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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
SENATE BILL 1401 By: Rader
AS INTRODUCED
An Act relating to taxation; amending 36 O.S. 2021,
Sections 624, as last amended by Section 1, Chapter
427, O.S.L. 2025, 625.1, and 2204 (36 O.S. Supp.
2025, Section 624), which relate to taxes on premiums
and considerations; modifying rate for certain fiscal
years; limiting certain credit to certain fiscal
years; updating statutory language; updating
statutory references; providing an effective date;
and declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2021, Section 624, as last
amended by Section 1, Chapter 427, O.S.L. 2025 (36 O.S. Supp. 2025,
Section 624), is amended to read as follows:
Section 624. A. Every insurance company, copartnership,
insurance association, interinsurance exchange, person, insurer,
nonprofit hospital service and medical indemnity corporation, or
health maintenance organization doing business in this state in the
execution or exchange of contracts of insurance, indemnity or health
maintenance services, or as an insurance company of any nature or
character whatsoever, hereinafter referred to in this article as an
insurance company or company, shall annually, on or before the first
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day of March, report under oath of the president or secretary or
other chief officer of such company to the Insurance Commissioner
the total amount of direct written premiums, membership,
application, policy and/or registration fees charged during the
preceding calendar year, or since the last return of such direct
written premiums, membership, application, policy and/or
registration fees was made by such company, from insurance of every
kind upon persons or on the lives of persons resident in this state,
or upon real and personal property located within this state, and/or
upon any other risks insured within this state; provided, that with
respect to the tax payable annually, considerations received for
annuity contracts and payments received by a health maintenance
organization from the Secretary of Health and Human Services
pursuant to a contract issued under the provisions of 42 U.S.C.,
Section 1395mm(g) shall no longer be deemed to be premiums for
insurance and shall no longer be subject to the tax imposed by this
section. Every such company shall, at the same time, pay to the
Insurance Commissioner:
1. An annual license fee as prescribed by Section 321 of this
title; and
2. An annual tax on all of the direct written premiums after
all returned premiums are deducted, and on all membership,
application, policy and/or registration fees, installment and/or
finance fees or charges collected thereby, for the privileges of
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having written, continued and/or serviced insurance on lives,
property and/or other risks in this state and of having made and
serviced investments therein during the then expiring license year
except premiums or fees paid by any county, city, town or school
district funds or by their duly constituted authorities performing a
public service organized pursuant to Sections 1001 through 1008 of
Title 74 of the Oklahoma Statutes, or Sections 176 through 180.4 of
Title 60 of the Oklahoma Statutes. Provided, no deduction shall be
made from premiums for dividends paid to policyholders. Except as
set forth in this paragraph, the rate of taxation for all entities
subject to the tax shall be two and twenty-five one-hundredths
percent (2.25%), until June 30, 2026, and one and ninety-six one-
hundredths percent (1.96%), beginning July 1, 2026. If any
insurance company or other entity liable for the taxes levied
pursuant to the provisions of this section fails to remit such taxes
in a timely manner, it shall remain liable therefor together with
interest thereon at an annual rate equal to the average United
States Treasury Bill rate of the preceding calendar year as
certified by the State Treasurer on the first regular business day
in January of each year, plus four percentage points.
a. The rate of taxation for all life insurance policies
insuring the life of an employee or director for the
benefit of the employer or a trust sponsored by the
employer, which is purchased by the employer or trust
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sponsored by the employer for the benefit of its
employees, shall be computed for each policy at the
rate of:
(1) until June 30, 2026, two and twenty-five one-
hundredths percent (2.25%) of policy year premium
up to One Hundred Thousand Dollars ($100,000.00),
and
(2) beginning July 1, 2026, one and ninety-six one-
hundredths percent (1.96%) of policy year premium
up to One Hundred Thousand Dollars ($100,000.00),
and
(3) one-tenth of one percent (1/10 of 1%) of policy
year premium exceeding One Hundred Thousand
Dollars ($100,000.00).
b. Premiums on which taxes are paid under division (2)
(3) of subparagraph a of this paragraph are not
subject to Section 628 of this title. The
Commissioner shall promulgate rules regarding the sale
of life insurance policies subject to division (2) (3)
of subparagraph a of this paragraph.
c. Proceeds from the premium tax collected under this
paragraph from contracted entities under the Ensuring
Access to Medicaid Act shall be deposited in the
Medicaid Health Improvement Revolving Fund created in
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Section 1010.8A of Title 56 of the Oklahoma Statutes.
