§ 2032. Detection and prevention of insurer insolvencies
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2019
Effective: November 1, 2019
36 Okl.St.Ann. § 2032
§ 2032. Detection and prevention of insurer insolvencies
c. makes a formal order that the member insurer restrict its premium writing, obtain additional contributions to surplus, withdraw from the state, reinsure all or any part of its business, or increase capital, surplus or any other account for the security of policy owners, contract owners, certificate owners or creditors;
2. To report to the board of directors when the Commissioner has taken any of the actions set forth in paragraph 1 of this subsection or has received a report from any other commissioner of other states indicating that any action has been taken in another state. The report to the board of directors shall contain all significant details of the action taken or the report received from a commissioner from another state;
4. To furnish to the board of directors the National Association of Insurance Commissioners (NAIC) Insurance Regulatory Information System (IRIS) ratios and listings of companies not included in the ratios developed by the NAIC, and the board may use the information contained therein in carrying out its duties and responsibilities under this section. The report and the information contained therein shall be kept confidential by the board of directors until a time as made public by the Commissioner or other lawful authority.
B. The Commissioner may seek the advice and recommendations of the board of directors of the Oklahoma Life and Health Insurance Guaranty Association concerning any matter affecting the duties and responsibilities of the Commissioner regarding the financial condition of member insurers and health maintenance organizations seeking admission to transact business in this state.
C. The board of directors may, upon majority vote, make reports and recommendations to the Commissioner upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer or germane to the solvency of any member insurer or health maintenance organization seeking to do business in this state. The reports and recommendations shall not be considered public documents.
Credits
Laws 1981, c. 133, § 12; Laws 2010, c. 145, § 4, eff. Nov. 1, 2010; Laws 2019, c. 384, § 9, eff. Nov. 1, 2019.
36 Okl. St. Ann. § 2032, OK ST T. 36 § 2032
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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