- Contact Buddy Combs, Deputy Commissioner of Insurance Business Transfers, at 405-522-4609 or Buddy.Combs@oid.ok.gov to arrange a meeting with the Department’s IBT team to discuss your proposed IBT.
- Review [the Department’s guidance] as you begin drafting the proposed IBT Plan and begin preparing for discussions with the Department.
- Begin the process of finding an independent expert who will assist the Department and Court in reviewing your IBT plan. Keep in mind that the transferring insurer and assuming insurer will be required to jointly submit a list of at least two individuals who could serve as the IE. Special attention should be paid to the independence and professional qualifications of the individuals nominated.
- Contact the domestic regulator of the proposed transferring insurer to begin discussing the proposed IBT, if such a contact has not already happened. Each IBT application must come with a letter of approval or non-objection from the transferring insurer’s domestic regulator. The sooner that conversation starts the better.
- Begin preparing the preliminary IBT plan. The Department will want to review the proposed plan as soon as possible in order to refine its details through a series of conversations with the applicant.
- Once the preliminary IBT Plan and IE nominations are submitted to the Department, a $10,000 fee will be due.
of Financial Regulation