reglab/housing_qa huggingface dataset:
36 OK Stat § 36-1522 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1522. Definitions.

|As used in this act: |1. "Adjusted RBC Report" means an RBC report which has been adjusted by the Insurance Commissioner in accordance with subsection D of Section 1523 of this title;2. "Corrective order" means an order issued by the Commissioner specifying corrective actions which the Commissioner has determined are required;3. "Domestic insurer" means any insurance company domiciled in this state;4. "Foreign insurer" means any insurance company which has a certificate of authority to do business in this state but is not domiciled in this state;5. "Life or health insurer" means any insurance company with a certificate of authority to write life or health insurance, or a licensed property and casualty insurer writing only accident and health insurance;6. "Negative trend" means, with respect to a life or health insurer or a fraternal benefit society, negative trend over a period of time, as determined in accordance with the "Trend Test Calculation" included in the Life or Fraternal RBC Instructions;7. "NAIC" means the National Association of Insurance Commissioners;8. "Property and casualty insurer" means any insurance company with a certificate of authority to write property or casualty insurance, and shall not include monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers;9. "RBC" means risk-based capital;10. "RBC Instructions" means the RBC Report including risk-based capital instructions adopted by the NAIC, as adopted by the Commissioner by rule, and any amendments thereto adopted by the Commissioner by rule;11. "RBC Level" means an insurer's Company Action Level RBC, Regulatory Action Level RBC, Authorized Control Level RBC, or Mandatory Control Level RBC, where:a."Company Action Level RBC" means, with respect to any insurer, the product of 2.0 and its Authorized Control Level RBC,b."Regulatory Action Level RBC" means the product of 1.5 and its Authorized Control Level RBC,c."Authorized Control Level RBC" means the number determined under the risk-based capital formula in accordance with RBC Instructions, andd."Mandatory Control Level RBC" means the product of 0.70 and the Authorized Control Level RBC;12. "RBC Plan" means a comprehensive financial plan containing the elements specified in subsection B of Section 1524 of this title;13. "Revised RBC Plan" means an RBC Plan which is rejected by the Commissioner and which is revised by the insurer with or without the Commissioner's recommendations;14. "RBC Report" means the report required in Section 1523 of this title; and15. "Total adjusted capital" means the sum of:a.an insurer's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed with the Commissioner, andb.such other items, if any, as the RBC Instructions, as adopted by rule by the Commissioner, may provide.Added by Laws 1997, c. 229, § 3, eff. July 1, 1997. Amended by Laws 2013, c. 269, § 4, eff. Nov. 1, 2013.
36 OK Stat § 36-1523 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1523. Annual risk-based capital report - Factors - Adjustment of inaccurate reports.

|A. Every domestic insurer shall, on or prior to each March 1, which shall be known as the filing date, prepare and submit to the Insurance Commissioner a report of its RBC Levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC Instructions, as adopted by the Commissioner by rule. In addition, every domestic insurer shall file its RBC Report with the NAIC if required by the Commissioner. |B. 1. A life and health insurer's or fraternal benefit society's RBC shall be determined in accordance with the formula set forth in the RBC Instructions, as adopted by the Commissioner by rule. The formula shall take into account, and may adjust for the covariance between, the following factors:a.the risk with respect to the insurer's assets,b.the risk of adverse insurance experience with respect to the insurer's liabilities and obligations,c.the interest rate risk with respect to the insurer's business, andd.all other business risks and such other relevant risks as are set forth in the RBC Instructions.2. These factors shall be determined in each case by applying the factors in the manner set forth in the RBC Instructions.C. 1. A property and casualty insurer's RBC shall be determined in accordance with the formula set forth in the RBC Instructions, as adopted by the Commissioner by rule. The formula shall take into account, and may adjust for the covariance between, the following factors:a.asset risk,b.credit risk,c.underwriting risk, andd.all other business risks and such other relevant risks as are set forth in the RBC Instructions.2. These factors shall be determined in each case by applying the factors in the manner set forth in the RBC Instructions.D. If a domestic insurer files an RBC Report which in the judgment of the Commissioner is inaccurate, then the Commissioner, after notice and opportunity for comment, shall adjust the RBC Report to correct the inaccuracy and shall notify the insurer of the adjustment. The notice shall contain a statement of the reason for the adjustment. An RBC Report so adjusted shall be referred to as an "Adjusted RBC Report".Added by Laws 1997, c. 229, § 5, eff. July 1, 1997. Amended by Laws 2013, c. 269, § 5, eff. Nov. 1, 2013.
36 OK Stat § 36-1526 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1526. Authorized Control Level Event.