Notwithstanding any other provision of law to the
contrary, the premium taxes to be deposited in the
Medicaid Health Improvement Revolving Fund for the
calendar year ending December 31, 2024, and for each
calendar year thereafter, shall not be subject to the
apportionments provided in Section 312.1 of this
title.
B. For all insurance companies or other entities taxed pursuant
to this section, the annual license fee and tax and all required
membership, application, policy, registration, and agent appointment
fees shall be in lieu of all other state taxes or fees, except those
taxes and fees provided for in the Oklahoma Insurance Code, and the
taxes and fees of any subdivision or municipality of the state,
except ad valorem taxes and the tax required to be paid pursuant to
Section 50001 of Title 68 of the Oklahoma Statutes. Provided, such
license fee, tax and membership, application, policy, registration,
and appointment fees shall be in lieu of any and all ad valorem
taxes levied on intangible personal property. Any company, except
health maintenance organizations, failing to make such returns and
payments promptly and correctly shall forfeit and pay to the
Insurance Commissioner, in addition to the amount of the taxes and
fees and interest, the sum of Five Hundred Dollars ($500.00) or an
amount equal to one percent (1%) of the unpaid amount, whichever is
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greater; and the company so failing or neglecting for sixty (60)
days shall thereafter be debarred from transacting any business of
insurance in this state until the taxes, fees and penalties are
fully paid, and the Insurance Commissioner shall revoke the license
or certificate of authority granted to the agent or agents of that
company to transact business in this state. Provided, that when any
such insurance company, copartnership, insurance association,
interinsurance exchange, person, insurer, or nonprofit hospital
service and indemnity corporation applies for the first time for a
license to do business in this state, it shall, at the time of
making such application, pay a license fee as prescribed by Section
1435.23 of this title, and, on or before the first day of March,
following, pay the premium tax, membership, application, policy,
registration, and agent appointment fees, as hereinbefore provided.
Such license fee, tax and membership, application, policy,
registration, and appointment fees shall be in lieu of all other
state taxes or fees, except those taxes and fees provided for in the
Oklahoma Insurance Code, and the taxes and fees of any subdivision
or municipality of the state, except ad valorem taxes and the tax
required to be paid pursuant to Section 50001 of Title 68 of the
Oklahoma Statutes.
C. Any health maintenance organization failing to file premium
tax returns and payments promptly and correctly shall forfeit and
pay to the Insurance Commissioner, in addition to the amount of the
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taxes, the sum of Five Hundred Dollars ($500.00) or an amount equal
to one percent (1%) of the unpaid amount, whichever is greater. Any
health maintenance organization failing or neglecting to pay the tax
and penalty shall be debarred from operating in this state and the
Insurance Commissioner shall revoke the license of the health
maintenance organization, until such taxes and penalties are fully
paid.
SECTION 2. AMENDATORY 36 O.S. 2021, Section 625.1, is
amended to read as follows:
Section 625.1. A. A Until June 30, 2026, a foreign or alien
insurer which is subject to the tax imposed by Section 624 of this
title shall be entitled to a credit against said such tax actually
paid to and placed in the General Revenue Fund of the state, not
including any of said such tax monies placed in pension funds and
not including any of said such tax monies placed in escrow, if,
during the year for which the tax is being assessed, the insurer or
its affiliate maintained a regional home office in this state in a
building owned or leased by the insurer. To receive a credit
against the tax imposed for the year in which the regional home
office was established, said the office must have been maintained
continuously from on or before August 1 of that year through the
last day of the calendar year. For succeeding years, an insurer or
its affiliate shall have maintained the regional home office
continuously from the first day of the calendar year for which the
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tax is imposed through the last day of that calendar year. The Home
Office Credit shall be calculated as follows:
1. Until June 30, 2010, the credit shall be equal to the
following percentages of the amount due after the credits authorized
by Sections 624.1 and 625 of this title have been deducted:
a. fifteen percent (15%), if there are more than two
hundred full-time, year-round Oklahoma employees, but
less than three hundred full-time, year-round Oklahoma
employees,
b. twenty-five percent (25%), if there are more than
three hundred full-time, year-round Oklahoma
employees, but less than four hundred full-time, year-
round Oklahoma employees,
