reglab/housing_qa huggingface dataset:
36 OK Stat § 36-5002 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5002. Investments of title insurers.

|A. A domestic title insurer shall invest its capital accumulations, up to the sum of One Hundred Thousand Dollars ($100,000.00), in capital investments as defined in Section 1606 of Article 16 (Investments), but subject to the exception in subsection B of this section, below. |B. A domestic title insurer may invest its capital and accumulations in excess of One Hundred Thousand Dollars ($100,000.00) in such investments as are made eligible for funds of domestic insurers by Article 16; except, that any such insurer may invest an amount not exceeding fifty percent (50%) of its combined capital and surplus in the preparation and purchase of material or plants or both necessary to enable it to engage in the business of title insurance, and such materials and plants shall be deemed to be capital funds investments and shall be valued as the actual cost thereof.C. Domestic title insurers shall not be subject to the limitations as to amount invested in real estate for home office and branch office purposes contained in paragraph 1 of Section 1624 of Article 16.Added by Laws 1957, p. 407, § 5002, operative July 1, 1957. Amended by Laws 2008, c. 184, § 21, eff. July 1, 2008; Laws 2009, c. 176, § 35, eff. Nov. 1, 2009.
36 OK Stat § 36-5003 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5003. Additional powers of title insurers.

|A title insurer may engage in such other business not inconsistent with the business of issuing title insurance policies as may be authorized by its corporate charter. |Laws 1957, p. 408, § 5003.
36 OK Stat § 36-5004 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5004. "Title insurance policy" and "aircraft title insurance policy" - Definitions.

|A. A "title insurance policy" is any written instrument purporting to show the title to real or personal property or any interest therein or encumbrance thereon, or to furnish such information relative to real property, which written instrument in express terms purports to insure or guarantee such title or the correctness of such information. |B. An “aircraft title insurance policy” is any written instrument purporting to show title to aircraft or any interest therein or encumbrance thereon, which written instrument in express terms protects an aircraft owner or lender against loss of the aircraft or priority security position in the event of a successful adverse claim on the title to an aircraft.Added by Laws 1957, p. 408, § 5004, operative July 1, 1957. Amended by Laws 2006, c. 264, § 61, eff. July 1, 2006.
36 OK Stat § 36-5005 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5005. Exemptions and application of other laws.

|A. Title insurers shall be governed by this article and, to the extent not modified by or inconsistent with the provisions of this article or the provisions of this code made applicable to such insurers, by the general laws of this state governing corporations organized for profit. |B. To the extent not modified by the provisions of this article, title insurers shall be subject to and governed by the other applicable provisions of this code.C. No new insurance law hereafter enacted shall be deemed to apply to title insurers unless they be expressly referred to therein.D. Notwithstanding anything to the contrary, the following sections, acts and articles of the Insurance Code and related rules of the Insurance Department shall apply to title insurers in addition to those applicable to title insurers on November 1, 2008:1. Section 311 of this title, Annual Financial Statements;2. Section 615.2 of this title, Duty of Domestic Insurers and Health Maintenance Organizations to Keep Biographical Information Current;3. Article 12, Unfair Practices and Frauds;4. Article 12A-1, Unfair Claims Settlement Practices Act;5. Article 16A, Subsidiaries of Insurers;6. Article 18, Supervision and Conservatorship of Insurers Act; and7. Article 19, Rehabilitation and Liquidation.Added by Laws 1957, p. 408, § 5005, operative July 1, 1957. Amended by Laws 2008, c. 184, § 22, eff. July 1, 2008.
36 OK Stat § 36-5006 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5006. Examination of title insurance company.

|The Insurance Commissioner is authorized to conduct an examination of any title insurance company pursuant to the provisions of Section 309.1 et seq. of Title 36 of the Oklahoma Statutes and may employ an examiner for such purposes. |Added by Laws 1995, c. 339, § 18, eff. Nov. 1, 1995 and by Laws 1995, c. 356, § 3, eff. Nov. 1, 1995.
36 OK Stat § 36-5101 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5101. Short title.

|Sections 22 through 34 of this act shall be known and may be cited as the "Reinsurance Intermediary Act". |Added by Laws 1992, c. 178, § 22, eff. Sept. 1, 1992.
36 OK Stat § 36-5104 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5104. Transactions to be authorized in writing - Required provisions.

|Transactions between an RB and the insurer the RB represents in such capacity shall be entered into only pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that: |1. The insurer may terminate the authority of the RB at any time;2. The RB shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing, to the RB, and remit all funds due to the insurer within thirty (30) days of receipt;3. All funds collected for the insurer's account shall be held by the RB in a fiduciary capacity in a bank which is a qualified U.S. financial institution;4. The RB shall comply with Section 26 of this act;5. The RB shall comply with the written standards established by the insurer for the cession or retrocession of all risks; and6. The RB shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.Added by Laws 1992, c. 178, § 25, eff. Sept. 1, 1992.
36 OK Stat § 36-5105 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5105. Records of transactions.

