Oklahoma Insurance Department Regulation of Premium Taxes

 

SPECIAL NOTICE

TO:                 Licensed Surplus Lines Brokers & Agencies

 

 

FROM:           Insurance Department, Financial Division

 

 

SUBJECT:     Oklahoma Insurance Department Regulation of Surplus Lines Taxes

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Effective October 31, 2016, the Oklahoma Insurance Department (OID) will require Surplus Lines Brokers/Agencies to file all quarterly surplus lines premium tax forms and all accompanying premium tax payments and each quarterly remittance thereafter electronically per title 36 O.S. Section 350, Title 36 O.S. Section 1115 per order No. 16-353-PRJ.

Effective April 01, 2017, the Oklahoma Insurance Department (OID) will require all Surplus Lines Annual Statements to be filed by electronic format pursuant to Title 36 O.S. Section 350, Title 36 Section 1114 per order No. 16-353-PRJ.

Title 36 O.S. Section 350: “Notwithstanding any other provision of law that requires a particular form and associated payment to be filed with the Insurance Department in paper form, or to be mailed or hand- delivered to the Insurance Department, the Insurance Commissioner may, by appropriate order, require that all filings of that specific type be filed or delivered in an electronic format.”

Title 36 O.S. Section 1115: “Where Oklahoma is the home state of the insured …

Title 36 O.S. Section 1114: “Each surplus lines licensee or broker licensed or transacting business in Oklahoma shall on or before April 1…

All Surplus Lines Tax filing and payment instructions can be found on the OID website. Please visit: www.oid.ok.gov. From the OID Home Page, place cursor over “Regulated Entities” found on the blue title bar, then click “Financial” from the drop down menu. Click the green “Financial Forms” button found on the right side of the page, and scroll down to Surplus Lines Forms.

Register and/or login with OPTins at www.optins.org or by calling 816-783-8990. Note: Do not wait to register with OPTins as the process can take several weeks to complete.

If you have questions or concerns regarding the special notice, please contact the Oklahoma Insurance
Department, Financial Division, at 405-521-6649. To view you can go to www.oid.ok.gov, click on Public Information, Legal, Final Orders, 2016, and scroll down to 16-353-PRJ.