c. thirty-five percent (35%), if there are more than four
hundred full-time, year-round Oklahoma employees, but
less than five hundred full-time, year-round Oklahoma
employees, or
d. fifty percent (50%), if there are five hundred or more
full-time, year-round Oklahoma employees; and
2. Beginning July 1, 2010, through June 30, 2026, in the
calculation of the credit, the amount to be apportioned to the
Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma
Police Pension and Retirement System and the Oklahoma Law
Enforcement Retirement Fund shall be applied prior to the
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calculation of the credit. The amount of the credit shall be
derived from amounts remaining after the apportionment to the
Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma
Police Pension and Retirement System and the Oklahoma Law
Enforcement Retirement Fund. The credit shall be calculated by
first applying a “Home Office Credit Allotment Rate” of forty-seven
percent (47%) to the gross premium tax owed by the insurer and then
determining the allowable credit by applying the following
percentages of the amount due after the credits authorized by
Sections 624.1 and 625 of this title have been deducted:
a. fifteen percent (15%), if there are more than two
hundred full-time, year-round Oklahoma employees, but
less than three hundred full-time, year-round Oklahoma
employees,
b. twenty-five percent (25%), if there are more than
three hundred full-time, year-round Oklahoma
employees, but less than four hundred full-time, year-
round Oklahoma employees,
c. thirty-five percent (35%), if there are more than four
hundred full-time, year-round Oklahoma employees, but
less than five hundred full-time, year-round Oklahoma
employees, or
d. fifty percent (50%), if there are five hundred or more
full-time, year-round Oklahoma employees.
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B. A Until June 30, 2026, a domestic insurer with four hundred
or more full-time, year-round Oklahoma employees which is subject to
the tax imposed by Section 624 of this title shall be entitled to a
credit against said such tax actually paid to and placed in the
General Revenue Fund of the state, not including any of said such
tax monies placed in pension funds and not including any of said
such tax monies placed in escrow, if, during the year previous to
the year for which the tax is being assessed, the insurer or its
affiliate maintained a regional home office in this state in a
building owned or leased by the insurer and during the year for
which the tax is being assessed, the insurer establishes its home
office in this state in a building owned or leased by the insurer.
To receive a credit against the tax imposed for the year in which
the home office was established, said the office must have been
maintained continuously from on or before August 1 of that year
through the last day of the calendar year. For succeeding years, an
insurer shall have maintained the home office continuously from the
first day of the calendar year for which the tax is imposed through
the last day of that calendar year. Insurers who take action before
August 1, 2000, to establish their home office in this state shall
be entitled to a credit against the tax imposed on or after January
1, 2001, which shall be in addition to the credit the insurer is
entitled to for that year. The Home Office Credit shall be
calculated as follows:
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1. Until June 30, 2010, the credit shall be equal to the
following percentages of the amount due after the credits authorized
by Sections 624.1 and 625 of this title have been deducted:
a. thirty-five percent (35%), if there are more than four
hundred full-time, year-round Oklahoma employees, but
less than five hundred full-time, year-round Oklahoma
employees, or
b. fifty percent (50%), if there are five hundred or more
full-time, year-round Oklahoma employees; and
2. Beginning July 1, 2010, through June 30, 2026, in the
calculation of the credit, the amount to be apportioned to the
Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma
Police Pension and Retirement System and the Oklahoma Law
Enforcement Retirement Fund shall be applied prior to the
calculation of the credit. The amount of the credit shall be
derived from amounts remaining after the apportionment to the
Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma
Police Pension and Retirement System and the Oklahoma Law
Enforcement Retirement Fund. The credit shall be calculated by
first applying a “Home Office Credit Allotment Rate” of forty-seven
percent (47%) to the gross premium tax owed by the insurer and then
determining the allowable credit by applying the following
percentages of the amount due after the credits authorized by
Sections 624.1 and 625 of this title have been deducted:
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a. thirty-five percent (35%), if there are more than four
hundred full-time, year-round Oklahoma employees, but
less than five hundred full-time, year-round Oklahoma
employees, or
b. fifty percent (50%), if there are five hundred or more
full-time, year-round Oklahoma employees.
