A. The license of a captive insurance company to conduct an insurance business in this state may be suspended or revoked by the Insurance Commissioner for:

1. Insolvency or impairment of capital and surplus;

2. Failure to meet the requirements of Section 6470.6 of this title;

3. Refusal or failure to submit an annual report, as required by Section 6470.11 of this title, or any other report or statement required by law or by lawful order of the Commissioner;

4. Failure to comply with its own charter, bylaws, or other organizational document;

5. Failure to pay any tax or fee, or submit to examination or any legal obligation relative to an examination, as required by this section;

6. Refusal or failure to pay the cost of examination;

7. Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or

8. Failure otherwise to comply with laws of this state.

B. If the Commissioner finds, upon examination, hearing, or other evidence, that a captive insurance company has committed any of the acts specified in subsection A of this section, the Commissioner may suspend or revoke such license if the Commissioner considers it in the best interest of the public and the policyholders of the captive insurance company.

C. In addition to or in lieu of any applicable revocation or suspension of the license of a captive insurer, the Commissioner may fine any captive insurer who violates any provision of the Oklahoma Insurance Code a civil penalty of not more than Five Thousand Dollars ($5,000.00) for each occurrence.

Added by Laws 2004, c. 334, § 21, emerg. eff. May 25, 2004. Amended by Laws 2006, c. 264, § 67, eff. July 1, 2006; Laws 2013, c. 41, § 12, eff. Nov. 1, 2013.