Oklahoma Insurance Department Revises Captive Premium Tax Forms Following Reporting Error

The Oklahoma Insurance Department (OID) has updated its 2024 captive insurance premium tax report forms on the National Association of Insurance Commissioners (NAIC) OPTins portal after identifying a miscalculation issue affecting some captive insurers. The corrected forms are expected to be available this week.

Captive managers who previously created draft filings are advised to discard them and begin anew once the revised forms are published. The error, discovered over the past week, stemmed from a hard-coded minimum premium tax of $3,500 embedded in the form. While this amount correctly applies to series captive insurance companies, it was mistakenly applied to all captives, overriding the correct $5,000 minimum for other structures.

Upon receiving reports of the issue, OID's captive division removed the incorrect tax calculation and implemented additional refinements. These updates include clarifying guidance for pure captive insurers that file on a fiscal-year basis, with a note added at the top of the form. Adjustments were also made to address the prorated minimum premium tax for captives first licensed in 2024.

To ensure accuracy, OID worked alongside NAIC OPTins staff and captive insurance professionals, including members of the Oklahoma Captive Insurance Association, who tested the revisions and provided feedback.

Despite these corrections, OID confirmed that the statutory premium tax filing deadline remains March 1, as this date cannot be altered or extended under current regulations.