Title 36, Title 36 — Insurance

A. All insurance charges or premiums collected by an administrator for an insurer or trust and all return premiums received from the insurer or trust shall be held by the administrator in a fiduciary capacity. These funds shall be immediately remitted to the person entitled to th…

An administrator shall obtain approval from an insurer or trust before publishing any advertising pertaining to the business underwritten by the insurer or trust. For purposes of this section, "publication" includes mailing of advertising material. Added by Laws 1983, c. 89, § 6,…

Compensation of administrator - Use of licensed agents. A. Any policies, certificates, booklets, termination notices, or other written communications delivered by the insurer or trust to the administrator for delivery to policyholders shall be delivered by the administrator promp…

limits of cumulative liability - Cancellation. A. Every administrator shall be bonded. B. Prior to issuance of a license as an administrator, the applicant shall file with the Insurance Commissioner and thereafter keep in effect as long as the license remains in effect, a surety …

individuals. A. If the services of an administrator are utilized, the administrator shall provide a written notice to insured individuals advising them of the identities of the administrator, the policyholder, and the insurer or trust. B. If an administrator collects funds from i…

A. No person shall act as or present himself or herself to be an administrator, as defined by the provisions of the Third-party Administrator Act, in this state, unless the person holds a valid license as an administrator which is issued by the Insurance Commissioner. B. An admin…

A. On or before June 1 of each year, all licensed administrators shall file an annual report for the previous calendar year. Any report filed by an administrator with accumulated year- to-date premiums collected or claims paid of Fifty Thousand Dollars ($50,000.00) or more, which…

This act shall be known and may be cited as the "Managing General Agents Act". Added by Laws 1991, c. 134, § 1, eff. July 1, 1991.

As used in this act: 1. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; 2. "Insurer" means any person licensed pursuant to the Oklahoma Insurance Code to transact insurance; 3. a. "Managing General Agent" or "MGA" means any person w…

A. No person shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer unless such person is licensed as a producer pursuant to the Oklahoma Producer Licensing Act. B. No person shall act in the capacity of a managing general…

provisions. No person acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party, and where both parties share responsibility for a par…

authority for contracts - Notice of appointment or termination - Review of books and records - Appointments to board. A. The insurer shall have on file an independent financial examination, in a form acceptable to the Insurance Commissioner, of each managing general agent with wh…

The acts of the managing general agent are considered to be the acts of the insurer on whose behalf the agent is acting. A managing general agent may be examined as if the agent were the insurer. Added by Laws 1991, c. 134, § 6, eff. July 1, 1991.

affected. A. If the Insurance Commissioner finds, after a hearing conducted in accordance with Article II of the Administrative Procedures Act, that any person had violated any provision of the Managing General Agents Act or rules promulgated pursuant thereto, the Commissioner ma…

The Insurance Commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this act. Added by Laws 1991, c. 134, § 8, eff. July 1, 1991.

In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of: 1. Cash in the possession of the insurer, or in transit under its control, and including the true balance of any depo…

Assets may be allowable as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to such insurer as prescribed by th…

In addition to assets impliedly excluded by the provisions of Section 1501 of this article, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: 1. Trade names and other like intangible assets, excluding good will. …

All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Insurance Commissioner, or in any examiner's report to said Commissioner, shall also be reported, to the extent of the value disallowed, as deductio…

A. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: 1. The amount of its capital stock outstanding, if any. 2. The amount, estimated consistent with the provisions of this Code, necessary …

A. With reference to insurance against loss or damage to property (except as provided in Section 1507 of this article) and with reference to all general casualty insurance, and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. B.…

With reference to marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the Insurance Commissioner may require the insurer to carry a reserve thereon equal to one hundred percent (100%) on trip risks written during the month ended as of the date of…

For all accident and health policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and which shall not be less than the reserve according to the standards set forth in regulations issued by the Commissione…

discounting - Annual actuarial opinions - Investment limitations - Unusual dividend or benefit payments. A. If the Insurance Commissioner determines in writing that an insurer's unearned premium reserve, however computed, is inadequate, the Commissioner may require the insurer to…

All work papers, recorded information, documents and copies of materials associated with, produced, obtained by or disclosed to the Insurance Commissioner or any other person in the course of review or analysis pursuant to Sections 1801 through 1938 of this title shall be given c…

Conflict. A. Definitions. For the purposes of this section the following definitions shall apply on or after the operative date of the valuation manual: 1. "Accident and health insurance" means contracts that incorporate morbidity risk and provide protection against economic loss…

A. All bonds or other evidences of debt having a fixed term and rate of interest held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows: 1. If purchased at par, at the par value. 2. If purchased above or below par, on the ba…