|A. "Authorized Control Level Event" means any of the following events: |1. The filing of an RBC Report by the insurer which indicates that the insurer's Total Adjusted Capital is greater than or equal to its Mandatory Control Level RBC but less than its Authorized Control Level RBC;2. The notification by the Insurance Commissioner to the insurer of an Adjusted RBC Report that indicates the event in paragraph 1 of this subsection, provided the insurer does not challenge the Adjusted RBC Report under Section 9 of this act;3. If, pursuant to Section 9 of this act, the insurer challenges an Adjusted RBC Report that indicates the event in paragraph 1 of this subsection, notification by the Commissioner to the insurer that the Commissioner has, after opportunity for a hearing, rejected the insurer's challenge;4. The failure of the insurer to respond, in a manner satisfactory to the Commissioner, to a corrective order, provided the insurer has not challenged the corrective order under Section 9 of this act; or5. If the insurer has challenged a corrective order under Section 9 of this act and the Commissioner has, after opportunity for a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the Commissioner, to the corrective order subsequent to rejection or modification by the Commissioner.B. In the event of an Authorized Control Level Event with respect to an insurer, the Commissioner may:1. Take such actions as are required under Section 6 of this act regarding an insurer with respect to which a Regulatory Action Level Event has occurred; or2. If the Commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under Article 18 or 19 of the Insurance Code. In the event the Commissioner takes such actions, the Authorized Control Level Event shall be deemed sufficient grounds for the Commissioner to take action under Article 18 or 19 of the Insurance Code, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in Article 18 or 19 of the Insurance Code. In the event the Commissioner takes actions under this paragraph pursuant to an Adjusted RBC Report, the insurer shall be entitled to notice and opportunity for a hearing as required by the provisions of Article 18 or 19 of the Insurance Code.Added by Laws 1997, c. 229, § 7, eff. July 1, 1997.
36 OK Stat § 36-1527 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1527. Mandatory Control Level Event.

|A. "Mandatory Control Level Event" means any of the following events: |1. The filing of an RBC Report which indicates that the insurer's Total Adjusted Capital is less than its Mandatory Control Level RBC;2. Notification by the Commissioner to the insurer of an Adjusted RBC Report that indicates the event in paragraph 1 of this subsection, provided the insurer does not challenge the Adjusted RBC Report under Section 1528 of this title; or3. If, pursuant to Section 1528 of this title, the insurer challenges an Adjusted RBC Report that indicates the event in paragraph 1 of this subsection, notification by the Commissioner to the insurer that the Commissioner has, after opportunity for a hearing, rejected the insurer's challenge.B. In the event of a Mandatory Control Level Event:1. With respect to a life insurer or fraternal benefit society, the Commissioner may take the actions necessary to place the insurer under regulatory control under Article 18 or 19 of the Insurance Code. In that event, the Mandatory Control Level Event is deemed sufficient grounds for the Commissioner to take action under Article 18 or 19 of the Insurance Code, and the Commissioner shall have the rights, powers, and duties with respect to the insurer which are set forth in Article 18 or 19 of the Insurance Code. If the Commissioner takes actions pursuant to an Adjusted RBC Report, the insurer shall be entitled to notice and opportunity for a hearing as required by the provisions of Article 18 or 19 of the Insurance Code; and2. With respect to a property and casualty insurer, the Commissioner may take the actions necessary to place the insurer under regulatory control under Article 18 or 19 of the Insurance Code, or, in case of an insurer which is writing no business and which is running-off its existing business, may allow the insurer to continue its run-off under the supervision of the Commissioner. In either event, the Mandatory Control Level Event is deemed sufficient grounds for the Commissioner to take action under Article 18 or 19 of the Insurance Code and the Commissioner shall have the rights, powers, and duties with respect to the insurer which are set forth in Article 18 or 19 of the Insurance Code. If the Commissioner takes actions pursuant to an Adjusted RBC Report, the insurer shall be entitled to notice and opportunity for a hearing as required by the provisions of Article 18 or 19 of the Insurance Code.Added by Laws 1997, c. 229, § 8, eff. July 1, 1997. Amended by Laws 2013, c. 269, § 7, eff. Nov. 1, 2013.
36 OK Stat § 36-1528 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1528. Confidential departmental hearing.

