reglab/housing_qa huggingface dataset:
36 OK Stat § 36-2027 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2027. Procedural rules and amendments.

|A. 1. The Oklahoma Life and Health Insurance Guaranty Association shall submit to the Insurance Commissioner procedural rules and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the Association. The procedural rules and any amendments thereto shall become effective upon approval in writing by the Commissioner. |2. If the Association fails to submit suitable procedural rules within one hundred eighty (180) days following the effective date of this act or if at any time thereafter the Association fails to submit suitable amendments to the rules, the Commissioner shall, after notice and hearing, adopt and promulgate such reasonable rules as are necessary to effectuate the provisions of the Oklahoma Life and Health Insurance Guaranty Association Act. Such rules shall continue in force until modified by the Commissioner or superseded by rules submitted by the Association and approved by the Commissioner. All member insurers shall comply with the procedural rules.B. The procedural rules shall, in addition to requirements enumerated elsewhere in the Oklahoma Life and Health Insurance Guaranty Association Act:1. Establish procedures for handling the assets of the Association;2. Establish regular places and times for meeting of the Board of Directors;3. Establish procedures for records to be kept of all financial transactions of the Association, its agents, and the Board of Directors;4. Establish the procedures whereby selections for the Board of Directors will be made and submitted to the Commissioner;5. Establish any additional procedures for assessments under Section 2030 of this title; and6. Contain additional provisions necessary or proper for the execution of the powers and duties of the Association.C. The procedural rules may provide that any or all powers and duties of the Association, except those under Section 2030 of this title, are delegated to a corporation, association or other organization which performs or will perform functions similar to those of this Association, or its equivalent, in two or more states if there is a reciprocal agreement with such states to provide similar services. Such a corporation, association or organization shall be reimbursed for any payments made on behalf of the Association and shall be paid for the performance of any function of the Association. A delegation of powers or duties under this subsection shall take effect only with the approval of both the Board and the Commissioner, and may be made only to a corporation, association or organization which extends protection not substantially less favorable and effective than that provided by this act.Added by Laws 1981, c. 133, § 7. Amended by Laws 2019, c. 384, § 6, eff. Nov. 1, 2019.
36 OK Stat § 36-2031 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2031. Commissioner - Powers and duties.

|A. In addition to the duties and powers enumerated elsewhere in this act, 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.Amended by Laws 1987, c. 175, § 20, eff. Nov. 1, 1987.
36 OK Stat § 36-2034 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2034. Unpaid assessments of impaired or insolvent insurer.

|Nothing in this act shall be construed to reduce the liability for unpaid assessments of the insureds on an impaired or insolvent insurer operating under a plan with assessment liability. |Laws 1981, c. 133, § 14.
36 OK Stat § 36-2035 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2035. Records of negotiations and meetings.

|Records shall be kept of all negotiations and meetings in which the Association or its representatives are involved, to discuss the activities of the Association in carrying out its powers and duties under Sections 8 and 9 of this act. Records of such negotiations or meetings shall be made public only upon the termination of a liquidation, rehabilitation, receivership or conservatorship proceeding involving the impaired or insolvent insurer, upon the termination of the impairment or insolvency of the insurer, or upon an order of a court of competent jurisdiction. Nothing in this section shall limit the duty of the Association to render a report of its activities under Section 19 of this act. |Laws 1981, c. 133, § 15.
36 OK Stat § 36-2036 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2036. Assets of impaired or insolvent insurer - Association as creditor - Payment of policies and contractual obligations.

