reglab/housing_qa huggingface dataset:
36 OK Stat § 36-1692 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1692. Purpose of act.

|The Protected Cell Companies Act is adopted to provide a basis for the creation of protected cells by a domestic insurer as a means of accessing alternative sources of capital and achieving the benefits of insurance securitization or effectuating insurance business transfers in accordance with the Insurance Business Transfer Act. Investors in fully funded insurance securitization transactions provide funds that are available to pay the insurer's insurance obligations or to repay investors or both. The creation of protected cells is intended to be a means to achieve more efficiencies in conducting insurance securitizations or insurance business transfers. |Added by Laws 2019, c. 362, § 2, eff. Nov. 1, 2019.
36 OK Stat § 36-1697 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1697. Receivership – Amounts recoverable.

|A. Notwithstanding any contrary provision in the Oklahoma Insurance Code, the rules promulgated under the Oklahoma Insurance Code or any other applicable law or rule, upon placement under administrative supervision or upon any order of conservation, rehabilitation or liquidation of a protected cell company, the receiver shall be bound to deal with the protected cell company's assets and liabilities, including protected cell assets and protected cell liabilities, in accordance with the requirements set forth in the Protected Cell Companies Act. |B. With respect to amounts recoverable under a protected cell company insurance securitization, the amount recoverable by the receiver shall not be reduced or diminished as a result of the placement under administrative supervision or entry of an order of conservation, rehabilitation or liquidation with respect to the protected cell company or any of its protected cells, notwithstanding any provisions to the contrary in the contracts or other documentation governing the protected cell company insurance securitization.Added by Laws 2019, c. 362, § 7, eff. Nov. 1, 2019.
36 OK Stat § 36-1698 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1698. Insurance securitization – Not deemed an insurance or reinsurance contract.

|A protected cell company insurance securitization shall not be deemed to be an insurance or reinsurance contract. An investor in a protected cell company insurance securitization shall not, by sole means of this investment, be deemed to be transacting an insurance business in this state. The underwriters or selling agents and their partners, directors, officers, members, managers, employees, agents, representatives and advisors involved in a protected cell company insurance securitization shall not be deemed to be conducting an insurance or reinsurance agency, brokerage, intermediary, advisory or consulting business by virtue of their activities in connection with those businesses. |Added by Laws 2019, c. 362, § 8, eff. Nov. 1, 2019.
36 OK Stat § 36-1699 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1699. Promulgation of rules.

|The Insurance Commissioner may promulgate reasonable rules as may be necessary to effectuate the purposes of the Protected Cell Companies Act. |Added by Laws 2019, c. 362, § 9, eff. Nov. 1, 2019.
36 OK Stat § 36-1701 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1701. Deposits of insurers.

|The Insurance Commissioner of Oklahoma shall accept and hold in trust deposits of securities or funds by insurers as follows: |1. Deposits required for authority to transact insurance in Oklahoma;2. Deposits of domestic, foreign, or alien insurers when made pursuant to the laws of other states, provinces, and countries as prerequisite for authority to transact insurance in such state, province, or country; and3. Deposits in such additional amounts as are permitted to be made by Section 1706 of this title.Added by Laws 1957, p. 291, § 1701, operative July 1, 1957. Amended by Laws 2014, c. 275, § 8, eff. Nov. 1, 2014.
36 OK Stat § 36-1702 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1702. Purpose of deposits.

|Such deposits shall be held as follows: |1. When the deposit is required for authority to transact insurance in Oklahoma the deposit shall be held for the protection of all the insurer's policyholders and/or creditors within the United States.2. When the deposit is required pursuant to the laws of another state, province, or country, the deposit shall be held for such purposes as is required by such laws, and as specified by the Insurance Commissioner at the time the deposit is made.3. When the deposit is required pursuant to the retaliatory provision, Section 630 of Article 6 (Authorization of Insurers and General Requirements Article), the deposit shall be held for purposes as specified in the Insurance Commissioner's order requiring the deposit.Laws 1957, p. 291, § 1702; Laws 1969, c. 122, § 1, emerg. eff. April 3, 1969.
36 OK Stat § 36-1703 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1703. Assets eligible for deposit.

