Title 36, Title 36 — Insurance

Any insurer failing, without just cause, to timely file the Corporate Governance Annual Disclosure (CGAD) as required in this act shall be required, after notice and hearing, to pay a penalty of One Hundred Dollars ($100.00) for each day's delay, to be recovered by the Insurance …

The Insurance Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as shall be necessary to carry out the provisions of this act. Added by Laws 2019, c. 345, § 8, eff. Nov. 1, 2019.

Except as to Sections 1624 and 1625 and subdivision A of Section 1606 hereof, this article applies to domestic insurers only. This article shall apply to domestic title insurers except as provided in Article 50 (Title Insurers). Laws 1957, p. 285, § 1601.

A. Insurers shall invest in or loan their funds on the security of, and shall hold as assets, only eligible investments as prescribed in this article. B. Any particular investment held by an insurer on the effective date of this Code or any amendment hereto, and which was a legal…

investments. A. No security or investment (other than property or shares acquired pursuant to Sections 1612, 1616 or 1624 of this article) shall be eligible for acquisition unless it is interest bearing or interest accruing or dividend or income paying, is not then in default in …

No investment or loan shall be made by an insurer unless the same has been authorized or approved by the insurer's board of directors or by a committee or corporate officer authorized thereby and charged with the duty of supervising or making such investment or loan. The minutes …

An insurer shall not, except with the consent of the Insurance Commissioner, have at any one time any combination of checking account moneys, investments in or loans upon the security of the obligations, property, or securities of any one person, institution, corporation, or muni…

After the effective date of this act, until an insurer authorized to transact business shall have assets of One Million Dollars ($1,000,000.00) or in the case of insurers authorized to transact business prior to the effective date of this act shall have assets in an amount equal …

An insurer may invest any of its funds in: 1. Bonds or other evidences of indebtedness of the United States of America or of any of its agencies or instrumentalities when such obligations are guaranteed as to principal and interest by the United States of America or any agency or…

An insurer may invest in bonds, notes, warrants and other securities not in default which are the direct obligations of any state of the United States or of the District of Columbia, or of the government of Canada or any province thereof, or for which the full faith and credit of…

obligations. An insurer may invest in bonds, notes, warrants and other securities not in default of any county, district, incorporated city, or school district in any state of the United States, or the District of Columbia, or in any province of Canada, which are the direct oblig…

An insurer may invest in bonds, notes, certificates of indebtedness, warrants, or other evidences of indebtedness, which are payable from revenues or earnings specifically pledged therefor of any public structure or improvement owned by any state, incorporated city, or legally-co…

An insurer may invest in the bonds, notes, certificates of indebtedness, warrants, or other evidences of indebtedness which are valid obligations issued, assumed, or guaranteed by the United States or any state thereof or by any county, municipal corporation, district, or politic…

An insurer may invest in bank and bankers' acceptances and other bills of exchange of the kind and maturity made eligible pursuant to law for purchase in the open market by federal reserve banks. Laws 1957, p. 287, § 1613.

A. An insurer may invest in bonds, debentures, notes and other evidences of indebtedness issued, assumed or guaranteed by any solvent institutions created or existing under the laws of the United States or of any state, district or territory thereof, which are not in default as t…

An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution created or existing under the laws of the United States or of any state, district or territory thereof, if such stock and all of the prior obligations and prior preferred stocks, if any, …

A. Except with the consent of the Insurance Commissioner, no domestic life insurer shall, in addition to other investments permitted by this article, invest an amount equal in the aggregate to more than ten percent (10%) of its assets, or in the case of a domestic nonlife insurer…

An insurer may invest in equipment trust obligations or certificates which in the opinion of the Insurance Commissioner are adequately secured, or other instruments so secured and evidencing an interest in transportation equipment, wholly or in part within the United States, whic…

otherwise authorized; limitations. A. An insurer may invest in certificates, notes or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state, district or territory thereof, which, or the assets …

A life insurer may lend to its policyholder upon pledge of the policy as collateral security a sum not exceeding the applicable cash surrender value specified in the policy. Laws 1957, p. 289, § 1619.

