reglab/housing_qa huggingface dataset:
36 OK Stat § 36-1629 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1629. Guaranteed or reinsured student loans.

|Any insurer may make and invest in student loans guaranteed or reinsured as to principal and interest by a state or federally sponsored higher education assistance corporation, to the extent of such guaranty or reinsurance, or by a private nonprofit or for profit student loan insurance guarantor or reinsurer which has net worth of not less than Thirty-five Million Dollars ($35,000,000.00) and which has a financial rating of BBB or better from Standard and Poor’s or Moody’s rating agencies. Any investment pursuant to this section shall not exceed, except with the consent of the Insurance Commissioner of this state, twenty-five percent (25%) of the insurer's net admitted assets based upon the insurer's most recent financial statement filed with the Insurance Commissioner's office. |Added by Laws 1994, c. 142, § 1, eff. Sept. 1, 1994. Amended by Laws 1997, c. 418, § 87, eff. Nov. 1, 1997; Laws 2000, c. 100, § 1, eff. July 1, 2000.
36 OK Stat § 36-1638 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1638. Commissioner power to participate in supervisory colleges.

|A. With respect to any insurer registered under Section 5 of this act, and in accordance with subsection C of this section, the Commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with Title 36 of the Oklahoma Statutes. The powers of the Commissioner with respect to supervisory colleges include, but are not limited to, the following: |1. Initiating the establishment of a supervisory college;2. Clarifying the membership and participation of other supervisors in the supervisory college;3. Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;4. Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and5. Establishing a crisis management plan.B. Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the Commissioner's participation in a supervisory college in accordance with subsection C of this section, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the Commissioner may establish a regular assessment to the insurer for the payment of these expenses.C. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with Section 7 of this act, the Commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. The Commissioner may enter into agreements in accordance with subsection C of Section 10 of this act providing the basis for cooperation between the Commissioner and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the Commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction.Added by Laws 2017, c. 350, § 8, emerg. eff. May 31, 2017.
36 OK Stat § 36-1641 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1641. Authority to issue rules, regulations and orders.

|The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations and orders as shall be necessary to carry out the provisions of this act. |Added by Laws 2017, c. 350, § 11, emerg. eff. May 31, 2017.
36 OK Stat § 36-1644 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1644. Violations threatening insolvency - Possession taken by Commissioner.

|Whenever it appears to the Commissioner that any person has committed a violation of this act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, then the Commissioner may proceed as provided in Articles 18 and 19 of Title 36 of the Oklahoma Statutes to take possession of the property of the domestic insurer and to conduct its business. |Added by Laws 2017, c. 350, § 14, emerg. eff. May 31, 2017.
36 OK Stat § 36-1645 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1645. Recovery of distributions by receiver - Liability.

|A. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer: |1. From any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock; or2. Any payment in the form of a bonus, termination settlement or extraordinary lump-sum salary adjustment made by the insurer or its subsidiary, to a director, officer or employee,where the distribution or payment pursuant to paragraph 1 or 2 of this subsection is made at any time during the one (1) year preceding the petition for liquidation, conservation or rehabilitation, as the case may be, subject to the limitations of subsections B, C and D of this section.B. No distribution shall be recoverable if the parent or affiliate shows that when paid the distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.C. Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time the distributions were paid shall be liable up to the amount of distributions or payments under subsection A of this section which the person received. Any person who otherwise controlled the insurer at the time the distributions were declared shall be liable up to the amount of distributions that would have been received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they shall be jointly and severally liable.D. The maximum amount recoverable under this section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.E. To the extent that any person liable under subsection C of this section is insolvent or otherwise fails to pay claims due from it, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid shall be jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person who otherwise controlled it.Added by Laws 2017, c. 350, § 15, emerg. eff. May 31, 2017.
36 OK Stat § 36-1646 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1646. Authority to suspend, revoke or refuse to renew license or authority to do business.

|Whenever it appears to the Commissioner that any person has committed a violation of this act which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, suspend, revoke or refuse to renew the insurer's license or authority to do business in this state for such period as the Commissioner finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law. |Added by Laws 2017, c. 350, § 16, emerg. eff. May 31, 2017.
36 OK Stat § 36-1647 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1647. Appeal to district court by aggrieved persons.

|A. Any person aggrieved by any act, determination, rule, regulation or order or any other action of the Commissioner pursuant to this act may appeal to the district court for Oklahoma County. The court shall conduct its review without a jury and by trial de novo, except that if all parties, including the Commissioner, so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating. |B. The filing of an appeal pursuant to this section shall stay the application of any rule, regulation, order or other action of the Commissioner to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that a stay would be detrimental to the interest of policyholders, shareholders, creditors or the public.C. Any person aggrieved by any failure of the Commissioner to act or make a determination required by this act may petition the district court for Oklahoma County for a writ in the nature of a mandamus or a peremptory mandamus directing the Commissioner to act or make a determination.Added by Laws 2017, c. 350, § 17, emerg. eff. May 31, 2017.
36 OK Stat § 36-1648 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1648. Powers, remedies, procedures and penalties as additional.

