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§ 1530. Provisions of act supplemental--Promulgation of rules--Exemptions from act

Oklahoma Statutes AnnotatedTitle 36. Insurance

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 1. Insurance Code (Refs & Annos)
Article 15a. Risk-Based Capital for Insurers Act
36 Okl.St.Ann. § 1530
§ 1530. Provisions of act supplemental--Promulgation of rules--Exemptions from act
A. The provisions of this act1 are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the Insurance Commissioner under such laws, including, but not limited to, Article 18 or 19 of the Insurance Code.2
B. The Commissioner may promulgate reasonable rules necessary for the implementation of this act.
C. The Commissioner may exempt from the application of this act in any year any domestic insurer which:
1. Writes direct business only in this state; and
2. Assumes no reinsurance in excess of five percent (5%) of direct premium written.
D. Insurers domiciled in this state that are issuing policies of medical professional liability insurance to physicians, allied health care professionals and health care institutions as defined by Section 2202 of this title on July 1, 2004, which notify the Commissioner in writing of the insurer's election to utilize the moratorium provided in Section 1509 of this title shall be exempt from the provisions of this title which require an insurer to maintain an adequate surplus as regards policyholders as a condition to obtaining or renewal of a license to act as an insurer, until December 31, 2008. The Commissioner shall not enforce any recapitalization plan against any insurer domiciled in this state that is issuing policies of physicians', allied health care professionals' and health care institutions' professional liability insurance until December 31, 2008.

Credits

Laws 1997, c. 229, § 11, eff. July 1, 1997; Laws 2004, c. 368, § 57, eff. July 1, 2004; Laws 2005, c. 44, § 2, eff. Nov. 1, 2005.

Footnotes

Title 36, § 1521 et seq.
Title 36, § 1801 et seq. and Title 36, § 1901 et seq.
36 Okl. St. Ann. § 1530, OK ST T. 36 § 1530
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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