Category: corona virus

Financial Bulletin NO. 2020-02 

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Oklahoma Insurance Department

Complying with Regulatory Requirements during the COVID-19 Public Health Emergency 

To: All Insurance Companies  
From: Andy Schallhorn, Deputy Commissioner of Financial Regulation and Chief Actuary
Date: April 8, 2020
Subject: Complying with Regulatory Requirements during the COVID-19 Public Health Emergency 

Purpose 

The purpose of this bulletin is for the Oklahoma Insurance Department (OID) to advise all insurance companies regarding compliance with regulatory requirements during the COVID-19 public health emergency. This flexibility is being provided in part to recognize that we and other states anticipate using additional targeted information requests to gather more specific information and your prompt attention to those matters is appreciated.   

Regulatory Filing Deadlines 

At this time, companies are still required to make all required electronic filings with the NAIC (e.g., quarterly financial statements, audited financial statements), or for those that are not filed with the NAIC but to the analyst assigned to your company. However, the OID is willing to allow insurers an additional 30 days to complete most of the following filings (60 days for some). The OID must receive a request for late filing from your company, and reserves the right to reject any such individual company requests based upon the financial condition and unique circumstances of that company deemed applicable to that company. If your company believes that it will not be able to meet any of the following financial filing deadlines required by law or by order, please contact your Oklahoma Financial Analyst or the OID (HCAfilings@oid.ok.gov) to request an extension of the filing deadline. 

Filings with a Potential 30-day Delay 

  • May 1, 2020 Combined Annual Statement Filing (Property)   
  • May 1, 2020 Combined Insurance Expense Exhibit (Property)  
  • June 1, 2020 Accountant’s Letter of Qualifications (Property, Life/Fraternal, Health, Title)  
  • August 15, 2020 PBR Exemption filing due to state 7/1 and to NAIC 8/15 (Life/Fraternal) 

Filings with a Potential 60-day Delay 

  • June 1, 2020 Audited Financial Report (Property, Life/Fraternal, Health, Title)  
  • August 1, 2020 Communication of Internal Control Related Matters Noted in Audit (Property, Life/Fraternal, Health, Title 
  • June 1, 2020 Corporate Governance Annual Disclosure 
  • October 31, 2020 Own Risk and Solvency Assessment (ORSA) Summary Report 
  • May 1, 2020 Form B Registration Statement & Related Form C 
  • May 1, 2020 Risk Assessment Report (Form F) 

The filing deadlines for the components of the 2019 annual filings that, if applicable, should be submitted only to an insurer’s state of domicile are as follows. 

  • April 30, 2020 Actuarial Memorandum Required by Actuarial Guideline XXXVIII 8D (Life/Fraternal)  
  • August 1, 2020 Management’s Report of Internal Control Over Financial Reporting (Property, Life/Fraternal, Health, Title) 

Filings with a Potential 30-day Delay 

The NAIC filing deadlines and requirements for the 2020 quarterly electronic filings are as follows, all Due May 15, 2020: 

  • Quarterly Statement Filing as of March 31, 2020 (Property, Life/Fraternal, Health, Title)  
  • Trusteed Surplus Statement – Quarter Ending March 31, 2020 (Property, Life/Fraternal)  
  • Supplement A to Schedule T (Medical Professional Liability Supplement) – Quarter Ending March 31, 2020 (Property) 
  • Medicare Part D Coverage Supplement – Quarter Ending March 31, 2020 (Property, Life/Fraternal, Health)  
  • Merger/history quarterly form, if applicable (Property, Life/Fraternal, Health, Title) (electronic txt file only)  
  • Reasonableness of Assumptions Certification Required by Actuarial Guideline XXXV – Quarter Ending March 31, 2020 (Life/Fraternal) 
  • Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXV – Quarter Ending March 31, 2020 (Life/Fraternal)  
  • Reasonableness of Assumptions Certification for Implied Guaranteed Rate Method Required by Actuarial Guideline XXXVI – Quarter Ending March 31, 2020 (Life/Fraternal)  
  • Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXVI (Updated Average Market Value) – Quarter Ending March 31, 2020 (Life/Fraternal)  
  • Reasonableness and Consistency of Assumptions Certification Required by Actuarial Guideline XXXVI (Updated Market Value) – Quarter Ending March 31, 2020 (Life/Fraternal)  
  • Director and Officer Insurance Coverage Supplement – Quarter Ending March 31, 2020 (Property)  

Electronic Filings and Signatures  

Regarding filing requirements, the OID generally instructs companies to file certain documents in hard copy form with original (wet) signature, and in some cases sent via certified mail or first-class and with notary requirements. The hard copy, original signature, and related filing requirements are currently waived, however, companies are expected to keep a list of all filings that were made electronically in lieu of hard copy filings so that they can file all the hard copies within 60 days after the state has allowed a return to work. The OID expects electronic communication will be used by companies on all other financial related communication, with hard copies provided within 60 days if required by law. 

On-site Examinations 

Some insurers have inquired regarding whether the OID will continue to conduct on-site examinations during the COVID-19 pandemic. While the OID intends to fully comply with any government directives regarding public gatherings, the OID will not conduct any on-site examination work that is contrary to the spirit of any public health directive and to facilitate this, insurers should be aware that the OID may need to request more information in electronic form. The OID expects independent auditors will take a similar position, thus an extended due date for that filing as noted in the above list. The OID acknowledges that company response times may be slower as more company employees work from home. 

