§36-2032. Detection and prevention of insurer insolvencies.
512 words·~2 min read·
/ok/title-36-insurance/36-2032·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. To aid in the detection and prevention of member insurer insolvencies, it shall be the duty of the Insurance Commissioner:
1. To notify the commissioners of all of the other states, territories of the United States and the District of Columbia within thirty
(30)days following the action taken or the date the action occurs, when the Commissioner takes any of the following actions against a member insurer:
a. revocation of license,
b. suspension of license, or
c. makes a formal order that the member insurer restrict
its premium writing, obtain additional contributions
to surplus, withdraw from the state, reinsure all or
any part of its business, or increase capital, surplus
or any other account for the security of policy
owners, contract owners, certificate owners or
creditors;
2. To report to the board of directors when the Commissioner has taken any of the actions set forth in paragraph 1 of this subsection or has received a report from any other commissioner of other states indicating that any action has been taken in another state. The report to the board of directors shall contain all significant details of the action taken or the report received from a commissioner from another state;
3. To report to the board when the Commissioner has reasonable cause to believe from an examination, whether completed or in process, of any member insurer that the insurer may be an impaired or insolvent insurer;
4. To furnish to the board of directors the National Association of Insurance Commissioners
(NAIC)Insurance Regulatory Information System
(IRIS)ratios and listings of companies not included in the ratios developed by the NAIC, and the board may use the information contained therein in carrying out its duties and responsibilities under this section. The report and the information contained therein shall be kept confidential by the board of directors until a time as made public by the Commissioner or other lawful authority.
B. The Commissioner may seek the advice and recommendations of the board of directors of the Oklahoma Life and Health Insurance Guaranty Association concerning any matter affecting the duties and responsibilities of the Commissioner regarding the financial condition of member insurers and health maintenance organizations seeking admission to transact business in this state.
C. The board of directors may, upon majority vote, make reports and recommendations to the Commissioner upon any matter germane to the solvency, liquidation, rehabilitation or conservation of any member insurer or germane to the solvency of any member insurer or health maintenance organization seeking to do business in this state. The reports and recommendations shall not be considered public documents.
D. The board of directors may, upon majority vote, notify the Commissioner of any information indicating a member insurer may be an impaired or insolvent insurer.
E. The board of directors may, upon majority vote, make recommendations to the Commissioner for the detection and prevention of member insurer insolvencies. Added by Laws 1981, c. 133, § 12. Amended by Laws 2010, c. 145, § 4, eff. Nov. 1, 2010; Laws 2019, c. 384, § 9, eff. Nov. 1, 2019.