|A. For at least ten (10) years after the expiration of each contract of reinsurance transacted by an RB, the RB shall keep a complete record for each transaction showing: |1. The type of contract, limits, underwriting restrictions, classes or risks and territory;2. Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;3. Reporting and settlement requirements of balances;4. Rate used to compute the reinsurance premium;5. Names and addresses of assuming reinsurers;6. Rates of all reinsurance commissions, including, but not limited to, the commissions on any retrocessions handled by the RB;7. Related correspondence and memoranda;8. Proof of placement;9. Details regarding retrocessions handled by the RB, including the identity of retrocessionaires and percentage of each contract assumed or ceded;10. Financial records, including but not limited to, premium and loss accounts; and11. If the RB procures a reinsurance contract on behalf of a licensed ceding insurer:a.directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk, orb.if placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.B. The insurer shall have access and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer.Added by Laws 1992, c. 178, § 26, eff. Sept. 1, 1992.
36 OK Stat § 36-5106 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5106. Duties of insurer.

|A. An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf unless such person is licensed as required by the Reinsurance Intermediary Act. |B. An insurer shall not employ an individual who is employed by an RB with which the insurer transacts business, unless such RB is under common control with the insurer and subject to Article 16A of the Insurance Code.C. The insurer annually shall obtain a copy of statements of the financial condition of each RB with which the insurer transacts business.Added by Laws 1992, c. 178, § 27, eff. Sept. 1, 1992.
36 OK Stat § 36-5108 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5108. Duties of RM.

|The RM shall not: |1. Bind retrocessions on behalf of the reinsurer, except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;2. Commit the reinsurer to participate in reinsurance syndicates;3. Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed;4. Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim or net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year;5. Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report shall be forwarded promptly to the reinsurer;6. Jointly employ an individual who is employed by the reinsurer; or7. Appoint a sub-RM.Added by Laws 1992, c. 178, § 29, eff. Sept. 1, 1992.
36 OK Stat § 36-5109 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5109. Duties of reinsurer.

|A. A reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless such person is licensed as required by the Reinsurance Intermediary Act. |B. The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged, prepared by an independent certified accountant in a form acceptable to the Commissioner.C. If an RM establishes loss reserves, the reinsurer annually shall obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification.D. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.E. Within thirty (30) days of termination of a contract with an RM, the reinsurer shall provide written notification of such termination to the Commissioner.F. A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its RM. This subsection shall not apply to relationships governed by Article 16A of the Insurance Code or, if applicable, the Business Transacted with Producer Controlled Insurer Act.Added by Laws 1992, c. 178, § 30, eff. Sept. 1, 1992.
36 OK Stat § 36-5110 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5110. Examination.

|A. A reinsurance intermediary shall be subject to examination by the Commissioner. The Commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the Commissioner. |B. An RM may be examined as if the RM were the reinsurer.Added by Laws 1992, c. 178, § 31, eff. Sept. 1, 1992.
36 OK Stat § 36-5111 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5111. Penalties; restitution; review.

|A. A reinsurance intermediary, insurer or reinsurer found by the Insurance Commissioner, after notice and opportunity for a hearing conducted in accordance with the Administrative Procedures Act, to be in violation of any provision of the Reinsurance Intermediary Act, shall: |1. For each separate violation, pay a penalty in an amount not exceeding Five Thousand Dollars ($5,000.00); and2. Be subject to revocation or suspension of license.B. In addition, if a violation of the Reinsurance Intermediary Act is committed by a reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.C. The decision, determination, or order of the Commissioner pursuant to this section shall be subject to judicial review pursuant to the Administrative Procedures Act.D. Nothing contained in this section shall affect the right of the Commissioner to impose any other penalties provided in the Oklahoma Insurance Code.E. Nothing contained in the Reinsurance Intermediary Act is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors, or other third parties or confer any rights to such persons.Added by Laws 1992, c. 178, § 32, eff. Sept. 1, 1992. Amended by Laws 1997, c. 418, § 98, eff. Nov. 1, 1997.
36 OK Stat § 36-5112 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5112. Rules and regulations.

|The Commissioner may promulgate and adopt reasonable rules and regulations for the implementation and administration of the provisions of the Reinsurance Intermediary Act. |Added by Laws 1992, c. 178, § 33, eff. Sept. 1, 1992.
36 OK Stat § 36-5113 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5113. Date for compliance with act.

|No insurer or reinsurer shall continue to utilize the services of a reinsurance intermediary on and after September 1, 1992, unless utilization is in compliance with the provisions of the Reinsurance Intermediary Act. |Added by Laws 1992, c. 178, § 34, eff. Sept. 1, 1992.
36 OK Stat § 36-5121 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5121. Short title – Purpose – Legislative intent.