Effective Date 

This bulletin shall take immediate effect.  

PL Bulletin No. 2020-02

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Oklahoma Insurance Department

Temporary Producer and Apprentice Adjuster Licenses/Process

Special Notice to Oklahoma Insurance Professionals
Date: March 26, 2020
To: Oklahoma Insurance Companies and Licensed Insurance Professionals
From: Oklahoma Insurance Department- Licensing Division
RE: Temporary Producer and Apprentice Adjuster Licenses/Process

The Oklahoma Insurance Department (OID), led by Commissioner Glen Mulready, has made available temporary Producer and Apprentice Adjuster license due to the recent closure of PROMETRIC testing centers nationwide in response to the COVID-19 public health emergency.

Currently, a new resident producer and new resident adjuster license is not available if you haven’t passed the testing examination. The Oklahoma Insurance Department is still working toward a remote option for license examinations. Both temporary licenses are in effect until 30 days after the Governor’s Executive Order 2020-07 expires.

Each application can be found at www.licensing.oid.ok.gov. The temporary application must be printed, completed, and mailed in with your check or money order for a $20.00 temporary license fee to Oklahoma Insurance Department, 400 N.E. 50th Street, Oklahoma City, OK 73105. Please include the applicant’s last name on the memo portion of your check or money order. If an application is not completed within 30 days of submitting, the application will be withdrawn. Fees are nonrefundable. Submissions of a bulk request by Insurance Companies will take longer to process than individual submissions.

The OID will review each application, but submission does not mean that a license was approved or issued. You will be notified (by the contact email address entered on the application) when the application is approved or if the OID needs additional information.

As a courtesy, the OID will email you at the email address entered on the application to remind you that the temporary license will be expiring. Additional notices relating to the temporary license will be posted on the OID website and emailed to you as the current public health emergency is a fluid situation.

Licensees can still take CE classes online, view their transcripts online and renew electronically through the NIPR. You can view the official PROMETRIC statement on our website, www.licensing.oid.ok.gov.

The mission of the Oklahoma Insurance Department is to protect and enhance the financial security of Oklahoma and Oklahomans. Additional notification will be provided to all licensees as the current situation evolves.  Thank you in advance for your patience and understanding as we all work together to minimize delays and hardships to our licensees and the industry while still providing the protection needed to Oklahoma Consumers.

Oklahoma Insurance Department
Licensing Division
400 NE 50th Street
Oklahoma City, Oklahoma 73105
405.521.3916 phone

www.licensing.oid.ok.gov

Attorney General Hunter Issues Consumer Alert on At-Home Coronavirus Testing

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Oklahoma Insurance Department

FOR IMMEDIATE RELEASE
March 24, 2020

Attorney General Hunter Issues Consumer Alert on At-Home Coronavirus Testing

FROM: Mike Hunter, Attorney General of Oklahoma

OKLAHOMA CITY – Attorney General Mike Hunter today issued a consumer alert after receiving reports of individuals attempting to sell at-home tests for the Coronavirus.

Attorney General Hunter said Oklahomans need to be on high alert for scam artists trying to sell or administer home-testing kits for COVID-19.

“There are currently no credible test kits on the market for the Coronavirus that someone can administer in their home,” Attorney General Hunter said. “Additionally, no health care provider, or other individual credentialed to administer tests for the virus, will call and offer to test people at random. Oklahomans need to be on notice that this fraud is happening in our state, and it will likely become even more prevalent in the coming days. Never purchase these tests, and report the individuals trying to sell them to my office or a local law enforcement authority.”

The Attorney General’s Consumer Protection Unit has received over 130 complaints in relation to the Coronavirus since the national emergency was declared on March 13.

Testing for the Coronavirus in Oklahoma is only conducted in a verified laboratory. After a test is completed, the results are sent only to the ordering physician. Neither the results of a test, nor the status of pending tests will be given over the phone.

If Oklahomans believe they may have contracted COVID-19, they should stay home and follow these steps provided by the Oklahoma State Department of Health:

  • Call your doctor: Before seeking care, call your healthcare provider and tell them that you are experiencing symptoms of COVID-19;

 

  • Seek medical attention: Seek prompt medical attention if your illness is worsening (e.g., difficulty breathing);

 

  • Wear a face mask when sick: Put on a face mask before you enter the facility if available. These steps will help the healthcare provider’s office to keep other people in the office or waiting room from getting infected or exposed; and

 

  • Alert health department: Ask your healthcare provider to call the local or state health department. Persons who are placed under active monitoring or facilitated self-monitoring should follow instructions provided by their local health department or occupational health professionals, as appropriate.

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MEDIA CONTACTS:

Alex Gerszewski, Communications Director
Office: (405) 522-3116
Cell: (405) 250-9230
Email: alex.gerszewski@oag.ok.gov

Ashton Johnston, Press Secretary
Office: (405) 522-1863
Cell: (405) 534-0545
Email: ashton.johnston@oag.ok.gov