C. A Until June 30, 2026, a domestic insurer which is subject
to the tax imposed by Section 624 of this title shall be entitled to
a credit against said such tax actually paid to and placed in the
General Revenue Fund of the state, not including any of said such
tax monies placed in pension funds and not including any of said
such tax monies placed in escrow, if, during the year for which the
tax is being assessed, the insurer maintained a regional home office
in at least five or more counties in this state in buildings owned
or leased by the insurer. To receive a credit against the tax
imposed for the year in which the regional home offices were
established, said the offices must have been maintained continuously
from on or before August 1 of that year through the last day of the
calendar year. For succeeding years, an insurer shall have
maintained the regional home offices continuously from the first day
of the calendar year for which the tax is imposed through the last
day of that calendar year. The Home Office Credit shall be
calculated as follows:
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1. Until June 30, 2010, the credit shall be equal to the
percentage of the amount due after the credits authorized by
Sections 624.1 and 625 of this title have been deducted as
established in subsection A of this section; and
2. Beginning July 1, 2010, through June 30, 2026, in the
calculation of the credit, the amount to be apportioned to the
Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma
Police Pension and Retirement System and the Oklahoma Law
Enforcement Retirement Fund shall be applied prior to the
calculation of the credit. The amount of the credit shall be
derived from amounts remaining after the apportionment to the
Oklahoma Firefighters Pension and Retirement Fund, the Oklahoma
Police Pension and Retirement System and the Oklahoma Law
Enforcement Retirement Fund. The credit shall be calculated by
first applying a “Home Office Credit Allotment Rate” of forty-seven
percent (47%) to the gross premium tax owed by the insurer and then
determining the allowable credit by applying the percentage of the
amount due after the credits authorized by Sections 624.1 and 625 of
this title have been deducted as established in subsection A of this
section.
D. Proof that an insurer qualifies for the credit authorized by
this section shall be on forms prescribed by the Insurance
Commissioner and shall be submitted to the Commissioner annually
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with the report which is filed pursuant to Section 624 of the
Oklahoma Insurance Code.
E. The credit provided for in subsections A, B and C of this
section shall be based on the total number of Oklahoma employees in
the regional or home office when a group of insurers which are under
common management and control maintain a regional home office or
home office in this state in a building owned or leased by the group
of insurers. The credit provided for in subsections A, B and C of
this section may be allocated among the insurance company and the
insurance company affiliates at the discretion of the insurance
company on a per-insurance-company basis.
F. As used in this section:
1. “Regional home office” means an office transacting
insurance, as defined in Section 105 of this title, and performing
insurance company operations, which is defined as one or more or any
combination of the following functions and services performed in
connection with the development, sale, and administration of
products giving rise to receipts subject to a premium tax on
domestic and foreign insurance companies, or domestic or foreign
health care insurance corporations: actuarial, medical, legal,
investments, accounting, auditing, underwriting, policy issuance,
information, policyholder services, premium collection, claims,
advertising and publications, public relations, human resources,
marketing, sales office staff, training of sales and service
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personnel, and clerical, managerial, and other support for any such
functions or services;
2. “Common management and control” means the possession, direct
or indirect, of the power to direct or cause the direction of the
management and policies of an insurer, whether through the ownership
of voting securities, by contract, or otherwise, unless the power is
executed by a person acting in an official capacity, performing
duties imposed and exercising authority granted because of the
person’s position as an officer or employee of the insurer. Control
shall be presumed to exist if any person, directly or indirectly,
owns, controls, holds with the power to vote, or holds proxies
representing twenty-five percent (25%) or more of the voting
securities of the insurer;
3. “Oklahoma employees” means persons who are employed in
Oklahoma after January 1, 2000, and who are common law employees of
an insurance company or its affiliate. Oklahoma employees do not
include independent contractors or any persons to the extent that
the compensation of that person is based on commissions;
4. “Insurance company” means any entity subject to a premium
tax on domestic and foreign insurance companies, or domestic or
foreign health care insurance corporations, including the attorney-
in-fact authorized by and acting for the subscribers of a reciprocal
insurer or inter-insurance interinsurance exchange under powers of
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attorney. A reciprocal insurer and its attorney-in-fact shall be a
single entity; and
5. “Home office” means the executive offices of an insurance
company which is domiciled in this state.
