§ 6453. Definitions
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2021
Effective: November 1, 2021
36 Okl.St.Ann. § 6453
§ 6453. Definitions
As used in the Oklahoma Risk Retention Act:
and shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability;
7. “Personal risk liability” means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities rather than from responsibilities or activities referred to in paragraph 6 of this section;
9. “Product liability” means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including but not limited to damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred;
c. which is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state, or, before January 1, 1985, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before such date, had certified to the Insurance Commissioner of at least one state that it satisfied the capitalization requirements of such state, except that any such group shall be considered to be a risk retention group only if it has been engaged in business continuously since such date and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability, as such terms were defined in the federal Product Liability Risk Retention Act of 1981,1 before the date of the enactment of the federal Liability Risk Retention Act of 1986,2
(2) reinsurance with respect to the liability of any other risk retention group, or any members of such other group engaged in businesses or activities so that the risk retention group or individual members of the group meet the requirements described in subparagraph f of this paragraph because of membership in the risk retention group that provides the reinsurance, and
Credits
Laws 1987, c. 157, § 3, emerg. eff. June 25, 1987; Laws 2004, c. 334, § 1, emerg. eff. May 25, 2004; Laws 2018, c. 95, § 10, eff. Nov. 1, 2018; Laws 2021, c. 314, § 1, eff. Nov. 1, 2021.
36 Okl. St. Ann. § 6453, OK ST T. 36 § 6453
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.
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