HB 2955
Insurance; Oklahoma Captive Insurance Company Act; protected cell; conversion; sponsored captive insurance company; legal action; effective date.
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill updates Oklahoma’s laws regarding captive insurance companies, which are businesses formed by an organization to insure its own risks. It clarifies rules around ‘protected cells’ – separate accounts within a captive used to insure a specific entity – and addresses conversion of captives, allowing for changes to their structure. The bill also establishes regulations for ‘sponsored captive insurance companies,’ which are captives formed with the support of a larger insurance company, and outlines procedures for legal action related to captive insurance. It takes effect on November 1, 2026.
Sponsors
Official sponsors from legislative records.
Cosponsors
Remove Representative Tedford as principal House author and substitute with Representative Blair Add as coauthor Representative Tedford Add as principal Senate author Senator Reinhardt
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours