reglab/housing_qa huggingface dataset:
36 OK Stat § 36-1472 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1472. Definitions.

|As used in this act: |1. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries;2. "Insurer" means any person licensed pursuant to the Oklahoma Insurance Code to transact insurance;3.a."Managing General Agent" or "MGA" means any person who:(1)manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office, and(2)acts as an agent for such insurer, whether known as a managing general agent, manager or other similar term, and(3)directly or indirectly, with or without the authority of the insurer, whether separately or together with affiliates, produces and underwrites an amount of gross direct written premium equal to or greater than five percent (5%) of the policyholder surplus, as reported in the last annual statement of the insurer in any one quarter or year together with the following activities related to the business produced:(a)adjusts or pays claims in excess of an amount determined by the Insurance Commissioner, or(b)negotiates reinsurance on behalf of the insurer.b.Notwithstanding subparagraph a of this paragraph, the following persons shall not be considered to be managing general agents for the purpose of this act:(1)an employee of the insurer,(2)a U.S. Manager of the United States branch of an alien insurer,(3)an underwriting manager which, pursuant to contract:(a)manages all the insurance operations of the insurer,(b)is under common control with the insurer, subject to the holding company regulatory act, and(c)whose compensation is not based on the volume of premiums written, and(4)the attorney-in-fact authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of an attorney;4. "Underwrite" means the authority to accept or reject risk on behalf of the insurer.Added by Laws 1991, c. 134, § 2, eff. July 1, 1991. Amended by Laws 1992, c. 65, § 3, eff. Sept. 1, 1992.
36 OK Stat § 36-1473 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1473. Agent license - Bond - Errors and omissions policy.

|A. No person shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer unless such person is licensed as a producer pursuant to the Oklahoma Producer Licensing Act. |B. No person shall act in the capacity of a managing general agent, representing an insurer domiciled in this state with respect to risks located outside this state, unless such person is licensed as a producer pursuant to the Oklahoma Producer Licensing Act. Provided, such license may be a nonresident license.C. The Insurance Commissioner may require a bond in the amount acceptable to the Commissioner for the protection of the insurer.D. The Insurance Commissioner may require the managing general agent to maintain an errors and omissions policy.Added by Laws 1991, c. 134, § 3, eff. July 1, 1991. Amended by Laws 2012, c. 44, § 4, eff. Nov. 1, 2012.
36 OK Stat § 36-1475 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1475. Financial examination and on-site reviews - Binding authority for contracts - Notice of appointment or termination - Review of books and records - Appointments to board.

|A. The insurer shall have on file an independent financial examination, in a form acceptable to the Insurance Commissioner, of each managing general agent with which it has done business. |B. The insurer shall periodically, at least semi-annually, conduct an on-site review of the underwriting and claims processing operations of the managing general agent.C. Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an officer of the insurer, who shall not be affiliated with the managing general agent.D. Within thirty (30) days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the Insurance Commissioner. Notices of appointment of a managing general agent shall include:1. A statement of duties which the applicant is expected to perform on behalf of the insurer;2. The lines of insurance for which the applicant is to be authorized to act; and3. Any other information the Commissioner may request.E. An insurer shall review its books and records each quarter to determine if any agent or broker has become a managing general agent as defined in Section 2 of this act. If the insurer determines that an agent or broker has become a managing general agent, the insurer shall promptly notify the agent or broker and the Insurance Commissioner of such determination, and the insurer and agent or broker shall fully comply with the provisions of this act within thirty (30) days of such notification.F. An insurer shall not appoint to its board of directors an officer, director, employee, sub-agent, sub-broker or controlling shareholder of its managing general agents. This subsection shall not apply to relationships governed by the insurance holding company act, Section 1651 et seq. of this title.Added by Laws 1991, c. 134, § 5, eff. July 1, 1991.
36 OK Stat § 36-1476 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1476. Acts of managing general agent - Imputation to insurer.

|The acts of the managing general agent are considered to be the acts of the insurer on whose behalf the agent is acting. A managing general agent may be examined as if the agent were the insurer. |Added by Laws 1991, c. 134, § 6, eff. July 1, 1991.
36 OK Stat § 36-1477 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1477. Violations - Penalties - Judicial review - Rights affected.

|A. If the Insurance Commissioner finds, after a hearing conducted in accordance with Article II of the Administrative Procedures Act, that any person had violated any provision of the Managing General Agents Act or rules promulgated pursuant thereto, the Commissioner may order: |1. For each separate violation, a penalty in an amount of not less than One Hundred Dollars ($100.00) nor more than Five Thousand Dollars ($5,000.00) for each occurrence;2. Revocation or suspension of the producer's license; and3. The managing general agent to reimburse the insurer, the rehabilitator or the liquidator of the insurer for any losses incurred by the insurer which were caused by a violation of the Managing General Agents Act committed by the managing general agent.B. The decision, determination or order of the Commissioner pursuant to subsection A of this section shall be subject to judicial review pursuant to the Administrative Procedures Act and any applicable insurance laws and regulations.C. Nothing contained in this section shall affect the right of the Commissioner to impose any other penalties provided for in the Oklahoma Insurance Code.D. Nothing contained in the Managing General Agents Act is intended to or shall, in any manner, limit or restrict the rights of policyholders, claimants and auditors.E. No insurer may continue to utilize the services of a managing general agent on or after July 1, 1991, unless such utilization is in compliance with the Managing General Agents Act.Added by Laws 1991, c. 134, § 7, eff. July 1, 1991. Amended by Laws 2012, c. 44, § 5, eff. Nov. 1, 2012.
36 OK Stat § 36-1478 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1478. Rules and regulations.