G. Each insurer or insurance group requesting a credit under
this section shall certify by affidavit, approved as to form by the
Commissioner, that the insurer has met all of the qualifications
required by this section and is authorized to a credit against the
premium tax which actually shall be paid to, and placed in the
General Revenue Fund of, the state, exclusive of any amounts of the
tax which shall be credited to pension funds pursuant to law and
exclusive of any amounts which shall be placed into escrow. The
Commissioner may do an examination for the sole purpose of
certifying that all requirements of this section are being met by
the insurer requesting to obtain any credits against premium tax.
H. For the fiscal year beginning July 1, 2006, and for each
fiscal year thereafter years 2007 through 2026, and notwithstanding
any other provisions of Title 36 of the Oklahoma Statutes this title
or any other provision of law governing the order in which the
credit authorized by this section is to be deducted from the
liability of the company claiming such credit to the contrary, the
credit authorized by this section shall be deducted from the
insurance premium tax liability of the company claiming such credit
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prior to the deduction of any other credits that may be claimed
against such liability.
SECTION 3. AMENDATORY 36 O.S. 2021, Section 2204, is
amended to read as follows:
Section 2204. A. A medical professional liability trust shall
file the following items with the Commissioner:
1. Within forty-five (45) days after the end of each of the
first three quarterly periods of each fiscal year, a statement of
the assets and liabilities of the trust as of the end of the
quarterly period, a statement of the revenue and expenditures of the
trust, and a statement of the changes in corpus of the trust for the
period, in each case accompanied by a certificate to the effect that
the statements were prepared from the official books and records of
the trust;
2. Within ninety (90) days after the end of each fiscal year, a
statement of the assets and liabilities of the trust as of the end
of that year, a statement of the revenue and expenditures of the
trust, and a statement of the changes in corpus of the trust for
that year, in each case accompanied by a certificate signed by a
firm of independent certified public accountants indicating that the
firm has conducted an audit of those statements in accordance with
generally accepted auditing standards and indicating the results of
the audit;
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3. The independently audited annual financial statement of the
trust by June 1 of each year;
4. The closed claim reports as are required pursuant to
Sections 6810 through 6816 of Title 36 of the Oklahoma Statutes this
title;
5. Rates and forms within thirty (30) days after issuance of
the first policy and within thirty (30) days after any changes to
the previously filed rates and forms; and
6. Any amendment to the trust instrument within thirty (30)
days of making the amendment.
B. A trust shall, annually, on or before the first day of
March, report under oath to the Insurance Commissioner, the total
amount of direct written consideration received from the membership
during the preceding calendar year, or since the last return of such
considerations was made by such trust.
1. A trust shall pay to the Insurance Department, on or before
March 1, an annual tax on all direct written considerations, after
all returned considerations are deducted for the privileges of
having written, continued and/or serviced contracts of indemnity
except considerations paid by any governmental agency or
instrumentality. The rate of taxation shall be two and twenty-five
one-hundredths percent (2.25%), until June 30, 2026, and one and
ninety-six one-hundredths percent (1.96%), beginning July 1, 2026.
If any trust fails to remit such taxes in a timely manner, it shall
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remain liable therefor together with interest thereon at an annual
rate equal to the average United States Treasury Bill rate of the
preceding calendar year as certified by the State Treasurer on the
first regular business day in January of each year, plus four (4)
percentage points.
2. For any trust taxed pursuant to this section, the annual tax
shall be in lieu of all other state taxes or fees, except the taxes
and fees of any subdivision or municipality of the state and except
ad valorem taxes. Any trust failing to make such returns and
payments promptly and correctly shall forfeit and pay to the
Commissioner, in addition to the amount of said such taxes and fees
and interest, the sum of Five Hundred Dollars ($500.00) or an amount
equal to one percent (1%) of the unpaid amount, whichever is
greater; and the trust so failing or neglecting for sixty (60) days
shall thereafter be debarred from transacting any business in this
state until said such taxes, fees and penalties are fully paid.
3. All taxes, fees and penalties collected under this section
shall be reported and disbursed by the Commissioner and appropriated
pursuant to the provisions of Section 312.1 of Title 36 of the
Oklahoma Statutes this title.
SECTION 4. This act shall become effective July 1, 2026.
SECTION 5. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
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declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-2-2461 QD 12/31/2025 12:05:34 AM