Oklahoma § 36-606 - Authority to transact insurance required

§ 36-606. Authority to transact insurance required

A. No person shall act as an insurer and no insurer shall

transact insurance in Oklahoma except as authorized by a subsisting

authority granted to it by the Insurance Commissioner, except as to

such transactions as are expressly otherwise provided for in this

Code.

Oklahoma Statutes - Title 36. Insurance

B. No such authority shall be required for an insurer, formerly

so licensed in Oklahoma and now licensed in another state as a

resident insurer or who has merged with an insurer in another state,

to enable it to investigate and settle losses under its policies

lawfully written in Oklahoma, or to liquidate such assets and

liabilities of the insurer (other than collection of new premiums)

as may have resulted from its former authorized operations in

Oklahoma.

C. An insurer, who has relocated in another state or has merged

with an insurer in another state and is not transacting new

insurance business in Oklahoma but continuing collection of premiums

on and servicing of policies remaining in force as to residents of

or risks located in Oklahoma, is transacting insurance in Oklahoma

for the purpose of premium tax requirements only and is not required

to have a certificate of authority therefor. This subsection shall

not apply to insurers which have withdrawn from Oklahoma prior to

the effective date of this Code.

D. As to an insurance coverage on a subject of insurance not

resident, located, or expressly to be performed in Oklahoma at time

of issuance, and solicited, written, and delivered outside Oklahoma

at the time of issuance, no such authority shall be required of an

insurer as to subsequent transactions in Oklahoma on account

thereof, and the provisions of this Code shall not apply to such

insurance or insurance coverage, except for the purpose of premium

tax requirements.

Amended by Laws 1985, c. 328, § 5, emerg. eff. July 29, 1985.