|The Insurance Commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this act. |Added by Laws 1991, c. 134, § 8, eff. July 1, 1991.
36 OK Stat § 36-1502 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1502. Assets as deductions from liabilities.

|Assets may be allowable as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to such insurer as prescribed by the Insurance Commissioner, or otherwise in his discretion. |Laws 1957, p. 281, § 1502.
36 OK Stat § 36-1503 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1503. Assets not allowed as deductions from liabilities.

|In addition to assets impliedly excluded by the provisions of Section 1501 of this article, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: |1. Trade names and other like intangible assets, excluding good will.2. Advances to officers (other than policy loans) whether secured or not, and advances to employees, agents and other persons on personal security only.3. Stock of such insurer, owned by it, or any equity therein or loans secured thereby, or any proportionate interest in such stock acquired or held through the ownership by such insurer of an interest in another firm, corporation or business unit.4. Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature and supplies, except in the case of title insurers such materials and plants as the insurer is expressly authorized to invest in under Article 50 (Title Insurers) of this Code and except, in the case of any insurer, such personal property as the insurer is permitted to hold pursuant to Article 16 (Investments) of this Code, or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by it for home office, branch office and similar purposes.5. The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value thereof as determined under this Code.Added by Laws 1957, p. 281, § 1503, operative July 1, 1957. Amended by Laws 2004, c. 334, § 41, emerg. eff. May 25, 2004.
36 OK Stat § 36-1504 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1504. Reporting assets not allowed.

|All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Insurance Commissioner, or in any examiner's report to said Commissioner, shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of such insurer. |Laws 1957, p. 281, § 1504.
36 OK Stat § 36-1505 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1505. Liabilities - Mandatory securities valuation reserves.

|A. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: |1. The amount of its capital stock outstanding, if any.2. The amount, estimated consistent with the provisions of this Code, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof.3. With reference to life and disability insurance and annuity contracts:(a) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this Code which are applicable thereto,(b) Reserves for disability benefits, for both active and disabled lives,(c) Reserves for accidental death benefits, and(d) Any additional reserves which may be required by the Insurance Commissioner consistent with practice formulated or approved by the National Association of Insurance Commissioners, on account of such insurance.4. With reference to insurance other than specified in subsection 3 this section, and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this article.5. Taxes, expenses and other obligations due or accrued at the date of the statement.B. All life insurance companies and fraternal benefit societies shall establish and maintain mandatory securities valuation reserves in accordance with the guidelines established by the National Association of Insurance Commissioners. Life insurance companies without mandatory securities valuation reserves as of December 31, 1989, shall begin accruing twenty percent (20%) of the mandatory securities value reserves per year and have reserves in accordance with the required guidelines within five (5) years.Laws 1957, p. 281, § 1505.
36 OK Stat § 36-1506 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1506. Unearned premium reserve.

|A. With reference to insurance against loss or damage to property (except as provided in Section 1507 of this article) and with reference to all general casualty insurance, and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. |B. The Insurance Commissioner may require that such reserves shall be equal to the unearned portions of the gross premiums in force after deducting reinsurance in solvent insurers as computed on each respective risk from the policy's date of issue. If the Insurance Commissioner does not so require, the portions of the gross premium in force, less reinsurance in solvent insurers to be held as a premium reserve, shall be computed according to the following table:Term for Which Policy Reserve for UnearnedWas Written Premium_____________________ _____________________1 Year or less 1/22 Years 1st year 3/42nd year 1/43 Years1st year 5/62nd year 1/23rd year 1/64 Years1st year 7/82nd year 5/83rd year 3/84th year 1/85 Years1st year 9/102nd year 7/103rd year 1/24th year 3/105th year 1/10Over 5 years pro rataC. Unearned premium reserves on policies written for an intermediate period shall be calculated at the succeeding longer period or on a monthly pro rata basis.D. In lieu of computation according to the foregoing table, all of such reserves may be computed, at the option of the insurer, on a monthly or more frequent pro rata basis.E. After adopting a method for computing such reserve, an insurer shall not change methods without approval of the Insurance Commissioner.F. This section does not apply to title insurance.Laws 1957, p. 282, § 1506.
36 OK Stat § 36-1507 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1507. Unearned premium reserve for marine insurance.

