§36-2005. Creation - Administration - Accounts - Membership - Plan
164 words·~1 min read·
/ok/title-36-insurance/36-2005·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
of operation.
A. There is hereby created a nonprofit, unincorporated legal entity to be known as the Oklahoma Property and Casualty Insurance Guaranty Association. For purposes of administration and assessment, the Association shall be divided into three separate accounts:
1. The workers' compensation insurance account;
2. The automobile insurance account; and
3. The account for all other insurance to which the Oklahoma Property and Casualty Insurance Guaranty Association Act applies.
B. All insurers defined as member insurers pursuant to Section 2004 of this title shall be and remain members of the Association as a condition of their authority to transact insurance in this state. The Association shall perform its functions under a plan of operation established and approved under the Oklahoma Property and Casualty Insurance Guaranty Association Act. Added by Laws 1980, c. 362, § 5, emerg. eff. June 27, 1980. Amended by Laws 1982, c. 258, § 2, emerg. eff. May 14, 1982; Laws 2010, c. 159, § 4, eff. Nov. 1, 2010.