|The powers, remedies, procedures and penalties provided in this act shall be in addition to, and not in limitation of, any other powers, remedies, procedures and penalties provided by law. |Added by Laws 2017, c. 350, § 18, emerg. eff. May 31, 2017.
36 OK Stat § 36-1671 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1671. Short title.

|Sections 13 through 19 of this act may be cited as the "Business Transacted with Producer Controlled Insurer Act". |Added by Laws 1992, c. 178, § 13, eff. Sept. 1, 1992.
36 OK Stat § 36-1672 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1672. Definitions.

|As used in the Business Transacted with Producer Controlled Insurer Act: |1. "Accredited State" means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners (NAIC);2. "Control" or "Controlled" has the meaning ascribed in subsection (c) of Section 1651 of Title 36 of the Oklahoma Statutes;3. "Controlled Insurer" means a licensed insurer which is controlled, directly or indirectly, by a producer;4. "Controlling Producer" means a producer who, directly or indirectly, controls an insurer;5. "Licensed Insurer" or "Insurer" means any person, firm, association or corporation duly licensed to transact a property/casualty insurance business in this state. The following, inter alia, are not licensed insurers for the purposes of this act:a.all risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Pub. L. No. 99-499,100 Stat. 1613 (1986) and the Risk Retention Act, 15 U.S.C. Section 3901 et seq. (1982 & Supp. 1986) and Section 6451 et seq. of Title 36 of the Oklahoma Statutes,b.all residual market pools and joint underwriting authorities or associations, andc.all captive insurers. For the purposes of the Business Transacted with Producer Controlled Insurer Act, captive insurers are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations and/or group members and their affiliates; and6. "Producer" means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation.Added by Laws 1992, c. 178, § 14, eff. Sept. 1, 1992.
36 OK Stat § 36-1673 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1673. Applicability of Act.

|The Business Transacted with Producer Controlled Insurer Act shall apply to licensed insurers as defined in Section 14 of this act, either domiciled in this state or domiciled in a state that is not an accredited state having in effect a substantially similar law. All provisions of Article 16A of the Insurance Code, to the extent they are not superseded by this act, shall continue to apply to all parties within holding company systems subject to this act. |Added by Laws 1992, c. 178, § 15, eff. Sept. 1, 1992.
36 OK Stat § 36-1675 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1675. Notice to insured.

|The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured. |Added by Laws 1992, c. 178, § 17, eff. Sept. 1, 1992.
36 OK Stat § 36-1676 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1676. Powers of Commissioner or receiver - Civil actions.

|A. 1. If the Commissioner believes that the controlling producer or any other person has not materially complied with the Business Transacted with Producer Controlled Insurer Act, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the Commissioner may order the controlling producer to cease placing business with the controlled insurer; and |2. If it was found that because of such material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the Commissioner may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.B. If an order for liquidation or rehabilitation of the controlled insurer has been entered pursuant to Section 1903 of Title 36 of the Oklahoma Statutes, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with this act, or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.C. Nothing contained in this section shall affect the right of the Commissioner to impose any other penalties provided for in the Insurance Code.D. Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors or other third parties.Added by Laws 1992, c. 178, § 18, eff. Sept. 1, 1992.
36 OK Stat § 36-1681 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1681. Short title - Insurance Business Transfer Act.

|This act shall be known and may be cited as the "Insurance Business Transfer Act". |Added by Laws 2018, c. 232, § 1, eff. Nov. 1, 2018.
36 OK Stat § 36-1682 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1682. Purpose of act.

|This act is adopted to provide options to address the significant limitations in the current methods available to insurers to transfer or assume blocks of insurance business in an efficient and cost-effective manner that provides needed legal finality for such transfers in order to provide for improved operational and capital efficiency for insurance companies, stimulates the economy by attracting segments of the insurance industry to the state, makes Oklahoma an attractive home jurisdiction for insurance companies, encourages economic growth and increased investment in the financial services sector and increases the availability of quality insurance industry jobs in Oklahoma. These purposes are accomplished by providing a basis and procedures for the transfer and statutory novation of policies from a transferring insurer to an assuming insurer by way of an Insurance Business Transfer without the affirmative consent of policyholders or reinsureds. The novation is effected by court order. This act establishes the requirements for notice and disclosure and standards and procedures for the approval of the transfer and novation by the Oklahoma Insurance Commissioner and the District Court of Oklahoma County pursuant to an Insurance Business Transfer Plan. This act does not limit or restrict other means of effecting a transfer or novation. |Added by Laws 2018, c. 232, § 2, eff. Nov. 1, 2018. Amended by Laws 2019, c. 381, § 1, eff. Nov. 1, 2019.
36 OK Stat § 36-1684 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1684. Jurisdiction - Venue.