|The insurer shall have the right to an opportunity for a confidential departmental hearing, on the record, at which the insurer may challenge any determination or action by the Commissioner. The insurer shall notify the Commissioner of its request for a hearing within five (5) days after the notification by the Commissioner of a decision affecting the insurer's substantial rights. Upon receipt of the insurer's request for a hearing, the Commissioner shall set a date for the hearing, which date shall be no less than five (5) days after the date of the insurer's request. The Commissioner may deny a request for hearing if the request is frivolous, or if no factual issues are presented. |Added by Laws 1997, c. 229, § 9, eff. July 1, 1997.
36 OK Stat § 36-1529 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1529. Confidentiality of RBC Reports and Plans.

|A. RBC Reports and RBC Plans shall be kept confidential by the Insurance Commissioner. This information shall not be subject to subpoena. This information shall be made public by the Commissioner only for the purpose of enforcement actions taken by the Commissioner pursuant to this act or any other provision of the insurance laws of this state. |B. Except as otherwise required under the provisions of this act, the making, publishing, disseminating, circulating, or placing before the public, or causing, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio or television station, or in any other way, an advertisement, announcement, or statement containing an assertion, representation, or statement with regard to the RBC Levels of any insurer, or of any component derived in the calculation, by an insurer, agent, broker, or other person engaged in any manner in the insurance business is misleading and is therefore prohibited. Any person who violates this subsection shall be subject to a civil penalty in an amount not less than One Thousand Dollars ($1,000.00) nor more than Ten Thousand Dollars ($10,000.00).C. The RBC Reports and RBC Plans are intended solely for use by the Commissioner in monitoring the solvency of insurers and the need for possible corrective action with respect to insurers. The RBC Reports and RBC Plans shall not be used by the Commissioner for ratemaking nor considered or introduced as evidence in any rate proceeding nor used by the Commissioner to calculate or derive any elements of an appropriate premium level or rate of return for any line of insurance which an insurer or any affiliate is authorized to write.Added by Laws 1997, c. 229, § 10, eff. July 1, 1997.
36 OK Stat § 36-1530 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1530. Provisions of act supplemental – Promulgation of rules - Exemptions from act.

|A. The provisions of this act are supplemental to any other provisions of the laws of this state, and shall not preclude or limit any other powers or duties of the Insurance Commissioner under such laws, including, but not limited to, Article 18 or 19 of the Insurance Code. |B. The Commissioner may promulgate reasonable rules necessary for the implementation of this act.C. The Commissioner may exempt from the application of this act in any year any domestic insurer which:1. Writes direct business only in this state; and2. Assumes no reinsurance in excess of five percent (5%) of direct premium written.D. Insurers domiciled in this state that are issuing policies of medical professional liability insurance to physicians, allied health care professionals and health care institutions as defined by Section 2202 of this title on July 1, 2004, which notify the Commissioner in writing of the insurer’s election to utilize the moratorium provided in Section 1509 of this title shall be exempt from the provisions of this title which require an insurer to maintain an adequate surplus as regards policyholders as a condition to obtaining or renewal of a license to act as an insurer, until December 31, 2008. The Commissioner shall not enforce any recapitalization plan against any insurer domiciled in this state that is issuing policies of physicians’, allied health care professionals’ and health care institutions’ professional liability insurance until December 31, 2008.Added by Laws 1997, c. 229, § 11, eff. July 1, 1997. Amended by Laws 2004, c. 368, § 57, eff. July 1, 2004; Laws 2005, c. 44, § 2, eff. Nov. 1, 2005.
36 OK Stat § 36-1531 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1531. Foreign insurers.

|A. 1. Any foreign insurer shall, upon the written request of the Insurance Commissioner, submit to the Commissioner an RBC Report as of the end of the calendar year just ended on a date which is the later of: |a.the date an RBC Report would be required to be filed by a domestic insurer under this act, orb.fifteen (15) days after the request is received by the foreign insurer.2. Any foreign insurer shall, at the written request of the Commissioner, promptly submit to the Commissioner a copy of any RBC Plan that is filed with the Insurance Commissioner of any other state.B. 1. The Commissioner may require a foreign insurer to file an RBC Plan with the Commissioner in the event of a Company Action Level Event, Regulatory Action Level Event, or Authorized Control Level Event. The filing shall be made pursuant to the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is in force in that state, pursuant to the provisions of this act. If the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC Plan in the manner specified under that state's RBC statute or, if no RBC statute is in force in that state, the filing shall be made pursuant to Section 5 of this act.2. The failure of the foreign insurer to file an RBC Plan with the Commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.C. In the event of a Mandatory Control Level Event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the Commissioner may make application to the Oklahoma County District Court as permitted under Article 19 of the Oklahoma Insurance Code with respect to the liquidation of property of foreign insurers found in this state.Added by Laws 1997, c. 229, § 12, eff. July 1, 1997.
36 OK Stat § 36-1532 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1532. Immunity for Commissioner and employees.

