A. Upon written application of any insurer, the Insurance Commissioner may grant an exemption from compliance with any and all provisions of the Oklahoma Annual Financial Report Act if the Commissioner finds, upon review of the application, that compliance with the Oklahoma Annual Financial Report Act would constitute a financial or organizational hardship upon the insurer. An exemption may be granted at any time and from time to time for a specified period or periods. Within ten (10) days from a denial of the written request of an insurer for an exemption from the Oklahoma Annual Financial Report Act, the insurer may request in writing a hearing on its application for an exemption. The hearing shall be held in accordance with the Administrative Procedures Act and the laws and rules of the Insurance Department.

B. Domestic insurers retaining a certified public accountant who qualify as independent shall comply with the Oklahoma Annual Financial Report Act each year unless the Commissioner permits otherwise.

C. Domestic insurers not retaining a certified public accountant on the effective date of the Oklahoma Annual Financial Report Act who qualifies as independent may meet the following schedule for compliance unless the Commissioner permits otherwise:

1. File with the Commissioner an audited financial report; and

2. Each year such insurers shall file with the Commissioner all reports and communication required by the Oklahoma Annual Financial Report Act.

D. Foreign insurers shall comply with the Oklahoma Annual Financial Report Act each year unless the Commissioner permits otherwise.

E. The requirements of subsection D of Section 311A.7 of this title shall be in effect for audits of each year.

F. An insurer or group of insurers, not required to have independent audit committee members or only required to have a majority of independent audit committee members, due to the total written and assumed premium being below the threshold, shall have one (1) year following the year the threshold is exceeded to comply with the independence requirements. An insurer acquired as a result of a business combination shall have one (1) calendar year following the date of acquisition or combination to comply with the independence requirements.

G. An insurer or group of insurers, not required to file a report because the total written premium is below the threshold, which subsequently becomes subject to the reporting requirements, shall have two (2) years following the year the threshold is exceeded to file a report. Likewise, an insurer acquired in a business combination shall have two (2) calendar years following the date of acquisition or combination to comply with the reporting requirements.

H. If an insurer or group of insurers that is exempt from the requirements of Section 8 of this act no longer qualifies for that exemption, it shall have one (1) year after the year the threshold is exceeded to comply with the requirements of this act.

Added by Laws 2009, c. 176, § 19, eff. Nov. 1, 2009. Amended by Laws 2010, c. 222, § 4, eff. Nov. 1, 2010; Laws 2019, c. 28, § 10, eff. Nov. 1, 2019.