reglab/housing_qa huggingface dataset:
36 OK Stat § 36-1537 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1537. Discretion of insurer or insurance group over responses.

|A. The insurer or insurance group shall have discretion over the responses to the Corporate Governance Annual Disclosure (CGAD) inquiries, provided the CGAD shall contain the material information necessary to permit the Insurance Commissioner to gain an understanding of the insurer's or group's corporate governance structure, policies, and practices. The Commissioner may request additional information that he or she deems material and necessary to provide a clear understanding of the corporate governance policies, the reporting or information system or controls implementing those policies. |B. Notwithstanding subsection A of this section, the CGAD shall be prepared consistent with any regulation created to support this act. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Commissioner.Added by Laws 2019, c. 345, § 4, eff. Nov. 1, 2019.
36 OK Stat § 36-1540 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1540. Failure to timely file.

|Any insurer failing, without just cause, to timely file the Corporate Governance Annual Disclosure (CGAD) as required in this act shall be required, after notice and hearing, to pay a penalty of One Hundred Dollars ($100.00) for each day's delay, to be recovered by the Insurance Commissioner and the penalty so recovered shall be paid into the General Revenue Fund of this state. The maximum penalty under this section is Ten Thousand Dollars ($10,000.00). The Commissioner may reduce the penalty if the insurer demonstrates to the Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. |Added by Laws 2019, c. 345, § 7, eff. Nov. 1, 2019.
36 OK Stat § 36-1541 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1541. Promulgation of rules.

|The Insurance Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules and orders as shall be necessary to carry out the provisions of this act. |Added by Laws 2019, c. 345, § 8, eff. Nov. 1, 2019.
36 OK Stat § 36-1601 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1601. Scope of article.

|Except as to Sections 1624 and 1625 and subdivision A of Section 1606 hereof, this article applies to domestic insurers only. This article shall apply to domestic title insurers except as provided in Article 50 (Title Insurers). |Laws 1957, p. 285, § 1601.
36 OK Stat § 36-1602 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1602. Eligible investments.

|A. Insurers shall invest in or loan their funds on the security of, and shall hold as assets, only eligible investments as prescribed in this article. |B. Any particular investment held by an insurer on the effective date of this Code or any amendment hereto, and which was a legal investment at the time it was made, and which the insurer was legally entitled to possess immediately prior to such effective date, shall be deemed to be an eligible investment.C. The eligibility of an investment shall be determined as of the date of its making or acquisition.D. Any investment limitation based upon the amount of the insurer's assets or particular funds shall relate to assets or funds as shown by the insurer's annual statement as of December 31 last preceding date of investment, or as shown by a current financial statement on file with the Commissioner.Laws 1957, p. 285, § 1602; Laws 1965, c. 123, § 1; Laws 1967, c. 242, § 2, emerg. eff. May 5, 1967.
36 OK Stat § 36-1603 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1603. Qualification of securities or property as eligible investments.

|A. No security or investment (other than property or shares acquired pursuant to Sections 1612, 1616 or 1624 of this article) shall be eligible for acquisition unless it is interest bearing or interest accruing or dividend or income paying, is not then in default in any respect, and the insurer is entitled to receive for its exclusive account and benefit the interest or income accruing thereon. Defaults in interest or income occurring subsequent to acquisition of an investment shall not affect allowance thereof as an asset. |B. No security or investment shall be eligible for purchase at a price above its market value.C. No provision of this article shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets, or if acquired pursuant to a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired through bulk reinsurance, merger, or consolidation, which is not otherwise eligible under this article, shall be disposed of pursuant to Section 1625 of this article.Laws 1957, p. 286, § 1603; Laws 1965, c. 123, § 2.
36 OK Stat § 36-1604 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1604. Approval of investment.

|No investment or loan shall be made by an insurer unless the same has been authorized or approved by the insurer's board of directors or by a committee or corporate officer authorized thereby and charged with the duty of supervising or making such investment or loan. The minutes of any such committee shall be recorded and regular reports of such committee shall be submitted to the board of directors. This section does not apply to loans made by a life insurer on policies or annuity contracts. |Laws 1957, p. 286, § 1604; Laws 1965, c. 123, § 3.
36 OK Stat § 36-1605 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1605. Investments in any one person.

|An insurer shall not, except with the consent of the Insurance Commissioner, have at any one time any combination of checking account moneys, investments in or loans upon the security of the obligations, property, or securities of any one person, institution, corporation, or municipal corporation, aggregating an amount exceeding ten percent (10%) of the insurer's admitted assets. This restriction shall not apply to investments in or loans upon the security of general obligations of the United States or any state of the United States or include policy loans made under Section 1619 of this title, or investments made under Section 1616 of this title. |Added by Laws 1957, p. 286, § 1605, operative July 1, 1957. Amended by Laws 1965, c. 123, § 4; Laws 1967, c. 242, § 3, emerg. eff. May 5, 1967; Laws 1984, c. 149, § 6, eff. Nov. 1, 1984; Laws 2018, c. 95, § 5, eff. Nov. 1, 2018.
36 OK Stat § 36-1606 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1606. Required capital investments.

