Title 36 — Title 36 — Insurance

affected - Audit Committees - Reporting requirements. A. Applicability of section. 1. The provisions of this section shall apply if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal…

The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling prod…

A. 1. If the Commissioner believes that the controlling producer or any other person has not materially complied with the Business Transacted with Producer Controlled Insurer Act, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the Comm…

36 O.S. § 1677 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

This act shall be known and may be cited as the "Insurance Business Transfer Act". Added by Laws 2018, c. 232, § 1, eff. Nov. 1, 2018.

This act is adopted to provide options to address the significant limitations in the current methods available to insurers to transfer or assume blocks of insurance business in an efficient and cost-effective manner that provides needed legal finality for such transfers in order …

1. "Affiliate" has the meaning ascribed to such term in Section 1631 of this title. 2. "Applicant" means an assuming insurer, a transferring insurer, or a reinsurer applying to the Commissioner for approval of an Insurance Business Transfer Plan pursuant to this act. 3. "Assuming…

A. The court considering petitions brought under the Insurance Business Transfer Act shall have the same jurisdiction as a court order under Article 19 of this title. B. Venue for all court proceedings under this act shall lie in the court as defined pursuant to subsection 4 of S…

A. Whenever notice is required to be given under the Insurance Business Transfer Act and except as otherwise permitted or directed by the court or the Insurance Commissioner, the notice shall be transmitted within forty-five (45) days of the event triggering the requirement: 1. B…

Plan. A. Application to the Commissioner for Approval of Insurance Business Transfer Plan. 1. An Insurance Business Transfer Plan must be filed by the applicant with the Insurance Commissioner for his or her review and approval. The Plan must contain the information set forth bel…

Insurers subject to this act consent to the jurisdiction of the Insurance Commissioner with regard to ongoing oversight of operations, management and solvency relating to the transferred business, including the authority of the Commissioner to conduct financial analysis and exami…

A. At the time of filing its application with the Insurance Commissioner for review and approval of an Insurance Business Transfer Plan, the applicant shall pay a nonrefundable fee to the Insurance Department in the amount of Ten Thousand Dollars ($10,000.00). B. In the Commissio…

This act shall be known and may be cited as the "Protected Cell Companies Act". Added by Laws 2019, c. 362, § 1, eff. Nov. 1, 2019.

The Protected Cell Companies Act is adopted to provide a basis for the creation of protected cells by a domestic insurer as a means of accessing alternative sources of capital and achieving the benefits of insurance securitization or effectuating insurance business transfers in a…

As used in the Protected Cell Companies Act: 1. "Commissioner" means the Oklahoma Insurance Commissioner; 2. "Domestic insurer" means an insurance or reinsurance company domiciled in the State of Oklahoma or a captive insurance or reinsurance company domiciled in the State of Okl…

A. A protected cell company may establish one or more protected cells, with the prior written approval of the Insurance Commissioner of a plan of operation or amendments to a plan of operation submitted by the protected cell company with respect to each protected cell. Upon the w…

cell income – Insurance securitization. A. The protected cell assets of any protected cell shall not be charged with liabilities arising out of any other business the protected cell company may conduct. All contracts or other documentation reflecting protected cell liabilities sh…

cell company. A. 1. Protected cell assets shall only be available to the creditors of the protected cell company that are creditors in respect to that protected cell and shall be entitled, in conformity with the provisions of the Protected Cell Companies Act, to have recourse to …

A. Notwithstanding any contrary provision in the Oklahoma Insurance Code, the rules promulgated under the Oklahoma Insurance Code or any other applicable law or rule, upon placement under administrative supervision or upon any order of conservation, rehabilitation or liquidation …

reinsurance contract. A protected cell company insurance securitization shall not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization shall not, by sole means of this investment, be deemed to be transacting an ins…

The Insurance Commissioner may promulgate reasonable rules as may be necessary to effectuate the purposes of the Protected Cell Companies Act. Added by Laws 2019, c. 362, § 9, eff. Nov. 1, 2019.

The Insurance Commissioner of Oklahoma shall accept and hold in trust deposits of securities or funds by insurers as follows: 1. Deposits required for authority to transact insurance in Oklahoma; 2. Deposits of domestic, foreign, or alien insurers when made pursuant to the laws o…

Such deposits shall be held as follows: 1. When the deposit is required for authority to transact insurance in Oklahoma the deposit shall be held for the protection of all the insurer's policyholders and/or creditors within the United States. 2. When the deposit is required pursu…

A. All such deposits required for authority to transact insurance business in Oklahoma shall consist of cash, under negotiable and transferable certificates of deposit or other time deposit instruments issued by solvent insured banks, savings and loan associations, and trust comp…

A. Upon request of the insurer, the Insurance Commissioner may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this State as the Commissioner's depositary to receive and hold any such deposit. Any such deposit so held sh…

So long as the insurer remains solvent and complies with this Code it may: 1. Demand, receive, sue for and recover the income from the securities or cash deposited; 2. Exchange and substitute for the deposited cash or securities, or any part thereof, cash or eligible securities o…

