No captive insurance company shall voluntarily take any of the following actions without providing the Insurance Commissioner at least thirty (30) days prior written notice and receiving the Commissioner's approval of any such action:
1. The dissolution of the captive insurance company;
2. A sale, exchange, lease, mortgage, assignment, pledge or other transfer of or granting of a security interest in, all or substantially all of the assets of the captive insurance company;
3. Incurring a material indebtedness by the captive insurance company;
4. Any making of a material loan or other material extension of credit by the captive insurance company;
5. Any material payment out of capital and surplus;
6. Any merger or consolidation to which the captive insurance company is a constituent party;
7. Any conversion of the captive insurance company to another business form;
8. Any transfer to or domestication in any jurisdiction by the captive insurance company; or
9. Any amendment of the organizational documents of the captive insurance company.
For purposes of this section, "material", in relation to financial matters, means any transaction or series of related transactions involving more than the lesser of five percent (5%) of the captive insurance company's assets or twenty-five percent (25%) of its capital and surplus. "Assets" and "capital and surplus" shall be measured as of the most recent filed report required by Section 6470.11 of Title 36 of the Oklahoma Statutes.
Added by Laws 2013, c. 41, § 1, eff. Nov. 1, 2013.