|A. All such deposits required for authority to transact insurance business in Oklahoma shall consist of cash, under negotiable and transferable certificates of deposit or other time deposit instruments issued by solvent insured banks, savings and loan associations, and trust companies in Oklahoma, or a combination of the foregoing and the securities described in Sections 1607, 1608, 1609 and 1620 of this title. |B. All such deposits required pursuant to the laws of another state, province, or country, or pursuant to the retaliatory provision of Section 628 of this title, shall consist of such assets as are required or permitted by such laws, or as required pursuant to such retaliatory provision.Added by Laws 1957, p. 292, § 1703, operative July 1, 1957. Amended by Laws 1963, c. 111, § 1, emerg. eff. May 31, 1963; Laws 1986, c. 251, § 27, eff. Nov. 1, 1986; Laws 1987, c. 175, § 19, eff. Nov. 1, 1987; Laws 1990, c. 297, § 2, eff. Sept. 1, 1990; Laws 2012, c. 44, § 9, eff. Nov. 1, 2012.
36 OK Stat § 36-1704 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1704. Trust companies as depositaries.

|A. Upon request of the insurer, the Insurance Commissioner may designate any solvent trust company or other solvent financial institution having trust powers domiciled in this State as the Commissioner's depositary to receive and hold any such deposit. Any such deposit so held shall be at the expense of the insurer. |B. The State of Oklahoma shall be responsible for the safekeeping and return of all funds and securities deposited pursuant to this Code with the Commissioner or in any depositary so designated by the Commissioner.Added by Laws 1957, p. 292, § 1704, operative July 1, 1957. Amended by Laws 2014, c. 275, § 9, eff. Nov. 1, 2014.
36 OK Stat § 36-1705 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1705. Rights of insurer during solvency.

|So long as the insurer remains solvent and complies with this Code it may: |1. Demand, receive, sue for and recover the income from the securities or cash deposited;2. Exchange and substitute for the deposited cash or securities, or any part thereof, cash or eligible securities of equivalent or greater value; and3. Inspect, at reasonable times, any such deposit.Laws 1957, p. 292, § 1705.
36 OK Stat § 36-1706 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1706. Excess deposits.

|An insurer may so deposit cash or eligible securities in an amount exceeding its deposit required or otherwise permitted under this Code, for the purpose of absorbing fluctuations in the value of securities held in its deposit, and to facilitate the exchange and substitution of securities deposited. During the solvency of the insurer any such excess deposit or part thereof shall be released to the insurer upon its request. During the insolvency of the insurer such excess deposit shall be released only as provided in Section 1707 of this article. |Amended by Laws 1985, c. 328, § 11, emerg. eff. July 29, 1985.
36 OK Stat § 36-1707 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1707. Release of deposits.

|Any deposit made in this state under the Insurance Code shall be released and returned: |1. To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held upon proper request by the insurer and after financial review of the insurer proving generally acceptable financial conditions;2. To the insurer to the extent such deposit is in excess of the amount required upon proper request by the insurer and after financial review of the insurer proving generally acceptable financial conditions; or3. Upon proper order of a court of competent jurisdiction to the receiver, conservator, rehabilitator or liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.Added by Laws 1957, p. 292, § 1707, operative July 1, 1957. Amended by Laws 2012, c. 44, § 10, eff. Nov. 1, 2012.
36 OK Stat § 36-1708 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1708. Release only on order.

|No such release of deposited funds shall be made except upon application to and the written order of the Insurance Commissioner. The Insurance Commissioner shall have no liability for any such release of any such deposit or part thereof so made by it in good faith. |Laws 1957, p. 292, § 1708.
36 OK Stat § 36-1709 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1709. Deposit not subject to levy.

