Effective November 1, 2014, 36 O.S. 607.1 is amended to require only those Interlocal entities collecting or receiving premiums or contributions of any amount for any kind of insurance from Oklahoma educational institutions to file audited financial statements annually with the Insurance Commissioner.
Effective November 1, 2015, 36 O.S. 607.1 is amended to also require “Any entity subject to the provisions of subsection B of this section shall file with the Insurance Commissioner an actuarial opinion prepared by a qualified actuary within one hundred eighty (180) days immediately following the close of the Interlocal Entity’s fiscal year. The actuarial opinion should certify the amount and adequacy of the Interlocal Entity’s reserves for loss and loss adjustment expenses, including amounts for Incurred But Not Reported (IBNR) Claims, and the adequacy of the Interlocal Entity’s premiums. The actuarial opinion shall be consistent with the appropriate Actuarial Standards of Practice (ASOP) as promulgated by the Actuarial Standards Board. As used in this section, “qualified actuary” means an individual who is a member of the American Academy of Actuaries and who has met the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinions in the United States promulgated by the American Academy of Actuaries.”
Interlocals must file an audited financial statement with OID within 180 days after the end of their fiscal year. Failure to file a timely report may result in a $500 per day fine. Those statements are public and posted here.
The statement must include:
1. The report of an independent certified public accountant in accordance with accounting principles generally accepted in the United States of America;
2. A balance sheet reporting assets, liabilities and equity;
3. A statement of operations;
4. A statement of cash flows;
5. A statement of changes in assets, liabilities and equity; and
6. Footnotes to financial statements.
Interlocal Contact Form (Complete for new or amending Interlocal primary contact and mail, fax or e-mail to the OID at the contact shown below.)