|After the effective date of this act, until an insurer authorized to transact business shall have assets of One Million Dollars ($1,000,000.00) or in the case of insurers authorized to transact business prior to the effective date of this act shall have assets in an amount equal to three (3) times the minimum paid-in capital that was required of a like domestic stock insurer on January 1, 1979, it shall invest and maintain its funds only in cash and the securities described in the following sections of this article: Section 1607 (Securities of or guaranteed by the United States); Section 1608 (State and Canadian public obligations); Section 1609 (County, municipal and district obligations); Section 1610 (Public improvement bonds); and Section 1620 (Deposits: Banks, Savings and Loan). |Laws 1957, p. 286, § 1606; Laws 1959, p. 292, § 8; Laws 1965, c. 123, § 5; Laws 1967, c. 242, § 4, emerg. eff. May 5, 1967; Laws 1980, c. 185, § 8, eff. Oct. 1, 1980.
36 OK Stat § 36-1607 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1607. United States government obligations.

|An insurer may invest any of its funds in: |1. Bonds or other evidences of indebtedness of the United States of America or of any of its agencies or instrumentalities when such obligations are guaranteed as to principal and interest by the United States of America or any agency or instrumentality thereof.2. Bonds or other evidences of indebtedness which are guaranteed as to principal and interest by the United States of America or by any agency or instrumentality of the United States of America.3. Bonds, debentures or other securities of the following agencies of the government of the United States, whether or not such obligations are quaranteed by such government:(a) Commodity credit corporation.(b) Federal national mortgage association and stock thereof when acquired in connection with sale of mortgage loans to such association.(c) Federal land banks, issued under provisions of the Act of Congress entitled the "Federal Farm Loan Act" and approved July 17, 1916, and any acts amendatory or supplementary to that Act.(d) Any federal home loan bank, issued under provisions of the Act of Congress entitled "Federal Home Loan Bank Act" and approved July 22, 1932.(e) The Home Owners' Loan Corporation, created by the Act of Congress entitled "Home Owners' Loan Act of 1933" and approved June 13, 1933.(f) Federal intermediate credit banks, created by the Act of Congress entitled "Agricultural Credits Act of March 4, 1923."(g) Central bank for cooperatives and regional banks for cooperatives organized under the Farm Credit Act of 1933, or by any of such banks.(h) Any other similar agency of the government of the United States and of similar financial quality.Laws 1957, p. 287, § 1607; Laws 1965, c. 123, § 6.
36 OK Stat § 36-1608 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1608. State, district or Canadian obligations.

|An insurer may invest in bonds, notes, warrants and other securities not in default which are the direct obligations of any state of the United States or of the District of Columbia, or of the government of Canada or any province thereof, or for which the full faith and credit of such state, district, government or province has been pledged for the payment of principal and interest. Bonds, notes, warrants and other securities classified as revenue, prerefunded or declining balances are not considered acceptable investments for this purpose. |Added by Laws 1957, p. 287, § 1608, operative July 1, 1957. Amended by Laws 1965, c. 123, § 7; Laws 2012, c. 44, § 6, eff. Nov. 1, 2012.
36 OK Stat § 36-1609 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1609. County, district, city, school district or Canadian obligations.

|An insurer may invest in bonds, notes, warrants and other securities not in default of any county, district, incorporated city, or school district in any state of the United States, or the District of Columbia, or in any province of Canada, which are the direct obligations of such county, district, city or school district and for payment of the principal and interest of which the county, district, city, or school district has lawful authority to levy taxes or make assessments. Bonds, notes, warrants and other securities classified as revenue, prerefunded or declining balances are not considered acceptable investments for this purpose. |Added by Laws 1957, p. 287, § 1609, operative July 1, 1957. Amended by Laws 1965, c. 123, § 8; Laws 2012, c. 44, § 7, eff. Nov. 1, 2012.
36 OK Stat § 36-1610 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1610. Public structure or improvement obligations.

