The Oklahoma Insurance Department (OID) is correcting the 2024 captive insurance premium tax report forms on the National Association of Insurance Commissioners' (NAIC) OPTins portal, with the updated forms expected to be available this week. Captive insurance managers who have already created draft filings in OPTins are advised to delete them and start anew once the corrected forms are accessible. Over the past week, some managers reported that the form was generating an incorrect minimum premium tax due. They identified a hard-coded US$3,500 minimum premium tax in the Excel spreadsheet, intended for series captive insurance companies. However, the minimum premium tax for all other captive insurance companies is US$5,000, and the US$3,500 minimum was incorrectly appearing for these entities. In response, the OID's captive staff removed the incorrect US$3,500 hard code and made additional improvements to the form. One enhancement includes a provision for pure captive insurers filing taxes on a fiscal year basis, noted at the top of the form. Clarifications were also made regarding the prorated minimum premium tax due for captive insurers first licensed in 2024. The OID notes that the 1 March premium tax filing due date remains unchanged, as it is a statutory deadline the department cannot alter or extend.
