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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 will be a participating state in the Market Conduct Annual Statement for the 2012 data year. If your Company reports more than $50,000 in homeowners’ and/or private passenger auto premiums (for Property & Casualty Companies) or $50,000 in life 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 to companies meeting these criteria on or around December 15, 2012.
Companies that are not licensed to do business in the state or report less than $50,000 in premiums 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 from January 1, 2012 through December 31, 2013, and the Market Conduct Annual Statement is due no later than April 30, 2012. 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.
Additional information can be obtained from the Market Conduct Annual Statement website or on the Oklahoma Insurance Department website.
If you have any questions, please do not hesitate to contact Brian Gabbert , Market Regulation Manager, at (405) 522-5358 or email@example.com.