§ 2008. Plan of operation and amendments
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: May 12, 2021
Effective: May 12, 2021
36 Okl.St.Ann. § 2008
§ 2008. Plan of operation and amendments
A. The Oklahoma Property and Casualty Insurance Guaranty Association shall submit to the Commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the Association. The plan of operation and any amendments thereto shall become effective upon approval in writing by the Commissioner.
B. If the Association fails to submit a suitable plan of operation within ninety (90) days following June 27, 1980, or if at any time thereafter the Association fails to submit suitable amendments to the plan, the Commissioner shall, after notice and hearing, adopt and promulgate reasonable rules as are necessary or advisable to effectuate the provisions of Section 2001 et seq. of this title. Any rules promulgated shall continue in force until modified by the Commissioner or superseded by a plan submitted by the Association and approved by the Commissioner. All member insurers shall comply with the plan of operation.
D. The plan of operation may provide that any or all powers and duties of the Association, except those under paragraph 3 of subsection A and paragraph 2 of subsection B of Section 2007 of this title, are delegated to a corporation, association or other organization which performs or will perform functions similar to those of this Association, or its equivalent. The corporation, association or organization shall be reimbursed as a servicing facility would be reimbursed and shall be paid for its performance of any other functions of the Association. A delegation under this subsection shall take effect only with the approval of both the board of directors and the Commissioner, and may be made only to a corporation, association or organization which extends protection not substantially less favorable and effective than that provided by Section 2001 et seq. of this title.
Credits
Laws 1980, c. 362, § 8, emerg. eff. June 27, 1980; Laws 1986, c. 251, § 32, emerg. eff. June 13, 1986; Laws 2010, c. 159, § 7, eff. Nov. 1, 2010; Laws 2021, c. 478, § 16, emerg. eff. May 12, 2021.
36 Okl. St. Ann. § 2008, OK ST T. 36 § 2008
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |