§ 1688. Fees--Reimbursement--Costs
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2019
Effective: November 1, 2019
36 Okl.St.Ann. § 1688
§ 1688. Fees--Reimbursement--Costs
B. In the Commissioner's discretion, in connection with the Department's participation in the proceedings undertaken pursuant to the Insurance Business Transfer Act, the applicant shall reimburse the Department for any compensation and benefits paid to the personnel of the Department for time spent engaged in the proceedings, including but not limited to examiners, actuaries, attorneys, managers and paraprofessionals.
C. The Commissioner may retain independent attorneys, appraisers, actuaries, certified public accountants, or other professionals and specialists to assist Department personnel in connection with the review required by the Insurance Business Transfer Act,1 the cost of which shall be borne by the applicant.
E. The transferring insurer and the assuming insurer shall jointly be obligated to pay any compensation, costs and expenses of the independent expert and any consultants retained by the independent expert and approved by the Department incurred in fulfilling the obligations of the independent expert under this act. Nothing in this act shall be construed to create any duty for the independent expert to any party other than the Department or the Court.
F. Failure to pay any of the requisite fees or reimbursements within thirty (30) days of demand shall be grounds for the Commissioner to request that the court dismiss the petition for approval of the Insurance Business Transfer Plan prior to the filing of an implementation order by the court or, if after the filing of an implementation order, the Commissioner may suspend or revoke the assuming insurer's certificate of authority to transact insurance business in this state.
Credits
Laws 2018, c. 232, § 8, eff. Nov. 1, 2018; Laws 2019, c. 381, § 4, eff. Nov. 1, 2019.
Footnotes
36 § 1681 et seq.
36 Okl. St. Ann. § 1688, OK ST T. 36 § 1688
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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