§36-1685. Notice.
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/ok/title-36-insurance/36-1685·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Whenever notice is required to be given under the Insurance Business Transfer Act and except as otherwise permitted or directed by the court or the Insurance Commissioner, the notice shall be transmitted within forty-five
(45)days of the event triggering the requirement:
1. By first-class mail, postage prepaid to the chief insurance regulator in each jurisdiction in which the transferring insurer:
a. holds or has ever held a certificate of authority, and
b. 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 transferring insurer:
a. holds or has ever held a certificate of authority, and
b. in which policies that are part of the subject
business were issued or policyholders currently
reside;
3. To reinsurers of the transferring insurer 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, or by any internationally recognized delivery service, to all policyholders holding policies that are part of the subject business, at their last-known address as indicated by the records of
the transferring insurer or to the address to which premium notices or other policy documents are sent. Notice shall also be sent to the transferring insurer's agents or brokers of record on the subject business;
5. By electronic means to any person or entity identified in subsection A of this section who provided consent to notice or service in an agreement included in or related to the subject business or otherwise consents in writing to receiving service by electronic mail and provides instructions for making the electronic notice or service. For the purposes of this subsection, "electronic means" shall include communications by facsimile or electronic mail; and
6. By publication in a newspaper of general circulation in the state in which the transferring insurer 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 information or orders under this act shall be conclusive with respect to all intended recipients of the notice, whether or not the intended recipients receive actual notice.
C. Where this act requires that the applicant or petitioner provide notice, but a receiver of the insurer has been appointed pursuant to the laws of the insurer's home jurisdiction, the receiver shall provide the required notice. Added by Laws 2018, c. 232, § 5, eff. Nov. 1, 2018. Amended by Laws 2022, c. 126, § 3, emerg. eff. April 29, 2022.