Okla. Stat. tit. 36 § 4904

Current through Laws 2024, c. 453.

Section 4904 - Bail bond insurers - Financial statement - Reports

A. Each insurer writing bail bonds in this state shall file in the Office of the Insurance Commissioner quarterly statements which shall exhibit the financial condition of the insurer. The statements shall be in such general form and content as approved by the National Association of Insurance Commissioners for the kinds of insurance to be reported, and as supplemented for additional information as required by the Commissioner. Such statements shall be subscribed and sworn by the president and secretary and other proper officers of the insurer. The statements shall be filed on or before the following dates:

1. First quarter statement, which shall include data from January 1 to March 31, on the last business day in April;

2. Second quarter statement, which shall include data from April 1 to June 30, on the last business day of July;

3. Third quarter statement, which shall include data from July 1 to September 30, on the last business day of October; and

4. Annual financial statement as described in Section 311 of this title, which shall serve as fourth quarter statement and which shall be filed annually on the date specified in Section 311 of this title, in the office of the Commissioner by each insurer writing bail bonds.

B. The statements required to be filed pursuant to subsection A of this section shall contain the loss reserve for bail bonds written in this state. Loss reserves shall be computed as twenty-five percent (25%) of the direct written premium of outstanding liability less monies held by the insurer in trust to pay losses from bail.

C. Each insurer writing bail bonds in this state shall file monthly reports based upon the previous month's activity with the Commissioner and on forms prescribed by the Commissioner within thirty (30) days after the end of each preceding month, which shall include the following information and such other information as the Commissioner deems necessary:

1. Amount of deposit held by the Commissioner with a list of the securities available and their current valuation;

2. Bail bond premium volume for this state;

3. Administrative action, if any, taken by other states against the insurer;

4. List of collateral held by the insurer stating the location of collateral, the corresponding county involved, the case number and the bondsman soliciting the bond;

5. Loss ratio;

6. Outstanding liability; and

7. A list of agents or bondsmen whose contracts have been canceled.

Okla. Stat. tit. 36, § 4904

Added by Laws 1987, HB 1033, c. 211, § 2, eff. 11/1/1987; Amended by Laws 1992, SB 800, c. 98, § 1, eff. 9/1/1992.