|With reference to marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the Insurance Commissioner may require the insurer to carry a reserve thereon equal to one hundred percent (100%) on trip risks written during the month ended as of the date of statement. |Laws 1957, p. 282, § 1507.
36 OK Stat § 36-1508 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1508. Reserves for accident and health insurance.

|For all accident and health policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and which shall not be less than the reserve according to the standards set forth in regulations issued by the Commissioner and, in no event, less than the pro rata gross unearned premium reserve for such policies. |Laws 1957, p. 282, § 1508.
36 OK Stat § 36-1509.1 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1509.1. Confidentiality of information.

|All work papers, recorded information, documents and copies of materials associated with, produced, obtained by or disclosed to the Insurance Commissioner or any other person in the course of review or analysis pursuant to Sections 1801 through 1938 of this title shall be given confidential treatment by the Commissioner and may not be made public by the Commissioner or any other person who obtained the information in the course of the review or analysis, except to the extent provided in Sections 1801 through 1938 of this title, unless prior written consent of the company to which it pertains has been obtained. The confidentiality and protection from discovery by subpoena provided for in this paragraph shall not be construed to be extended to identical, similar or other related documents or information or to the work papers that are not deemed to be in the possession, custody or control of the Commissioner. |Added by Laws 2010, c. 356, § 6, eff. Nov. 1, 2010. Amended by Laws 2012, c. 149, § 4, eff. Nov. 1, 2012.
36 OK Stat § 36-1511 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1511. Valuation of bonds.

|A. All bonds or other evidences of debt having a fixed term and rate of interest held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows: |1. If purchased at par, at the par value.2. If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, or in lieu of such method, according to such accepted method of valuation as is approved by the Insurance Commissioner.3. Purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage or express charges paid in the acquisition of such securities.4. Unless otherwise provided by valuation established or approved by the National Association of Insurance Commissioners, no such security shall be carried at above the call price for the entire issue during any period within which the security may be so called.B. The Insurance Commissioner shall have full discretion in determining the method of calculating values according to the rules set forth in this section and not inconsistent with any such methods then currently formulated or approved by the National Association of Insurance Commissioners.Laws 1957, p. 285, § 1511.
36 OK Stat § 36-1512 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1512. Valuation of other securities.

|A. Securities, other than those referred to in Section 1511 of this article, held by an insurer shall be valued, in the discretion of the Insurance Commissioner, at their market value, or at true book value, all consistent with any current method for the valuation of any such security formulated or approved by the National Association of insurance Commissioners. |B. Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the Insurance Commissioner and in accordance with such method of computation as he may approve.Laws 1957, p. 285, § 1512; Laws 1967, c. 242, § 1, emerg. eff. May 5, 1967.
36 OK Stat § 36-1513 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1513. Valuation of real property - Improvements.

|A. Real property acquired pursuant to a mortgage loan or contract for sale shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition. In addition, the company may make improvements to such property, provided however, the cost of such improvements plus the acquisition costs and unpaid principal of the defaulted loan or contract shall not exceed the lesser of four percent (4%) of the admitted assets or surplus of the company in regard to policyholders. |B. Other real property held by an insurer shall be valued at an amount not to exceed the lower of current market value or cost plus capitalized improvements less normal depreciation. In lieu of writing down investment real estate or taking part of the value as nonadmitted when market value is less than book value, an insurer may establish a reserve for specific properties as a liability. If valuation is based on an appraisal more than three (3) years old, the Insurance Commissioner may at his discretion call for and require a new appraisal in order to determine fair value.Real property held by an insurer prior to September 1, 1993, shall be in compliance with the limitations of this section by December 31, 1997. Insurers shall maintain accurate and adequate records reflecting the provisions of this section and submit such records with quarterly and annual statements.Added by Laws 1957, p. 285, § 1513. Amended by Laws 1989, c. 181, § 3, eff. Nov. 1, 1989; Laws 1993, c. 79, § 5, eff. Sept. 1, 1993.
36 OK Stat § 36-1514 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1514. Valuation of purchase money mortgages.

|Purchase money mortgages on real property referred to in subsection A of Section 1513 of this article shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety percent (90%) of the fair value of such real property, whichever is less. |Laws 1957, p. 285, § 1514.
36 OK Stat § 36-1515 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1515. Information for valuation of securities.

|It shall be the duty of every domestic insurance company holding securities valued under Sections 1511 or 1512 which do not have an established market value to furnish the Commissioner of Insurance, within thirty (30) days of his request, sufficient financial information concerning the issuing corporation, so as to enable him to arrive at a proper value of the security so held. Failure to furnish such information as specified herein shall result in the security being ineligible as a deduction from liabilities. |Laws 1967, c. 242, § 6, emerg. eff. May 5, 1967.
36 OK Stat § 36-1521 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1521. Short title.

|This act shall be known and may be cited as the "Risk-based Capital for Insurers Act". |Added by Laws 1997, c. 229, § 2, eff. July 1, 1997.