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§ 2031. Commissioner--Powers and duties

Oklahoma Statutes AnnotatedTitle 36. Insurance

Oklahoma Statutes Annotated
Title 36. Insurance (Refs & Annos)
Chapter 1. Insurance Code (Refs & Annos)
Article 20b. Life and Health Insurance Guaranty Association Act
36 Okl.St.Ann. § 2031
§ 2031. Commissioner--Powers and duties
Currentness
A. In addition to the duties and powers enumerated elsewhere in this act,1 the Commissioner shall:
1. Upon request of the Board, provide the Association with a statement of the premiums in the appropriate states for each member insurer;
2. When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute notice to its shareholders, if any. The failure of the insurer to promptly comply with such demand shall not excuse the Association from the performance of its powers and duties under this act.
If a foreign or alien member insurer is subject to a liquidation proceeding in its domiciliary jurisdiction or state of entry, the Commissioner shall be appointed conservator or shall be permitted to initiate an ancillary receivership.
B. The Commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance business in this state of any member insurer which fails to pay an assessment when due or fails to comply with the procedural rules. As an alternative, the Commissioner may levy a forfeiture on any member insurer which fails to pay an assessment when due. Such forfeiture shall not exceed five percent (5%) of the unpaid assessment per month, but no forfeiture shall be less than One Hundred Dollars ($100.00) per month.
C. Any action of the Board or the Association may be appealed to the Commissioner by any member insurer if such appeal is taken within thirty (30) days of the action of the Board or Association. Any final action or order of the Commissioner shall be subject to judicial review in a court of competent jurisdiction.

Credits

Laws 1981, c. 133, § 11; Laws 1987, c. 175, § 20, eff. Nov. 1, 1987.

Footnotes

1
Title 36, 2021 et seq.
36 Okl. St. Ann. § 2031, OK ST T. 36 § 2031
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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