Title 36 — Title 36 — Insurance

decrease. Any member insurer who has paid an assessment pursuant to the Oklahoma Property and Casualty Insurance Guaranty Association Act shall include amounts sufficient to recoup a sum equal to the amounts paid to the Oklahoma Property and Casualty Insurance Guaranty Associatio…

There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agent or employees, the Association, its directors, employees or agents, for any action taken by them in the performance of their powers and duties under …

All proceedings in which the insolvent insurer, its policyholder, or the Oklahoma Property and Casualty Insurance Guaranty Association is a party in any court in this state shall be stayed six (6) months and additional time may be determined by the court from the date when insolv…

coordination and cooperation with receivers - Uniform Data Standards. A. The Oklahoma Property and Casualty Insurance Guaranty Association may join one or more organizations of other state associations of similar purposes, to further the purposes and administer the powers and dut…

Procedures. A. For purposes of this section, "high net worth insured" means any insured whose net worth exceeds Fifty Million Dollars ($50,000,000.00) on December 31 of the year prior to the year in which the insurer becomes an insolvent insurer; provided that the net worth of an…

prohibited. No person, including an insurer, insurance producer, or affiliate of an insurer, shall publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be published, disseminated, circulated or placed before the public, in any newspape…

A. Except as provided in subsection B of this section, records created, held by, or pertaining to the Oklahoma Property and Casualty Insurance Guaranty Association are not public records under the Oklahoma Open Records Act, are confidential, and are not subject to inspection or d…

This act shall be known and may be cited as the Oklahoma Life and Health Insurance Guaranty Association Act. Laws 1981, c. 133, § 1.

A. The purpose of the Oklahoma Life and Health Insurance Guaranty Association Act is to protect, subject to certain limitations, the persons specified in subsection A of Section 2025 of this title, against failure in the performance of contractual obligations, under life, health,…

A. There is created a nonprofit legal entity to be known as the Oklahoma Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the Association as a condition of their authority to transact insurance or health maintenance organization b…

As used in the Oklahoma Life and Health Insurance Guaranty Association Act: 1. "Account" means one of the three accounts created under Section 2023 of this title; 2. "Association" means the Oklahoma Life and Health Insurance Guaranty Association created in Section 2023 of this ti…

Act - Coverage - Liability. A. For the policies and contracts specified in subsection B of this section, the Oklahoma Life and Health Insurance Guaranty Association Act shall provide coverage: 1. a. To persons, who regardless of where they reside, except for nonresident certifica…

Approval - Compensation. A. The Board of Directors of the Oklahoma Life and Health Insurance Guaranty Association shall consist of not less than seven (7) nor more than eleven (11) member insurers serving terms as established in the procedural rules of the Association. A majority…

A. 1. The Oklahoma Life and Health Insurance Guaranty Association shall submit to the Insurance Commissioner procedural rules and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the Association. The procedural rules and …

A. If a member insurer is an impaired insurer, the Oklahoma Life and Health Insurance Guaranty Association may, in its discretion, and subject to any conditions imposed by the Association that do not impair the contractual obligations of the impaired insurer and that are approved…

36 O.S. § 2029 Repealed by Laws 2010, c. 145, § 8, eff. Nov. 1, 2010

A. For the purpose of providing the funds necessary to carry out the powers and duties of the Oklahoma Life and Health Insurance Guaranty Association, the Board of Directors of the Oklahoma Life and Health Insurance Guaranty Association shall assess the member insurers, separatel…

A. In addition to the duties and powers enumerated elsewhere in this act, the Commissioner shall: 1. Upon request of the Board, provide the Association with a statement of the premiums in the appropriate states for each member insurer; 2. When an impairment is declared and the am…

A. To aid in the detection and prevention of member insurer insolvencies, it shall be the duty of the Insurance Commissioner: 1. To notify the commissioners of all of the other states, territories of the United States and the District of Columbia within thirty (30) days following…

36 O.S. § 2033 Repealed by Laws 2010, c. 145, § 8, eff. Nov. 1, 2010

Nothing in this act shall be construed to reduce the liability for unpaid assessments of the insureds on an impaired or insolvent insurer operating under a plan with assessment liability. Laws 1981, c. 133, § 14.

Records shall be kept of all negotiations and meetings in which the Association or its representatives are involved, to discuss the activities of the Association in carrying out its powers and duties under Sections 8 and 9 of this act. Records of such negotiations or meetings sha…

creditor - Payment of policies and contractual obligations. A. For the purpose of carrying out its obligations under the Oklahoma Life and Health Insurance Guaranty Association Act, the Oklahoma Life and Health Insurance Guaranty Association shall be deemed to be a creditor of th…

insurer. A. Prior to the termination of any liquidation, rehabilitation, receivership orconservatorship proceeding, the court may take into consideration the contributions of the respective parties, including the Association, the shareholders and the policyowners of the insolvent…

A. If an order for liquidation or rehabilitation of a member insurer domiciled in this state has been entered, the receiver appointed under such order shall have a right to recover on behalf of the member insurer, from any affiliate that controlled it, the amount of distributions…

The Association shall be subject to examination and regulation by the Commissioner. The Board shall submit to the Commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner and a report of its activit…

The Association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property. Laws 1981, c. 133, § 20.