|A. For the purpose of carrying out its obligations under the Oklahoma Life and Health Insurance Guaranty Association Act, the Oklahoma Life and Health Insurance Guaranty Association shall be deemed to be a creditor of the impaired or insolvent insurer to the extent of assets attributable to covered policies reduced by any amounts to which the Association is entitled as subrogee pursuant to subsection K of Section 2028 of this title. Assets of the impaired or insolvent insurer attributable to covered policies shall be used to continue all covered policies and pay all contractual obligations of the impaired or insolvent insurer as required by the Oklahoma Life and Health Insurance Guaranty Association Act. Assets attributable to covered policies or contracts, as used in this subsection, are that proportion of the assets that the reserves which should have been established for such policies or contracts bear to the reserves which should have been established for all policies of insurance or health benefit plans written by the impaired or insolvent insurer. |B. As a creditor of the impaired or insolvent insurer as established in subsection A of this section and consistent with Section 1927.1 of this title, the Association and other similar associations shall be entitled to receive a disbursement of assets out of the marshaled assets, from time to time as the assets become available to reimburse it, as a credit against contractual obligations under this act. If the liquidator has not, within one hundred twenty (120) days of a final determination of insolvency of a member insurer by the receivership court, made an application to the court for the approval of a proposal to disburse assets out of marshaled assets to guaranty associations having obligations because of the insolvency, then the Association shall be entitled to make application to the receivership court for approval of its own proposal to disburse these assets.Added by Laws 1981, c. 133, § 16. Amended by Laws 2010, c. 145, § 5, eff. Nov. 1, 2010; Laws 2019, c. 384, § 10, eff. Nov. 1, 2019.
36 OK Stat § 36-2037 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2037. Distribution of ownership rights of impaired or insolvent insurer.

|A. Prior to the termination of any liquidation, rehabilitation, receivership orconservatorship proceeding, the court may take into consideration the contributions of the respective parties, including the Association, the shareholders and the policyowners of the insolvent insurer, and any other party with a bona fide interest, in making an equitable distribution of the ownership rights of such insolvent insurer. In such a determination, consideration shall be given to the welfare of the policyholders of the continuing or successor insurer. |B. No distribution to stockholders, if any, of an impaired or insolvent insurer shall be made until and unless the total valid claims of the Association for funds expended in carrying out its powers and duties under Section 8 of this act with respect to such insurer have been fully recovered by the Association.Laws 1981, c. 133, § 17.
36 OK Stat § 36-2038 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2038. Recovery of distribution of insurer - Limitations.

|A. If an order for liquidation or rehabilitation of a member insurer domiciled in this state has been entered, the receiver appointed under such order shall have a right to recover on behalf of the member insurer, from any affiliate that controlled it, the amount of distributions, other than stock dividends paid by the member insurer on its capital stock, made at any time during the five (5) years preceding the petition for liquidation or rehabilitation subject to the limitations of subsections B through D of this section. |B. No such dividend shall be recoverable if the member insurer shows that when paid the distribution was lawful and reasonable, and that the member insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the member insurer to fulfill its contractual obligations.C. Any person who was an affiliate that controlled the member insurer at the time the distributions were paid shall be liable up to the amount of distributions he received. Any person who was an affiliate that controlled the member insurer at the time the distributions were declared shall be liable up to the amount of distributions he would have received if they have been paid immediately. If two persons are liable with respect to the same distributions, they shall be jointly and severally liable.D. The maximum amount recoverable under this subsection shall be the amount needed in excess of all other available assets of the insolvent insurer to pay the contractual obligations of the insolvent insurer.E. If any person liable under subsection C of this section is insolvent, all its affiliates that controlled it at the time the dividend was paid shall be jointly and severally liable for any resulting deficiency in the amount recovered from the insolvent affiliate.Added by Laws 1981, c. 133, § 18. Amended by Laws 2019, c. 384, § 11, eff. Nov. 1, 2019.
36 OK Stat § 36-2039 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2039. Examination and regulation of Association - Reports.

|The Association shall be subject to examination and regulation by the Commissioner. The Board shall submit to the Commissioner, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the Commissioner and a report of its activities during the preceding calendar year. |Laws 1981, c. 133, § 19.
36 OK Stat § 36-2040 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2040. Exemption from taxes and fees.

|The Association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property. |Laws 1981, c. 133, § 20.
36 OK Stat § 36-2041 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2041. Certain persons exempted from liability.

