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OklahomaSB 1916Oklahoma 2026 Regular SessionSenateWALLET

Insurance Department; creating certain division within the Insurance Department; establishing powers for certain conservator; allowing contacts. Effective date.

Sponsored By: Aaron Reinhardt (Republican)

Signed by Governor

Senate Committee

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 3 benefits, 0 costs, 2 mixed.

New state office runs insurer takeovers

Starting Nov 1, 2026, Oklahoma creates a Receivership Office in the Insurance Department. Courts must appoint the Insurance Commissioner as the receiver in delinquency cases. The Commissioner takes control of the insurer’s assets and runs the case under court orders. All existing cases move into the new office by Jan 1, 2028.

Tighter controls on troubled insurers

Beginning Nov 1, 2026, supervised insurers must get OK before selling assets, moving cash, new debts, mergers, or reinsurance. The Commissioner can order actuarial reviews and limit or stop some lines. Appointed supervisors have full legal powers. After notice and 90 days, or with the insurer’s consent, a conservator may be appointed to run the company and file quarterly and annual reports. With approval after an appraisal, the conservator can reinsure policies and transfer reserves; the Commissioner can also seek receivership.

Protections, audits, and faster receivership contracting

Beginning Nov 1, 2026, officials, supervisors, conservators, and their staff get legal immunity for actions under this law. They can be indemnified and have legal fees paid from insurer assets, including advances, unless a court finds misconduct. The Commissioner can require surprise audits of supervisors and conservators. Insurer records held by the Commissioner or a conservator are confidential and not subject to subpoena, except in the Commissioner’s proceedings. Receivership contracts do not follow state procurement rules, but the Commissioner cannot hire or contract with close relatives; the Commissioner can hire needed experts.

How receivership money gets used

Starting Nov 1, 2026, the Receivership Office may deposit, combine, and invest insurer estate funds. These funds are not state money and cannot be mixed with state funds. The office may use them to run the division and pay case expenses. Supervision and conservatorship costs are set by the Commissioner and paid from the insurer’s assets. If no owner gets a Class 10 payout, leftover money goes to a receiver fund to support other cases, with notes and repayment.

Clear rules for complex financial contracts

Starting Nov 1, 2026, the law defines qualified financial contracts. It covers commodity, forward, repo, securities, and swap deals so receivers can handle them in insolvency.

Sponsors & Cosponsors

Sponsor

  • Aaron Reinhardt

    Republican • Senate

Cosponsors

  • Mark Tedford

    Republican • House

Roll Call Votes

All Roll Calls

Yes: 187 • No: 112

House vote • 5/6/2026

Top_of_Page

Yes: 52 • No: 33

House vote • 5/6/2026

Top_of_Page

Yes: 46 • No: 39

House vote • 5/6/2026

Top_of_Page

Yes: 57 • No: 23

House vote • 4/14/2026

DO PASS

Yes: 9 • No: 5

House vote • 4/14/2026

DO PASS

Yes: 9 • No: 5

House vote • 4/7/2026

DO PASS

Yes: 7 • No: 0

House vote • 4/7/2026

DO PASS

Yes: 7 • No: 0

Senate vote • 3/26/2026

THIRD READING

Yes: 0 • No: 7

Senate vote • 2/19/2026

Top_of_Page

Yes: 0 • No: 0

Actions Timeline

  1. Approved by Governor 05/11/2026

    5/12/2026Senate

  2. Sent to Governor

    5/6/2026Senate

  3. Signed, returned to Senate

    5/6/2026House

  4. Enrolled, to House

    5/6/2026Senate

  5. Referred for enrollment

    5/6/2026Senate

  6. Signed, returned to Senate

    5/6/2026House

  7. Third Reading, Measure passed: Ayes: 52 Nays: 33

    5/6/2026House

  8. Motion to reconsider adopted: Ayes: 57 Nays: 23

    5/6/2026House

  9. Notice served to reconsider vote by Representative Tedford

    5/6/2026House

  10. Third Reading, Measure failed: Ayes: 46 Nays: 39

    5/6/2026House

  11. General Order

    5/6/2026House

  12. CR; Do Pass Government Oversight Committee

    4/14/2026House

  13. Policy recommendation to the Government Oversight committee; Do Pass General Government

    4/7/2026House

  14. Referred to General Government

    3/31/2026House

  15. Second Reading referred to Government Oversight

    3/31/2026House

  16. First Reading

    3/30/2026House

  17. Engrossed to House

    3/30/2026Senate

  18. Referred for engrossment

    3/26/2026Senate

  19. Measure passed: Ayes: 33 Nays: 7

    3/26/2026Senate

  20. General Order, Considered

    3/26/2026Senate

  21. Placed on General Order

    2/24/2026Senate

  22. Reported Do Pass Business and Insurance committee; CR filed

    2/19/2026Senate

  23. Coauthored by Representative Tedford (principal House author)

    2/3/2026Senate

  24. Second Reading referred to Business and Insurance

    2/3/2026Senate

  25. Authored by Senator Reinhardt

    2/2/2026Senate

Bill Text

  • Enrolled (final version)

    5/6/2026

    PDF

  • Floor (House)

    4/18/2026

    PDF

  • House Committee Report

    4/14/2026

    PDF

  • House Policy Committee Report

    4/7/2026

    PDF

  • Engrossed

    3/30/2026

    PDF

  • Floor (Senate)

    2/23/2026

    PDF

  • Senate Committee Report

    2/19/2026

    PDF

  • Introduced

    1/15/2026

    PDF

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