|No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this Code, or upon any part thereof; except, that such levy may be permitted if so specified in the Insurance Commissioner's order requiring the deposit pursuant to the retaliatory provision, Section 630 of Article 6 (Authorization of Insurers and General Requirements). |Laws 1957, p. 293, § 1709.
36 OK Stat § 36-1801 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1801. Legislative findings and purposes.

|A. The Legislature finds that: |1. Existing provisions of law and present procedures are sometimes not adequate nor appropriate under all circumstances inorder to remedy the financial condition and the management of certain insurers;2. Present laws are not adequate for the rehabilitation of insurers who voluntarily requestrehabilitation;3. A void exists in the laws with respect to those insurers most susceptible to rehabilitation or the regaining of solvency;4. The placing of an insurer in receivership often destroys or diminishes, or is likely to destroy ordiminish, one or more of the following values or assets:a. the value of the insurance account or in-force business of the insurer,b. the value of the insurer as a going concern,c. the value of its agency force, andd. the value of other of its assets;5. Such values and assets should be preserved if the circumstances of the insurer's financial condition warrant an attempt to conserve or rehabilitate such insurer and such rehabilitation or conservation is otherwise feasible;6. In the event receivership ultimately becomes necessary, preliminary supervision and conservatorship is preventive of a dissipation of assets and will thus benefit policyholders, creditors and owners;7. Insurer delinquency, or the state's inability to properly proceed in a threatened delinquency, directly or indirectly affects other insurers by creating a lack of public confidence in insurance and in insurance companies and are destructive of public confidence in the capacity of the state to regulate insurers, and these and other harmful results of insurer delinquency are properly minimized by a further enactment designed to protect and in aid of insureds, creditors and owners; and8. It is a proper concern of this state to attempt to correct or remedy insurer misconduct, ineptness or misfortune.B. It is the purpose of this act to:1. Provide for rehabilitation and conservation of insurers by authorizing and requiring the additional facility of supervision and conservatorship by the Insurance Commissioner, authorize action to resolve whether an attempt be made to rehabilitate and conserve an insurer, and avoid, if possible and feasible, the necessity of temporary or permanent receivership;2. Provide for protection of the assets of an insurer pending determination of whether or not an insurer can be successfully rehabilitated; and3. Provide a facility and direction for attempting the rehabilitation without immediate resort to the harsher remedy of receivership.C. The substance and procedure of this act is, therefore, declared to be the public policy of this state and necessary to the public welfare. Such policy and welfare require the availability of the remedies provided by this law whenever circumstances warrant, and it is a condition of doing an insurance business in this state.Laws 1975, c. 316, § 1, emerg. eff. June 12, 1975.
36 OK Stat § 36-1802 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1802. Definitions.