|An insurer may invest in bonds, notes, certificates of indebtedness, warrants, or other evidences of indebtedness, which are payable from revenues or earnings specifically pledged therefor of any public structure or improvement owned by any state, incorporated city, or legally-constituted public corporation or commission or trust, all within the United States, for the payment of the principal and interest if no default on the part of the issuer in payment of principal or interest has occurred on any of its bonds, notes, warrants, or other securities within five (5) years prior to the date of investment therein, or, if such obligations were issued less than five (5) years prior to the date of investment, no default in payment of principal or interest has occurred on the obligations to be purchased or on any other obligation of the issuer within five (5) years of such investment. |Laws 1957, p. 287, § 1610; Laws 1965, c. 123, § 9.
36 OK Stat § 36-1611 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1611. Obligations payable from public utility revenues.

|An insurer may invest in the bonds, notes, certificates of indebtedness, warrants, or other evidences of indebtedness which are valid obligations issued, assumed, or guaranteed by the United States or any state thereof or by any county, municipal corporation, district, or political subdivision or civil division or public instrumentality of any such government or unit thereof, if by statute or other legal requirements such obligations are payable as to both principal and interest from revenues or earnings from the whole or any part of any utility supplying water, gas, sewage disposal facility or electricity or any other public service. |Laws 1957, p. 287, § 1611; Laws 1965, c. 123, § 10.
36 OK Stat § 36-1613 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1613. Acceptances and bill of exchange.

|An insurer may invest in bank and bankers' acceptances and other bills of exchange of the kind and maturity made eligible pursuant to law for purchase in the open market by federal reserve banks. |Laws 1957, p. 287, § 1613.
36 OK Stat § 36-1614 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1614. Corporate obligations.

|A. An insurer may invest in bonds, debentures, notes and other evidences of indebtedness issued, assumed or guaranteed by any solvent institutions created or existing under the laws of the United States or of any state, district or territory thereof, which are not in default as to principal or interest. |B. An insurer may invest in fixed interest bearing obligations, other than those described in subsection A of this section, of such institutions if not in default.Laws 1957, p. 288, § 1614; Laws 1965, c. 123, § 12.
36 OK Stat § 36-1615 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1615. Preferred or guaranteed stock.

|An insurer may invest in preferred or guaranteed stocks or shares of any solvent institution created or existing under the laws of the United States or of any state, district or territory thereof, if such stock and all of the prior obligations and prior preferred stocks, if any, of such institution at the date of acquisition by such insurer are not then in default. |Laws 1957, p. 288, § 1615; Laws 1965, c. 123, § 13.
36 OK Stat § 36-1616 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1616. Limitations on investments in corporate securities.

|A. Except with the consent of the Insurance Commissioner, no domestic life insurer shall, in addition to other investments permitted by this article, invest an amount equal in the aggregate to more than ten percent (10%) of its assets, or in the case of a domestic nonlife insurer, an amount equal in the aggregate to more than twenty percent (20%) of its assets in the shares of solvent corporations created or existing under the laws of the United States or of any state. Investing in the shares of mutual funds that invest only in bonds or preferred stocks shall be considered as investing in bonds or preferred stocks, and investing in mutual funds that invest in common stocks shall be considered as investing in common stocks. However, investments in the shares of subsidiaries or companion insurance companies shall be governed by Section 1652 of this title and this subsection shall not apply to investments by domestic insurers in the shares of insurance subsidiaries. |B. For the purpose of determining the investment limitation imposed by this article, the insurer shall value securities purchased pursuant to the provisions of this article at the cost of the security or at the market value of the security, whichever is lower.Added by Laws 1957, p. 288, § 1616, operative July 1, 1957. Amended by Laws 1959, p. 136, § 1, emerg. eff. April 15, 1959; Laws 1965, c. 123, § 14; Laws 1967, c. 242, § 5, emerg. eff. May 5, 1967; Laws 1975, c. 14, § 1; Laws 2005, c. 129, § 12, eff. Nov. 1, 2005; Laws 2005, c. 425, § 2, eff. Nov. 1, 2005; Laws 2007, c. 125, § 17, eff. July 1, 2007.
36 OK Stat § 36-1617 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1617. Equipment trust certificates.

|An insurer may invest in equipment trust obligations or certificates which in the opinion of the Insurance Commissioner are adequately secured, or other instruments so secured and evidencing an interest in transportation equipment, wholly or in part within the United States, which carry the right to receive determined portions of rental, purchase, or other fixed obligatory payments to be made for the use or purchase of such transportation equipment. |Laws 1957, p. 289, § 1617.
36 OK Stat § 36-1618 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1618. Obligations of receivers or trustees; investments not otherwise authorized; limitations.

