Home Table of Contents

§ 6456. Membership in or participation in insurance insolvency guaranty fund prohibited--Purcha...

Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2021

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 2. Miscellaneous Provisions
Oklahoma Risk Retention Act
Effective: November 1, 2021
36 Okl.St.Ann. § 6456
§ 6456. Membership in or participation in insurance insolvency guaranty fund prohibited--Purchasing group coverage--Risks not covered
Currentness
A. No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by a risk retention group.
B. When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident is located, shall be covered by any insurance guaranty fund or similar mechanism in this state.
C. When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state may be covered by the Oklahoma Property and Casualty Insurance Guaranty Association.

Credits

Laws 1987, c. 157, § 6, emerg. eff. June 25, 1987; Laws 2004, c. 334, § 3, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 5, eff. Nov. 1, 2021.
36 Okl. St. Ann. § 6456, OK ST T. 36 § 6456
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document