§36-1802. Definitions.
450 words·~2 min read·
/ok/title-36-insurance/36-1802·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in Article 18 of the Insurance Code, the following words and terms set forth below shall have the meanings ascribed to them unless the context otherwise indicates:
1. "Commissioner" means the Insurance Commissioner of this state;
2. "Insurer" is a person, organization, association or company, authorized or unauthorized, admitted or nonadmitted, acting as an insurer, or as principal or agent of an insurer, including any domestic, foreign or alien insurer, as defined in Article 6 of the Insurance Code, and including stock companies, reciprocals or insurance exchanges, Lloyds Associations, fraternal benefit societies, stipulated premium companies, and mutual companies of all kinds, including statewide mutual assessment corporations, local mutual aids, burial associations, county mutual insurance companies and farm mutual insurance companies, and health maintenance organizations;
3. "Insolvent" or "insolvency" means any actual or threatened insurer delinquency including, but not limited to, any one or more of the following circumstances:
a. an insurer's required surplus or capital is impaired
to an extent prohibited by law,
b. an insurer continues to write new business when it is
not possessed of the surplus or capital required of it
by law,
c. the business of any such insurer is being conducted
fraudulently,
d. any such insurer attempts to dissolve or liquidate
without first having made provisions, satisfactory to
the Commissioner, for liabilities arising from
policies of insurance issued by such insurer; or
e. the insurer has made investments in violation of the
Insurance Code or has knowingly over-valued insurer's
assets;
4. "Exceeded its powers" includes, but is not limited to, the following circumstances:
a. an insurer's refusal to permit examination of its
books, papers, accounts, records or affairs by the
Commissioner, his or her deputy or duly-commissioned
examiners; or if such insurer being organized in the
State of Oklahoma removes from the state such books,
papers, accounts or records necessary for an
examination of such insurer,
b. an insurer's failure to promptly answer inquiries
authorized by Section 1905(6) of this title,
c. an insurer's neglect or refusal to observe an order of
the Commissioner to make good, within the time
prescribed by law, any prohibited deficiency in its
capital or surplus,
d. an insurer, without first obtaining written approval
of the Commissioner, by contract or otherwise:
(1)totally reinsuring its entire outstanding
business, or
(2)merging or consolidating substantially its entire
property or business with another approved
insurer, or
e. an insurer continuing to write business after its
license has been revoked or suspended; and
5. "Consent" means any agreement by the insurer to either supervision or conservatorship. Added by Laws 1975, c. 316, § 2, emerg. eff. June 12, 1975. Amended by Laws 2003, c. 197, § 56, eff. Nov. 1, 2003.