 No person shall in or from within this State, act as an insurance manager, broker, producer, salesman, or reinsurance intermediary for captive business without the authorization of the Insurance Commissioner. Application for such authorization must be on a form prescribed by the Insurance Commissioner.
The Department interprets the above provision of the Oklahoma Captive Insurance Companies Regulation to require any person(s) selling, soliciting, or negotiating insurance, on behalf of an Oklahoma licensed captive insurance company, must first comply with the requirements of the Oklahoma Producer Licensing Act.
Questions or comments applicable to this bulletin should be direct to Donald Ashwood (firstname.lastname@example.org), Oklahoma Insurance Department, 400 NE 50th Street, OKC, OK 73105.