There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the Association or its agents or employees, members of the Board, or the Commissioner or his representatives, for any action or omiss…

All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the Oklahoma Life and Health Insuranc…

summary document - Disclaimer - Notice of noncoverage. A. No person, including a member insurer, agent or affiliate of a member insurer, shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly to be made, published, disseminated, ci…

None of the amendatory provisions contained herein shall apply to any member insurer that is impaired or insolvent on the date such amendments become effective. Added by Laws 2010, c. 145, § 7, eff. Nov. 1, 2010.

A. This article shall apply to domestic stock insurers and domestic mutual insurers only except that it shall not apply to farmers' mutual fire insurance associations organized under Article 28 of this Code, to any association organized under the supervision or by authority of an…

A "stock" insurer is an incorporated insurer with capital divided into shares and owned by its shareholders. Laws 1957, p. 304, § 2102.

A "mutual" insurer is an incorporated insurer without capital stock or shares, and is owned by its policyholders. Laws 1957, p. 304, § 2103.

No such name shall be adopted by such corporation which is so similar to any name already in use by any such existing corporation, company or association, organized or doing business in this state, as to be confusing or misleading. Laws 1957, p. 304, § 2104.

A. This section applies to stock and mutual insurers hereafter incorporated in Oklahoma. B. Five or more individuals of age of twenty-one (21) years or more may incorporate a stock insurer; ten or more such individuals may incorporate a mutual insurer. Not less than two-thirds (2…

Every corporation organized under the provisions of this act may, in its corporate name, sue and be sued; and shall have power to make contracts of insurance, indemnity or suretyship with any person, government or governmental agency, state or political subdivision thereof, publi…

A. The articles of incorporation shall be filed in the office of the Secretary of State, and certified copies thereof shall be filed with the Insurance Commissioner. Articles of incorporation shall be approved by the Insurance Commissioner before they are filed in the office of t…

A. The articles of incorporation of a stock insurer increasing or reducing authorized capital or for other purposes may be amended in accordance with the general laws of Oklahoma applying to corporations formed for profit. No amendment shall reduce authorized capital below the am…

insurers. A. Upon issuance of its certificate of incorporation as provided in subsection B of Section 2107 of this article, the directors and officers of a domestic mutual corporation formed for the purpose of becoming a mutual insurer may open books for the registration of such …

of policies. A. All sums collected by a domestic mutual corporation as premiums and fees on qualifying applications for insurance therein shall be deposited in trust in an Oklahoma bank or trust company under a written agreement consistent with this section and with paragraph 3 o…

When newly organized, a domestic mutual insurer may be authorized to transact any one or more kinds of insurance other than title insurance. When applying for an original certificate of authority as an insurer, a domestic mutual insurer must be otherwise qualified therefor under …

A domestic mutual insurer after being authorized to transact one kind of insurance shall be authorized by the Insurance Commissioner to transact such additional kinds of insurance as are authorized under Section 609 of Article 6 and upon otherwise qualifying therefor and depositi…

A. The initial board of directors of a domestic mutual insurer shall adopt original bylaws for the government of the corporation and conduct of its business. Such bylaws shall be subject to the approval of the insurer's members at the next succeeding annual meeting of members, an…

A domestic mutual insurer may in its bylaws adopt a reasonable provision for determining a quorum of members at any meeting thereof, but no provisions recognizing a quorum of fewer than a simple majority of all the insurer's members present either in person or by proxy shall be e…

A. Each holder of one or more insurance policies or contracts issued by a domestic mutual insurer, other than a contract or reinsurance, is a member of the insurer with all the rights and obligations of such membership, and each such policy or contract so issued shall so specify.…

With respect to the management, records, and affairs of the insurer, a member of a domestic mutual insurer shall have the same character of rights and relationship as a stockholder has toward a domestic stock insurer. Laws 1957, p. 308, § 2116.

A. While it maintains on deposit with the State Treasurer through the Insurance Commissioner surplus funds in amount not less than the paid-in capital required of a domestic stock insurer transacting like kinds of insurance, a domestic mutual insurer may extinguish the contingent…

A. The Insurance Commissioner shall revoke the authority of a domestic mutual insurer to issue policies if at any time the insurer's assets are less than the sum of its liabilities and the surplus required for such authority, or if the insurer, by resolution of its board of direc…

A. If so provided in its articles of incorporation, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating or nonpartic…