|As used in Article 18 of the Insurance Code, the following words and terms set forth below shall have the meanings ascribed to them unless the context otherwise indicates: |1. "Commissioner" means the Insurance Commissioner of this state;2. "Insurer" is a person, organization, association or company, authorized or unauthorized, admitted or nonadmitted, acting as an insurer, or as principal or agent of an insurer, including any domestic, foreign or alien insurer, as defined in Article 6 of the Insurance Code, and including stock companies, reciprocals or insurance exchanges, Lloyds Associations, fraternal benefit societies, stipulated premium companies, and mutual companies of all kinds, including statewide mutual assessment corporations, local mutual aids, burial associations, county mutual insurance companies and farm mutual insurance companies, and health maintenance organizations;3. "Insolvent" or "insolvency" means any actual or threatened insurer delinquency including, but not limited to, any one or more of the following circumstances:a.an insurer's required surplus or capital is impaired to an extent prohibited by law,b.an insurer continues to write new business when it is not possessed of the surplus or capital required of it by law,c.the business of any such insurer is being conducted fraudulently,d.any such insurer attempts to dissolve or liquidate without first having made provisions, satisfactory to the Commissioner, for liabilities arising from policies of insurance issued by such insurer; ore.the insurer has made investments in violation of the Insurance Code or has knowingly over-valued insurer's assets;4. "Exceeded its powers" includes, but is not limited to, the following circumstances:a.an insurer's refusal to permit examination of its books, papers, accounts, records or affairs by the Commissioner, his or her deputy or duly-commissioned examiners; or if such insurer being organized in the State of Oklahoma removes from the state such books, papers, accounts or records necessary for an examination of such insurer,b.an insurer's failure to promptly answer inquiries authorized by Section 1905(6) of this title,c.an insurer's neglect or refusal to observe an order of the Commissioner to make good, within the time prescribed by law, any prohibited deficiency in its capital or surplus,d.an insurer, without first obtaining written approval of the Commissioner, by contract or otherwise:(1)totally reinsuring its entire outstanding business, or(2)merging or consolidating substantially its entire property or business with another approved insurer, ore.an insurer continuing to write business after its license has been revoked or suspended; and5. "Consent" means any agreement by the insurer to either supervision or conservatorship.Added by Laws 1975, c. 316, § 2, emerg. eff. June 12, 1975. Amended by Laws 2003, c. 197, § 56, eff. Nov. 1, 2003.
36 OK Stat § 36-1803 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1803. Duties of Commissioner.

|A. The Insurance Commissioner shall, if there is substantial reason to believe that any insurer is insolvent, or if any insurer's condition is such as to render the continuance of its business hazardous to the public or to holders of its policies or certificates of insurance, or it has exceeded its powers, or it has failed to comply with the law, or if such insurer gives its consent: |1. Notify the insurer of the Commissioner's determination;2. Furnish the insurer a written list of requirements to abate the Commissioner's determination; and3. If the Commissioner makes a further determination to supervise, notify the insurer that it is under supervision pursuant to this article.B. Such insurer shall comply with the lawful requirements of the Commissioner and, if placed under supervision, shall have ninety (90) days from the date of notice within which to comply with the requirements of the Commissioner unless the Commissioner designates a lesser or greater period of time or unless the Commissioner determines at any time during or after the ninety-day period of time that judicial or administrative proceedings should be initiated to place such insurer in conservation, rehabilitation or liquidation proceedings or other delinquency proceedings, pursuant to Articles 18 and 19 of this title. If such insurer does not comply with such requirements, such supervision may continue until such requirements are remedied or until the Commissioner approves or completes pursuit of additional options as provided in the Insurance Code.Added by Laws 1975, c. 316, § 3, emerg. eff. June 12, 1975. Amended by Laws 1985, c. 328, § 12, emerg. eff. July 29, 1985; Laws 2002, c. 307, § 25, eff. Nov. 1, 2002.NOTE: A former § 1803 of this title was renumbered as § 1903 of this title by Laws 1975, c. 316, § 12, emerg. eff. June 12, 1975.
36 OK Stat § 36-1804 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1804. Appointment of supervisor - Acts prohibited - Additional requirements.

|A. During any period of supervision, the Commissioner may appoint a supervisor for such insurer and provide that the insurer may not do any of the following things without the prior approval of the Commissioner or his supervisor: |1. Dispose, convey or encumber any of its assets or its business in force;2. Withdraw funds from bank accounts;3. Lend funds;4. Invest funds;5. Transfer property;6. Incur any debt, obligation or liability;7. Merge or consolidate with another company; or8. Enter into any new reinsurance contract or treaty.B. In addition, the Commissioner may require of the insurer, the following:1. Periodic actuarial reviews;2. That the insurer limit or cease writing certain lines of insurance.Amended by Laws 1986, c. 251, § 28, eff. Nov. 1, 1986.
36 OK Stat § 36-1806 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1806. Limitation on appointments.