|There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the Association or its agents or employees, members of the Board, or the Commissioner or his representatives, for any action or omission by them in the performance of their official powers and duties under this act. Such immunity shall extend to the participation in any organization of one or more other state associations of similar purposes and to any such organization and its agents or employees. |Amended by Laws 1987, c. 177, § 7, eff. Nov. 1, 1987.
36 OK Stat § 36-2042 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2042. Stay of other proceedings - Judgments may be set aside.

|All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the Oklahoma Life and Health Insurance Guaranty Association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict or finding based on default, the Association may apply to have the judgment set aside by the same court that made the judgment and shall be permitted to defend against the suit on the merits. |Added by Laws 1981, c. 133, § 22. Amended by Laws 2010, c. 145, § 6, eff. Nov. 1, 2010.
36 OK Stat § 36-2044 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2044. Exemption.

|None of the amendatory provisions contained herein shall apply to any member insurer that is impaired or insolvent on the date such amendments become effective. |Added by Laws 2010, c. 145, § 7, eff. Nov. 1, 2010.
36 OK Stat § 36-2101 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2101. Scope of article.

|A. This article shall apply to domestic stock insurers and domestic mutual insurers only except that it shall not apply to farmers' mutual fire insurance associations organized under Article 28 of this Code, to any association organized under the supervision or by authority of any legally incorporated Grange Order of Patrons of Husbandry, or to the Oklahoma State Union of the Farmer's Educational and Cooperative Union of America, when such association is formed for the mutual benefit of the members of such order or orders exclusively. |Subsection B of Section 2115 and subsection C of Section 2119 of this article shall apply also to foreign and alien mutual insurers.B. Any domestic stock or mutual insurer which as of April 1, 1957, had duly filed its articles of incorporation and was lawfully in process of completing its organization, shall complete its organization according to such procedures as were provided by laws in force immediately prior to the effective date of this Code.Any other domestic stock or mutual insurer in process of organization on the effective date of this Code shall be governed by such provisions of this article as the Insurance Commissioner deems to be practicably applicable, and otherwise according to laws in force immediately prior to such effective date.C. Existing domestic stock and mutual insurers are governed by the applicable provisions of this article.Laws 1957, p. 303, § 2101.
36 OK Stat § 36-2102 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2102. "Stock" insurer defined.

|A "stock" insurer is an incorporated insurer with capital divided into shares and owned by its shareholders. |Laws 1957, p. 304, § 2102.
36 OK Stat § 36-2103 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2103. "Mutual" insurer defined.

|A "mutual" insurer is an incorporated insurer without capital stock or shares, and is owned by its policyholders. |Laws 1957, p. 304, § 2103.
36 OK Stat § 36-2104 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2104. Misleading names.

|No such name shall be adopted by such corporation which is so similar to any name already in use by any such existing corporation, company or association, organized or doing business in this state, as to be confusing or misleading. |Laws 1957, p. 304, § 2104.
36 OK Stat § 36-2105 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2105. Articles of incorporation; contents.

|A. This section applies to stock and mutual insurers hereafter incorporated in Oklahoma. |B. Five or more individuals of age of twenty-one (21) years or more may incorporate a stock insurer; ten or more such individuals may incorporate a mutual insurer. Not less than two-thirds (2/3) of the incorporators shall be citizens of the United States residing in Oklahoma. The articles of incorporation shall be signed and acknowledged by the incorporators as deeds are required to be acknowledged.C. The articles of incorporation shall state:1. The name of the corporation; if a mutual, the word "mutual" shall be a part of the name;2. The duration of its existence, which may be perpetual;3. The kinds of insurance the corporation is formed to transact, according to the definitions thereof in this Code;4. If a stock corporation, its authorized capital, the classes and number of shares into which divided, the par value of each such share, and the respective rights of each such class. Shares without par value shall not be authorized;5. If a mutual corporation, the maximum contingent liability of its members, other than as to nonassessable policies, for payment of losses and expenses incurred, which liability shall be as stated in the articles of incorporation but not less than one nor more than six times the premium for the member's policy at the annual premium rate for a term of one (1) year;6. The number of directors, of which there shall be not less than three nor more than fifty, who shall conduct the affairs of the corporation, and the names and addresses of the corporation's first directors and officers for stated terms of office of not less than two (2) months nor more than one (1) year; provided, however, that the Insurance Commissioner may approve amended articles of incorporation for a domestic insurer to permit the board of directors to consist of three or more directors;7. The city or town in Oklahoma in which is to be located the principal place of business, and the counties, states, and countries in which business may be transacted;8. The limitations, if any, on the corporation's indebtedness;9. If a stock corporation, the extent, if any, to which stock of the corporation shall be liable to assessment;10. Such other provisions, not inconsistent with law, as deemed appropriate by the incorporators;11. The names and addresses of the incorporators; and12. The name and address of the person in Oklahoma upon whom all process in any action or proceeding may be served. Such designation may be changed or amended on authority of the Board of Directors evidenced by the filing of a certificate stating such change, executed by the President, attested by the Secretary, and filed with the Insurance Commissioner.Added by Laws 1957, p. 304, § 2105. Amended by Laws 1997, c. 273, § 5, eff. July 1, 1997; Laws 1997, c. 418, § 91, eff. Nov. 1, 1997.
36 OK Stat § 36-2106 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2106. Corporate powers granted; general powers and duties.