|A. An insurer may invest in certificates, notes or other obligations issued by trustees or receivers of any institution created or existing under the laws of the United States or of any state, district or territory thereof, which, or the assets of which, are being administered under the direction of any court having jurisdiction, if such obligation in the opinion of the Insurance Commissioner is adequately secured as to principal and interest. |B. An insurer may make loans or investments not otherwise qualifying or permitted under this article to an amount not exceeding in the aggregate five percent (5%) of the insurer's assets, and not exceeding one percent (1%) of such assets as to any one such loan or investment. But no such loan or investment shall be represented by:1. Any item described in Section 1503 of Article 15 (Assets and Liabilities), or any loan or investment otherwise specifically prohibited.2. Any loan or investment eligible under any other provision of this article.3. Any asset theretofore acquired or held by the insurer under any other category of loans or investments eligible under this article.The insurer shall keep a separate record of all loans and investments made under this subsection.Laws 1957, p. 289, § 1618.
36 OK Stat § 36-1619 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1619. Policy loans.

|A life insurer may lend to its policyholder upon pledge of the policy as collateral security a sum not exceeding the applicable cash surrender value specified in the policy. |Laws 1957, p. 289, § 1619.
36 OK Stat § 36-1620 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1620. Investment or deposit of funds.

|A. An insurer may invest or deposit any of its cash funds on deposit in checking or savings accounts, under certificates of deposit, or in solvent banks or trust companies, which are insured by the Federal Deposit Insurance Corporation. |B. An insurer may invest or deposit any of its funds in checking, share or saving accounts under certificates of deposit or time deposits in solvent savings and loan associations which are insured by the Federal Deposit Insurance Corporation.C. An insurer may invest or deposit any of its cash funds in share, share draft, under certificates of deposit or time deposits in solvent credit unions which are insured by the National Credit Union Administration.D. All certificates of deposits or other time deposit instruments shall be classified as negotiable and transferrable as required by Section 1703 of this title.Added by Laws 1957, p. 289, § 1620, operative July 1, 1957. Amended by Laws 1980, c. 362, § 20, emerg. eff. June 27, 1980; Laws 1986, c. 251, § 25, eff. Nov. 1, 1986; Laws 1987, c. 175, § 17, eff. Nov. 1, 1987; Laws 2012, c. 44, § 8, eff. Nov. 1, 2012.
36 OK Stat § 36-1621 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1621. Foreign securities.

|Provided nothing contained herein shall prevent a domestic company doing business in other states of the United States or in foreign countries from investing the funds required to meet its obligations incurred in such other states or foreign countries in the kind of securities that such companies are required by law or permitted by law to invest in that state. |Laws 1957, p. 289, § 1621.
36 OK Stat § 36-1623 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1623. Purchase money mortgages.

|An insurer may invest in purchase money mortgages or like securities, received by it upon the sale or exchange of real property theretofore owned by it. Provided, however, such investments shall be subject to the limitations of Section 1622 of this title. |Laws 1957, p. 290, § 1623.
36 OK Stat § 36-1625 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1625. Time limits for disposal of other ineligible property and securities; penalty.

|A. Any personal property or securities lawfully acquired by an insurer, which it could not otherwise have invested in or loaned its funds upon at the time of such acquisition, shall be disposed of within three (3) years from date of acquisition, unless within such period the security has attained to the standard of eligibility; the failure to make such disposition shall result in the disallowance of such property as an asset in any statement by an insurer to the Insurance Commissioner, in any published financial statement or in any examiner's report to said Commissioner; provided, however, that any security or property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period than such three (3) years if so provided in such plan for the reinsurance, merger, or consolidation as was approved by the Insurance Commissioner pursuant to this Code. The Insurance Commissioner, upon application and proof that forced sale of any such property or security would be against the best interests of the insurer, may extend the disposal period for an additional reasonable time. |B. Any real property acquired in satisfaction of debt by an insurer, which the insurer could not otherwise have invested in or loaned funds upon at the time of such acquisition, shall be disposed of within three (3) years from the date of such acquisition. The Insurance Commissioner, upon application and proof that forced sale of any such property would be against the best interests of the insurer, may extend the disposal period for an additional reasonable time.C. Any such real or personal property or security held by an insurer after expiration of the period for disposal thereof or any extension of such period granted by the Insurance Commissioner shall not be allowed as an asset of the insurer.Laws 1957, p. 291, § 1625.
36 OK Stat § 36-1626 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1626. Investments of foreign, alien insurers.

|The investments of a foreign or alien insurer shall be as permitted by the laws of its domicile but shall be of a quality substantially as high as those required under this article for similar funds of like domestic insurers. |Laws 1957, p. 291, § 1626.
36 OK Stat § 36-1627 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1627. Investments in loans secured by certain securities.

|An insurer may invest in loans with a maturity not in excess of five (5) years from the date thereof which are secured by pledge of securities eligible for investment under this chapter, or by the pledge or assignment of life insurance policies issued by other insurers authorized to transact insurance in this state. On the date made, no such loan shall exceed in amount eighty percent (80%) of the market value of the collateral pledged. |Laws 1965, c. 123, § 17.