|A. The Insurance Commissioner is hereby prohibited from appointing as supervisor or conservator during any period of supervision or conservatorship: |1. Any current or former officer, director, or employee of the insurer; and2. Any person who is related to the Commissioner within the third degree of consanguinity or affinity.B. The Commissioner is hereby prohibited from appointing as attorney for the insurer during any period of supervision or conservatorship:1. Any current or former officer, director, or employee of the insurer; and2. Any person who is related to the Commissioner within the third degree of consanguinity or affinity.Laws 1975, c. 316, § 6, emerg. eff. June 12, 1975. Amended by Laws 2000, c. 197, § 1, eff. Nov. 1, 2000.
36 OK Stat § 36-1807 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1807. Foreign or alien insurers.

|A. In the event that the Commissioner makes any of the findings provided for in Section 3 of this act concerning any foreign or alien insurer or finds that any such insurer is not possessed of the minimum surplus or capital required by the Insurance Code of this state for similar type domestic companies, or if a conservator, rehabilitator, receiver or liquidator has been appointed in the state of domicile, or if the insurer gives its consent, the Commissioner shall have the same power and jurisdiction to appoint a supervisor or conservator as to the assets of such insurer located in this state as provided herein for domestic insurance companies. |B. In the event that any such insurer shall fail to comply with the provisions of Section 4 of this act with respect to any of its assets or policies located within this state during any 90-day period of supervision, such act or violation shall constitute sufficient grounds for the immediate revocation of its certificate of authority to do business in this state and for the immediate appointment of a conservator to take charge of its assets located within this state.C. Any supervisor or conservator appointed with respect to assets located in this state belonging to a foreign or alien insurer shall have all of the power and authority provided for in Section 5 of this act with respect to such assets located in this state and, in addition, may reinsure all or any part of such insurer's policyholders or certificate holders located within this state with insurers authorized to transact business in this state and may transfer to the reinsuring company, as reserve funds, assets or any portion thereof in his possession as may be required to consummate the reinsurance of such policies and any of such assets transferred as reserve funds shall not be deemed a preference of creditors.Laws 1975, c. 316, § 7, emerg. eff. June 12, 1975.
36 OK Stat § 36-1808 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1808. Review of actions.

|During the period of supervision or conservatorship, the insurer may request the Commissioner to review an action taken or proposed to be taken by the supervisor or conservator, specifying wherein the action complained of is believed not to be in the best interest of the insurer, and such request shall stay the action specified pending review of such action by the Commissioner whose decision shall be final, subject to judicial review under the Administrative Procedures Act. |Laws 1975, c. 316, § 8, emerg. eff. June 12, 1975.
36 OK Stat § 36-1809 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1809. Venue.

|A. Except for causes of action based upon terms of any insurance policy issued by an insurer placed in conservatorship, any action filed against such insurer or its conservator during such conservatorship shall be filed in district court of Oklahoma County, Oklahoma. |B. The conservator for such insurer may file suit in district court of Oklahoma County, Oklahoma, against any person for the purpose of preserving, protecting or recovering any assets or property of such insurer, including claims or causes of action belonging to or which may be asserted by such insurer.C. Nothing in this act shall be construed as authorizing the staying of litigation against the insurer.Laws 1975, c. 316, § 9, emerg. eff. June 12, 1975.
36 OK Stat § 36-1810 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1810. Rehabilitation.

|A conservator shall serve for such time as is necessary to accomplish the purposes of conservatorship under this act. If rehabilitated, the insurer shall be returned to the management or new management under such conditions as determined by the Commissioner. |Laws 1975, c. 316, § 10, emerg. eff. June 12, 1975.
36 OK Stat § 36-1811 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1811. Proceedings.

|If the Commissioner decides to proceed under this act, the sequence of steps and proceedings shall be as set forth herein. In regard to insurer delinquencies or suspected delinquencies, however, the Commissioner may proceed and administer either under this act or under any other applicable law, or both. |Laws 1975, c. 316, § 11, emerg. eff. June 12, 1975.