|Every corporation organized under the provisions of this act may, in its corporate name, sue and be sued; and shall have power to make contracts of insurance, indemnity or suretyship with any person, government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee or fiduciary in this state or elsewhere; to prescribe the qualifications and the manner and form of the admission or withdrawal of members; to have and use a common seal which may be changed or altered at pleasure; to be capable in its corporate name, or in the name of trustee chosen by the board of directors, to take, purchase, lease, hold and dispose of real or personal property for carrying into effect the purpose of the corporation; to make all necessary rules and regulations concerning the hazards incurred, the premium rates to be used, and adjustment and payment of losses; to fix the compensation of its directors and officers and require bond for the faithful performance of their duties; to exercise all such other powers as may be necessary to effect the object of such corporation, subject to the restrictions herein provided; to make or amend bylaws not inconsistent with law or the provisions of the articles of association, which bylaws shall fix the date and place of the annual meeting of members, shall designate the number of directors, which shall be not less than five, define the duties of the officers and fix the term of office of the directors and officers of such company, and make all further necessary provisions concerning the conduct of its business or affairs. |Laws 1957, p. 304, § 2106.
36 OK Stat § 36-2107 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2107. Filing of articles; issuance of certificate.

|A. The articles of incorporation shall be filed in the office of the Secretary of State, and certified copies thereof shall be filed with the Insurance Commissioner. Articles of incorporation shall be approved by the Insurance Commissioner before they are filed in the office of the Secretary of State. After January 1, 1970, the Insurance Commissioner shall not approve or renew any articles of incorporation which provide for the issuance of shares of common capital stock to any shareholder unless such shareholder shall be entitled at the shareholders meetings to one vote for each share standing in the name of such shareholder in the books of the corporation. |B. Upon completion of such filing as to the articles of incorporation, the Secretary of State shall issue to the corporation a certificate of incorporation. Such corporation shall not transact business as an insurer until it has applied for and received from the Commissioner a certificate of authority as provided by this Code.Laws 1957, p. 305, § 2107; Laws 1969, c. 289, § 2; Laws 1970, c. 109, § 2, emerg. eff. April 1, 1970.
36 OK Stat § 36-2108 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-2108. Amendment of articles.

|A. The articles of incorporation of a stock insurer increasing or reducing authorized capital or for other purposes may be amended in accordance with the general laws of Oklahoma applying to corporations formed for profit. No amendment shall reduce authorized capital below the amount required by this Code for the kinds of insurance thereafter to be transacted. |B. The articles of incorporation of a mutual insurer may be amended by the affirmative vote of two-thirds (2/3) of its members present in person or by proxy at a regular or special meeting of members of which notice in writing setting forth the proposed amendment was mailed to all members at least thirty (30) days in advance. A certificate of the amendments, signed and acknowledged by the president and attested by the secretary of the corporation shall be filed with the Commissioner and the Secretary of State.Laws 1957, p. 305, § 2108.