Oklahoma HB2955 amends the Oklahoma Captive Insurance Company Act to clarify rules for protected cells, mergers, conversions, and tax reporting for.

Oklahoma HB2955 amends the Oklahoma Captive Insurance Company Act to clarify the rules for protected cells, mergers, conversions, and tax reporting for captive insurance companies. The bill defines a protected cell as a legal person separate from the sponsored captive insurance company, unless it is an entity-protected cell. It specifies that protected cell assets are available only to satisfy liabilities attributable to that protected cell. The bill also allows for mergers and conversions of protected cells, subject to approval by the Insurance Commissioner.

Oklahoma HB2955 amends the Oklahoma Captive Insurance Company Act to clarify rules for protected cells, mergers, conversions, and tax reporting for.

Oklahoma HB2955 amends the Oklahoma Captive Insurance Company Act to clarify the rules for protected cells, mergers, conversions, and tax reporting for captive insurance companies. The bill defines a protected cell as a legal person separate from the sponsored captive insurance company, unless it is an entity-protected cell. It specifies that protected cell assets are available only to satisfy liabilities attributable to that protected cell. The bill also allows for mergers and conversions of protected cells, subject to approval by the Insurance Commissioner.