§36-6456. Membership in or participation in insurance insolvency
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/ok/title-36-insurance/36-6456·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
guaranty fund prohibited – Purchasing group coverage – Risks not covered.
A. No risk retention group shall be permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by a risk retention group.
B. When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident is located, shall be covered by any insurance guaranty fund or similar mechanism in this state.
C. When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state may be covered by the Oklahoma Property and Casualty Insurance Guaranty Association. Added by Laws 1987, c. 157, § 6, emerg. eff. June 25, 1987. Amended by Laws 2004, c. 334, § 3, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 5, eff. Nov. 1, 2021.