|A. Sections 5121 through 5125 of this title shall be known and may be cited as the "Credit for Reinsurance Act". |B. The purpose of the Credit for Reinsurance Act is to protect the interest of insureds, claimants, ceding insurers, assuming insurers and the public generally. The Legislature hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those parties to whom insurers and reinsurers owe obligations. In furtherance of that state interest, the Legislature hereby provides a mandate that upon the insolvency of a non-United States insurer or reinsurer that provides security to fund its obligations within the United States in accordance with the Credit for Reinsurance Act, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the State Insurance Commissioner with regulatory oversight and the assets shall be distributed in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. The Legislature declares that the matters contained in the Credit for Reinsurance Act are fundamental to the business of insurance in accordance with 15 U.S.C., Sections 1011 through 1012.Added by Laws 1992, c. 178, § 35, eff. Sept. 1, 1992. Amended by Laws 2000, c. 169, § 1, eff. Nov. 1, 2000.
36 OK Stat § 36-5123 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5123. Asset or reduction from liability for ceded reinsurance - Security

|An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Section 5122 of this title shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer; provided, further, that the Commissioner may adopt by regulation pursuant to subsection B of Section 5124 of this title, specific additional requirements relating to or setting forth: the valuation of assets or reserve credits, the amount and forms of security supporting reinsurance arrangements described in subsection B of Section 5124 of this title and the circumstances pursuant to which credit will be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified United States financial institution, as defined in Section 3 of this act. This security may be in the form of: |1. Cash;2. Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office and qualifying as admitted assets;3. a.Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution, as defined in Section 3 of this act, effective no later than December 31 of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement.b.Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification or amendment, whichever first occurs; or4. Any other form of security acceptable to the Insurance Commissioner.Added by Laws 1992, c. 178, § 37, eff. Sept. 1, 1992. Amended by Laws 1995, c. 52, § 1, emerg. eff. April 10, 1995; Laws 2000, c. 169, § 3, eff. Nov. 1, 2000; Laws 2002, c. 307, § 33, eff. Nov. 1, 2002; Laws 2016, c. 298, § 2, eff. Nov. 1, 2016.
36 OK Stat § 36-5123.1 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5123.1. Qualified United States financial institution defined

|A. For purposes of paragraph 3 of Section 5123 of Title 36 of the Oklahoma Statutes, a "qualified United States financial institution" means an institution that: |1. Is organized or, in case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof;2. Is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and3. Has been determined by either the Insurance Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commissioner.B. For purposes of the provisions of the Credit for Reinsurance Act specifying those institutions that are eligible to act as a fiduciary of a trust, a "qualified United States financial institution" means an institution that:1. Is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and2. Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.Added by Laws 2016, c. 298, § 3, eff. Nov. 1, 2016.
36 OK Stat § 36-5124 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-5124. Rules and regulations.

|A. The Insurance Commissioner may promulgate and adopt rules and regulations implementing the provisions of the Credit for Reinsurance Act. |B. The Insurance Commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in paragraph 1 of this subsection.1. A regulation adopted pursuant to this subsection may apply only to reinsurance relating to:a.life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits,b.universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period,c.variable annuities with guaranteed death or living benefits,d.long-term care insurance policies, ore.such other life and health insurance and annuity products as to which the National Association of Insurance Commissioners (NAIC) adopts model regulatory requirements with respect to credit for reinsurance.2. A regulation adopted pursuant to this subsection which is applicable to policies listed in subparagraph a or b of paragraph 1 of this subsection may apply to any treaty containing:a.policies issued on or after January 1, 2015, andb.policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015, unless the NAIC Accounting Practices and Procedures Manual in effect as of December 31, 2015, excluded such pre-2015 policies from the requirements concerning the amounts and forms of security supporting reinsurance arrangements that would otherwise be applicable to such policies.3. A regulation adopted pursuant to this subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under Section 11B (1) of the NAIC Standard Valuation Law, including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.4. A regulation adopted pursuant to this subsection shall not apply to cessions to an assuming insurer that:a.meets the conditions set forth in this section,b.is certified in this state, orc.maintains at least Two Hundred Fifty Million Dollars ($250,000,000.00) in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is:(1)licensed in at least twenty-six states, or(2)licensed in at least ten states, and licensed or accredited in a total of at least thirty-five states.5. The authority to adopt regulations pursuant to this subsection does not limit the Commissioner’s general authority to adopt regulations pursuant to subsection A of this section.Added by Laws 1992, c. 178, § 38, eff. Sept. 1, 1992. Amended by Laws 2016, c. 298, § 4, eff. Nov. 1, 2016; Laws 2021, c. 47, § 2, eff. Nov. 1, 2021.
36 OK Stat § 36-6001 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-6001. Discrimination through fictitious grouping prohibited.

|No insurer, admitted or nonadmitted, shall make available through any rating plan or form, property, marine, vehicle, casualty or surety insurance to any firm, corporation, or association of individuals, any preferred rate or premium based upon any fictitious grouping of such firm, corporation or association of individuals. |Laws 1959, p. 135, § 1, emerg. eff. May 8, 1959.