|There shall be no liability on the part of, and no cause of action shall arise against, the Insurance Commissioner or the Insurance Department or its employees or agents for any action taken by them in the performance of their powers and duties under this act. |Added by Laws 1997, c. 229, § 13, eff. July 1, 1997.
36 OK Stat § 36-1533 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1533. Notices to insurers - When effective.

|All notices by the Insurance Commissioner to an insurer which may result in regulatory action hereunder shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission shall be effective upon the insurer's receipt of such notice. |Added by Laws 1997, c. 229, § 14, eff. July 1, 1997.
36 OK Stat § 36-1534 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1534. Purpose of act.

|A. The purpose of this act is to: |1. Provide the Commissioner of the Oklahoma Insurance Department a summary of an insurer or insurance group's corporate governance structure, policies and practices to permit the Commissioner to gain and maintain an understanding of the insurer's corporate governance framework;2. Outline the requirements for completing a Corporate Governance Annual Disclosure (CGAD) with the Commissioner; and3. Provide for the confidential treatment of the CGAD and related information that will contain confidential and sensitive information related to an insurer or insurance group's internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.B. Nothing in this act shall be construed to prescribe or impose corporate governance standards and internal procedures beyond those which are required under applicable state corporate law. Notwithstanding the foregoing, nothing in this act shall be construed to limit the Commissioner's authority or the rights or obligations of third parties under Sections 309.1 through 309.7 of Title 36 of the Oklahoma Statutes.C. The requirements of this act shall apply to all insurers domiciled in this state.Added by Laws 2019, c. 345, § 1, eff. Nov. 1, 2019.
36 OK Stat § 36-1535 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1535. Definitions.

|As used in this act: |1. "Commissioner" means the Insurance Commissioner of this state;2. "Corporate Governance Annual Disclosure (CGAD)" means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this act;3. "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in Section 1631 of Title 36 of the Oklahoma Statutes;4. "Insurer" means the same as set forth in Section 103 of Title 36 of the Oklahoma Statutes, except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state; and5. "ORSA Summary Report" means the report filed in accordance with Section 3305 of Title 36 of the Oklahoma Statutes.Added by Laws 2019, c. 345, § 2, eff. Nov. 1, 2019.
36 OK Stat § 36-1536 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1536. Corporate Governance Annual Disclosure (CGAD).

|A. An insurer or the insurance group of which the insurer is a member shall, no later than June 1 of each calendar year, submit to the Insurance Commissioner a Corporate Governance Annual Disclosure (CGAD) that contains the information described in Section 4 of this act. Notwithstanding any request from the Commissioner made pursuant to subsection C of this section, if the insurer is a member of an insurance group, the insurer shall submit the report required by this section to a commissioner of the lead state for the insurance group, in accordance with the laws of the lead state, as determined by the procedures outlined in the most recent Financial Analysis Handbook adopted by the National Association of Insurance Commissioners (NAIC). |B. The CGAD shall include a signature of the insurer or chief executive officer or corporate secretary of the insurance group attesting to the best of his or her belief and knowledge that the insurer has implemented the corporate governance practices and that a copy of the disclosure has been provided to the insurer's board of directors or the appropriate committee thereof.C. An insurer not required to submit a CGAD under this section shall do so upon the Commissioner's request.D. For purposes of completing the CGAD, the insurer or insurance group may provide information regarding corporate governance at the ultimate controlling parent level, an intermediate holding company level and/or the individual legal entity level, depending upon how the insurer or insurance group has structured its system of corporate governance. The insurer or insurance group is encouraged to make the CGAD disclosures at the level at which the insurer's or insurance group's risk appetite is determined, or at which the earnings, capital, liquidity, operations and reputation of the insurer are overseen collectively and at which the supervision of those factors is coordinated and exercised, or the level at which legal liability for failure of general corporate governance duties would be placed. If the insurer or insurance group determines the level of reporting based on these criteria, it shall indicate which of the three criteria was used to determine the level of reporting and explain any subsequent changes in level of reporting.E. The review of the CGAD and any additional requests for information shall be made through the lead state as determined by the procedures within the most recent Financial Analysis Handbook referenced in subsection A of this section.F. Insurers providing information substantially similar to the information required by this act in other documents provided to the Commissioner, including proxy statements filed in conjunction with Form B requirements, or other state or federal filings provided to the Oklahoma Insurance Department shall not be required to duplicate that information in the CGAD but shall only be required to cross-reference the document in which the information is included.Added by Laws 2019, c. 345, § 3, eff. Nov. 1, 2019.