A. An insurer may invest or deposit any of its cash funds on deposit in checking or savings accounts, under certificates of deposit, or in solvent banks or trust companies, which are insured by the Federal Deposit Insurance Corporation. B. An insurer may invest or deposit any of …

Provided nothing contained herein shall prevent a domestic company doing business in other states of the United States or in foreign countries from investing the funds required to meet its obligations incurred in such other states or foreign countries in the kind of securities th…

A. An insurer may invest any of its funds in bonds, notes or other evidences of indebtedness which are secured by first mortgages or deeds of trust upon improved, unencumbered real property located in the United States, or which are secured by first mortgages or deeds of trust up…

An insurer may invest in purchase money mortgages or like securities, received by it upon the sale or exchange of real property theretofore owned by it. Provided, however, such investments shall be subject to the limitations of Section 1622 of this title. Laws 1957, p. 290, § 162…

No insurance company, foreign, alien or domestic, doing business in Oklahoma, may acquire or hold real property therein, except as follows: 1. Such as shall be requisite for the convenient accommodation of the transaction of its own business; the amount invested in such real prop…

securities; penalty. A. Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of within three (3) years from date of acquisition, unless within…

The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as those required under this article for similar funds of like domestic insurers. Laws 1957, p. 291, § 1626.

An insurer may invest in loans with a maturity not in excess of five (5) years from the date thereof which are secured by pledge of securities eligible for investment under this chapter, or by the pledge or assignment of life insurance policies issued by other insurers authorized…

responsibilities. A. As used in this section: 1. "Agent" shall mean a national bank, state bank, or trust company which maintains an account in its name in a clearing corporation or which is a member of the Federal Reserve System and through which a custodian participates in a cl…

Any insurer may make and invest in student loans guaranteed or reinsured as to principal and interest by a state or federally sponsored higher education assistance corporation, to the extent of such guaranty or reinsurance, or by a private nonprofit or for profit student loan ins…

As used in this act, the following terms shall have these meanings unless the context shall otherwise require: 1. "Affiliate of" or person "affiliated with" a specific person means a person that directly, or indirectly through one or more intermediaries, controls, or is controlle…

investments. A. A domestic insurer, either by itself or in cooperation with one or more persons, may organize or acquire one or more subsidiaries. The subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of the fa…

insurer. A. The requirements for filing shall be as follows: 1. No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or othe…

Exceptions - Examination by Commissioner. A. The following definitions shall apply for the purposes of this section only: 1. "Acquisition" means any agreement, arrangement or activity the consummation of which results in a person acquiring directly or indirectly the control of an…

A. Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the Insurance Commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulat…

Standards. A. 1. Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to the following standards: a. the terms shall be fair and reasonable, b. agreements for cost-sharing services and management shall inc…

A. Subject to the limitation contained in this section and in addition to the powers which the Commissioner has under Sections 309.1 through 309.7 of Title 36 of the Oklahoma Statutes relating to the examination of insurers, the Commissioner shall have the power to examine any in…

colleges. A. With respect to any insurer registered under Section 5 of this act, and in accordance with subsection C of this section, the Commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding c…

insurance group. A. The Commissioner is authorized to act as the group-wide supervisor for any internationally active insurance group in accordance with the provisions of this section. However, the Commissioner may otherwise acknowledge another regulatory official as the group-wi…

A. Documents, materials or other information in the possession or control of the Insurance Department that are obtained by or disclosed to the Commissioner or any other person in the course of an examination or investigation made pursuant to Section 1637 of this title and all inf…

The Commissioner may issue such rules, regulations and orders as shall be necessary to carry out the provisions of Section 1631 et seq. of this title. Added by Laws 2017, c. 350, § 11, emerg. eff. May 31, 2017. Amended by Laws 2024, c. 345, § 14, eff. Nov. 1, 2024.

Sequestration of voting securities. A. Whenever it appears to the Commissioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this act or of any rule, regulation or order issued by the Commissioner hereunder…

investments - Willful violations - False statements. A. Any insurer failing, without just cause, to file any registration statement as required in this act shall be required, after notice and hearing, to pay a penalty of Five Hundred Dollars ($500.00) for each day's delay, to be …

Commissioner. Whenever it appears to the Commissioner that any person has committed a violation of this act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, c…

A. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer: 1. From any parent corporation or holding company or person or affiliate who otherwise controlle…

or authority to do business. Whenever it appears to the Commissioner that any person has committed a violation of this act which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an …

A. Any person aggrieved by any act, determination, rule, regulation or order or any other action of the Commissioner pursuant to this act may appeal to the district court for Oklahoma County. The court shall conduct its review without a jury and by trial de novo, except that if a…

The powers, remedies, procedures and penalties provided in this act shall be in addition to, and not in limitation of, any other powers, remedies, procedures and penalties provided by law. Added by Laws 2017, c. 350, § 18, emerg. eff. May 31, 2017.

Sections 13 through 19 of this act may be cited as the "Business Transacted with Producer Controlled Insurer Act". Added by Laws 1992, c. 178, § 13, eff. Sept. 1, 1992.

As used in the Business Transacted with Producer Controlled Insurer Act: 1. "Accredited State" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by…