An insurer may so deposit cash or eligible securities in an amount exceeding its deposit required or otherwise permitted under this Code, for the purpose of absorbing fluctuations in the value of securities held in its deposit, and to facilitate the exchange and substitution of s…

Any deposit made in this state under the Insurance Code shall be released and returned: 1. To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held upon proper request by the insurer…

No such release of deposited funds shall be made except upon application to and the written order of the Insurance Commissioner. The Insurance Commissioner shall have no liability for any such release of any such deposit or part thereof so made by it in good faith. Laws 1957, p. …

No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this Code, or upon any part thereof; except, that such levy may be permitted if so specified in the Insurance Commissioner's order requiring the deposit pursuant to the retaliatory p…

A. The Legislature finds that: 1. Existing provisions of law and present procedures are sometimes not adequate nor appropriate under all circumstances inorder to remedy the financial condition and the management of certain insurers; 2. Present laws are not adequate for the rehabi…

As used in Article 18 of the Insurance Code, the following words and terms set forth below shall have the meanings ascribed to them unless the context otherwise indicates: 1. "Commissioner" means the Insurance Commissioner of this state; 2. "Insurer" is a person, organization, as…

A. The Insurance Commissioner shall, if there is substantial reason to believe that any insurer is insolvent, or if any insurer's condition is such as to render the continuance of its business hazardous to the public or to holders of its policies or certificates of insurance, or …

requirements. A. During any period of supervision, the Commissioner may appoint a supervisor for such insurer and provide that the insurer may not do any of the following things without the prior approval of the Commissioner or his supervisor: 1. Dispose, convey or encumber any o…

A. If, after notice and hearing, at the conclusion of the 90- day period the Commissioner determines that the insurer has failed to comply with his lawful requirements, or upon consent of the insurer, he may appoint a conservator, who shall immediately: 1. Take charge of such ins…

A. The Insurance Commissioner is hereby prohibited from appointing as supervisor or conservator during any period of supervision or conservatorship: 1. Any current or former officer, director, or employee of the insurer; and 2. Any person who is related to the Commissioner within…

A. In the event that the Commissioner makes any of the findings provided for in Section 3 of this act concerning any foreign or alien insurer or finds that any such insurer is not possessed of the minimum surplus or capital required by the Insurance Code of this state for similar…

During the period of supervision or conservatorship, the insurer may request the Commissioner to review an action taken or proposed to be taken by the supervisor or conservator, specifying wherein the action complained of is believed not to be in the best interest of the insurer,…

A. Except for causes of action based upon terms of any insurance policy issued by an insurer placed in conservatorship, any action filed against such insurer or its conservator during such conservatorship shall be filed in district court of Oklahoma County, Oklahoma. B. The conse…

A conservator shall serve for such time as is necessary to accomplish the purposes of conservatorship under this act. If rehabilitated, the insurer shall be returned to the management or new management under such conditions as determined by the Commissioner. Laws 1975, c. 316, § …

If the Commissioner decides to proceed under this act, the sequence of steps and proceedings shall be as set forth herein. In regard to insurer delinquencies or suspected delinquencies, however, the Commissioner may proceed and administer either under this act or under any other …

36 O.S. § 1812 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

For the purpose of Article 19 of the Oklahoma Insurance Code: 1. "Impairment" or "insolvency" means the capital of a stock insurer, or limited stock life, accident and health insurer, the net assets of a Lloyds association, or the surplus of a mutual or reciprocal insurer, shall …

Venue - Appeal. A. The district court is vested with exclusive original jurisdiction of delinquency proceedings pursuant to the provisions of this article, and is authorized to make all necessary and proper orders to carry out the purposes of this article. B. Except as to claims …

The Insurance Commissioner shall commence any such proceeding, his attorney or the Attorney General representing him, by an application to the court for an order directing the insurer to show cause why the Insurance Commissioner should not have the relief prayed for. On the retur…

A. Upon application by the Insurance Commissioner for such an order to show cause, or at any time thereafter, the court may without notice issue an injunction restraining the insurer, its officers, directors, stockholders, members, subscribers, agents and all other persons for th…

The Insurance Commissioner may apply to the court for an order appointing the Commissioner as receiver of and directing the Commissioner to rehabilitate a domestic insurer upon one or more of the following grounds. That the insurer: 1. Is impaired or insolvent. 2. Is in a conditi…

The Insurance Commissioner may apply to the court for an order appointing the Commissioner as receiver (if the appointment of the Commissioner as receiver shall not be then in effect) and directing the Commissioner to liquidate the business of a domestic insurer, foreign or of th…

The Insurance Commissioner may apply to the court for an order appointing him as receiver or ancillary receiver, and directing him to conserve the assets within this state of a foreign insurer upon any of the following grounds: 1. Upon any of the grounds specified in sections 180…

The Insurance Commissioner may apply to the court for an order appointing him as receiver or ancillary receiver, and directing him to conserve the assets within this state of any alien insurer upon any of the following grounds: 1. Upon any of the grounds specified in sections 180…