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In 2002, the National Association of Insurance Commissioners (NAIC) began the Market Conduct Annual Statement as a means of collecting key market performance data for regulators, providing more consistent measurements and comparisons between companies.
Please be advised that the Oklahoma Insurance Department is a participating state in the Market Conduct Annual Statement. If your Company reports more than $50,000 in Homeowners’ and/or Private Passenger Auto premiums (for Property & Casualty Companies) or $50,000 in Indvidual Life, Individual Annuity, and Long Term Care insurance premiums and/or annuity considerations (for Life Companies) in Oklahoma, you will be required to file a Market Conduct Annual Statement. Companies that write health premiums are currently not required to file a Market Conduct Annual Statement. The NAIC will send a data call letter and an Oklahoma specific instruction letter to companies meeting these criteria in December each year.
Companies that are not licensed to do business in the state or report less than $50,000 in premiums for the above lines of business are automatically exempt from filing a Market Conduct Annual Statement. Additionally, if a Company only meets the threshold for one line of business and not the other, then it will only need to file a report for the line of business for which it meets the threshold.
Your Company will need to collect market data and submit your MCAS in accordance with the instructions found at http://www.naic.org/mcas_about.htm.
Please be advised there is a $200 filing fee per Title 36 O.S. §311.4(C), which is payable to the Oklahoma Insurance Department. After the 2014 filing year, all MCAS filing fees will have to be made electronically using OPTIns per the Special Instructions Letter.
If you have any questions, please do not hesitate to contact Brian Gabbert , Chief of Market Regulation, at (405) 522-5358 or email@example.com.