|A. The court considering applications brought under the Insurance Business Transfer Act shall have the same jurisdiction as a court order under Article 19 of Title 36 of the Oklahoma Statutes. |B. Venue for all court proceedings under this act shall lie in the District Court of Oklahoma County, Oklahoma.C. Notwithstanding any other provision of law, the court may issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this act. No provision of this act shall be construed to preclude the court from, on its own motion, taking any action or making any determination necessary or appropriate to enforce or implement court orders or rules, or to prevent an abuse of power.Added by Laws 2018, c. 232, § 4, eff. Nov. 1, 2018.
36 OK Stat § 36-1685 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1685. Notice by applicant.

|A. Whenever notice is required to be given by the applicant under the Insurance Business Transfer Act and except as otherwise permitted or directed by the court or the Insurance Commissioner, the applicant shall, within fifteen (15) days of the event triggering the requirement, cause transmittal of the notice: |1. By first-class mail, postage prepaid to the chief insurance regulator in each jurisdiction in which the applicant:a.holds or has ever held a certificate of authority, andb.in which policies that are part of the subject business were issued or policyholders currently reside;2. By certified first-class mail, postage prepaid to the National Conference of Insurance Guaranty Funds, the National Organization of Life and Health Insurance Guaranty Associations and all state insurance guaranty associations for the states in which the applicant:a.holds or has ever held a certificate of authority, andb.in which policies that are part of the subject business were issued or policyholders currently reside;3. To reinsurers of the applicant pursuant to the notice provisions of the reinsurance agreements applicable to the policies that are part of the subject business, or where an agreement has no provision for notice, by internationally recognized delivery service;4. By United States mail, first-class postage prepaid to all policyholders holding policies that are part of the subject business, at their last-known address as indicated by the records of the applicant or to the address to which premium notices or other policy documents are sent. A notice of transfer shall also be sent to the transferring insurer's agents or brokers of record on the subject business; and5. By publication in a newspaper of general circulation in the state in which the applicant has its principal place of business and in such other publications that the Commissioner requires.B. If notice is given in accordance with this section, any orders under this act shall be conclusive with respect to all intended recipients of the notice, whether or not they receive actual notice.C. Where this act requires that the applicant provide notice but the Commissioner has been named receiver of the applicant, the Commissioner shall provide the required notice.Added by Laws 2018, c. 232, § 5, eff. Nov. 1, 2018.
36 OK Stat § 36-1687 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1687. Consent to jurisdiction of Commissioner.

|Insurers subject to this act consent to the jurisdiction of the Insurance Commissioner with regard to ongoing oversight of operations, management and solvency relating to the transferred business, including the authority of the Commissioner to conduct financial analysis and examinations. |Added by Laws 2018, c. 232, § 7, eff. Nov. 1, 2018.
36 OK Stat § 36-1688 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1688. Fees – Reimbursement - Costs.

|A. At the time of filing its application with the Insurance Commissioner for review and approval of an Insurance Business Transfer Plan, the applicant shall pay a nonrefundable fee to the Insurance Department in the amount of Ten Thousand Dollars ($10,000.00). |B. In the Commissioner's discretion, in connection with the Department's participation in the proceedings undertaken pursuant to the Insurance Business Transfer Act, the applicant shall reimburse the Department for any compensation and benefits paid to the personnel of the Department for time spent engaged in the proceedings, including but not limited to examiners, actuaries, attorneys, managers and paraprofessionals.C. The Commissioner may retain independent attorneys, appraisers, actuaries, certified public accountants, or other professionals and specialists to assist Department personnel in connection with the review required by the Insurance Business Transfer Act, the cost of which shall be borne by the applicant.D. The applicant shall pay the expenses of the Department and its authorized consultants incurred in fulfilling their obligations under this act, including the actual expenses of the Department or the expenses and compensation of any consultants retained by the Department.E. The transferring insurer and the assuming insurer shall jointly be obligated to pay any compensation, costs and expenses of the independent expert and any consultants retained by the independent expert and approved by the Department incurred in fulfilling the obligations of the independent expert under this act. Nothing in this act shall be construed to create any duty for the independent expert to any party other than the Department or the Court.F. Failure to pay any of the requisite fees or reimbursements within thirty (30) days of demand shall be grounds for the Commissioner to request that the court dismiss the petition for approval of the Insurance Business Transfer Plan prior to the filing of an implementation order by the court or, if after the filing of an implementation order, the Commissioner may suspend or revoke the assuming insurer's certificate of authority to transact insurance business in this state.Added by Laws 2018, c. 232, § 8, eff. Nov. 1, 2018. Amended by Laws 2019, c. 381, § 4, eff. Nov. 1, 2019.
36 OK Stat § 36-1691 (2021)
2021 Oklahoma Statutes|Title 36. Insurance|§36-1691. Short title - Protected Cell Companies Act.

|This act shall be known and may be cited as the "Protected Cell Companies Act". |Added by Laws 2019, c. 362, § 1, eff. Nov. 1, 2019.