A. Securities, other than those referred to in Section 1511 of this article, held by an insurer shall be valued, in the discretion of the Insurance Commissioner, at their market value, or at true book value, all consistent with any current method for the valuation of any such sec…

A. Real property acquired pursuant to a mortgage loan or contract for sale shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection wit…

Purchase money mortgages on real property referred to in subsection A of Section 1513 of this article shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety percent (90%) of the fair value of such real property, whichever is…

It shall be the duty of every domestic insurance company holding securities valued under Sections 1511 or 1512 which do not have an established market value to furnish the Commissioner of Insurance, within thirty (30) days of his request, sufficient financial information concerni…

This act shall be known and may be cited as the "Risk-based Capital for Insurers Act". Added by Laws 1997, c. 229, § 2, eff. July 1, 1997.

As used in this act: 1. "Adjusted RBC Report" means an RBC report which has been adjusted by the Insurance Commissioner in accordance with subsection D of Section 1523 of this title; 2. "Corrective order" means an order issued by the Commissioner specifying corrective actions whi…

of inaccurate reports. A. Every domestic insurer shall, on or prior to each March 1, which shall be known as the filing date, prepare and submit to the Insurance Commissioner a report of its RBC Levels as of the end of the calendar year just ended, in a form and containing such i…

A. "Company Action Level Event" means any of the following events: 1. The filing of an RBC Report by an insurer which indicates that: a. the insurer's Total Adjusted Capital is greater than or equal to its Regulatory Action Level RBC but less than its Company Action Level RBC, b.…

A. "Regulatory Action Level Event" means, with respect to any insurer, any of the following events: 1. The filing of an RBC Report by the insurer which indicates that the insurer's Total Adjusted Capital is greater than or equal to its Authorized Control Level RBC but less than i…

A. "Authorized Control Level Event" means any of the following events: 1. The filing of an RBC Report by the insurer which indicates that the insurer's Total Adjusted Capital is greater than or equal to its Mandatory Control Level RBC but less than its Authorized Control Level RB…

A. "Mandatory Control Level Event" means any of the following events: 1. The filing of an RBC Report which indicates that the insurer's Total Adjusted Capital is less than its Mandatory Control Level RBC; 2. Notification by the Commissioner to the insurer of an Adjusted RBC Repor…

The insurer shall have the right to an opportunity for a confidential departmental hearing, on the record, at which the insurer may challenge any determination or action by the Commissioner. The insurer shall notify the Commissioner of its request for a hearing within five (5) da…

A. RBC Reports and RBC Plans shall be kept confidential by the Insurance Commissioner. This information shall not be subject to subpoena. This information shall be made public by the Commissioner only for the purpose of enforcement actions taken by the Commissioner pursuant to th…

Exemptions from act. A. The provisions of this act are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the Insurance Commissioner under such laws, including, but not limited to, Article 18 or 19 of the …

A. 1. Any foreign insurer shall, upon the written request of the Insurance Commissioner, submit to the Commissioner an RBC Report as of the end of the calendar year just ended on a date which is the later of: a. the date an RBC Report would be required to be filed by a domestic i…

There shall be no liability on the part of, and no cause of action shall arise against, the Insurance Commissioner or the Insurance Department or its employees or agents for any action taken by them in the performance of their powers and duties under this act. Added by Laws 1997,…

All notices by the Insurance Commissioner to an insurer which may result in regulatory action hereunder shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the insurer's receipt of such …

A. The purpose of this act is to: 1. Provide the Commissioner of the Oklahoma Insurance Department a summary of an insurer or insurance group's corporate governance structure, policies and practices to permit the Commissioner to gain and maintain an understanding of the insurer's…

As used in this act: 1. "Commissioner" means the Insurance Commissioner of this state; 2. "Corporate Governance Annual Disclosure (CGAD)" means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this act; 3. "Insurance group"…

A. An insurer or the insurance group of which the insurer is a member shall, no later than June 1 of each calendar year, submit to the Insurance Commissioner a Corporate Governance Annual Disclosure (CGAD) that contains the information described in Section 4 of this act. Notwiths…

A. The insurer or insurance group shall have discretion over the responses to the Corporate Governance Annual Disclosure (CGAD) inquiries, provided the CGAD shall contain the material information necessary to permit the Insurance Commissioner to gain an understanding of the insur…

A. Documents, materials or other information including the Corporate Governance Annual Disclosure (CGAD), in the possession or control of the Oklahoma Insurance Department that is obtained by, created by or disclosed to the Insurance Commissioner or any other person under this ac…

reviewing documents. A. The Insurance Commissioner may retain, at the insurer's expense, third-party consultants, including attorneys, actuaries, accountants and other experts not otherwise a part of the Commissioner's staff as may be reasonably necessary to assist the Commission…