Oklahoma § 36-619

§ 36-619.

Discretionary revocation or suspension; civil fines.

Oklahoma Statutes - Title 36. Insurance

A. The Insurance Commissioner may after opportunity for a

hearing refuse to renew, or may revoke or suspend an insurer's

certificate of authority, in addition to other grounds in this Code,

if the insurer:

1. Violates any provision of this Code other than those as to

which refusal, suspension, or revocation is mandatory;

2. Knowingly fails to comply with any lawful rule or order of

the Insurance Commissioner;

3. Is found by the Insurance Commissioner to be in unsound

condition or in such condition as to render its further transaction

of insurance in this state hazardous to its policyholders or to the

people of this state;

4. Without reasonable cause compels claimants under its

policies to accept less than the amount due them or to bring suit

against it to secure full payment;

5. Refuses to be examined or to produce its accounts, records,

and files for examination by the Insurance Commissioner when

required;

6. Fails to pay any final judgment rendered against it in this

state within thirty (30) days after the judgment becomes final; or

7. Is affiliated with and under the same general management or

interlocking directorate or ownership as another insurer which

transacts direct insurance in this state without having a

certificate of authority therefor, except as permitted to a surplus

line insurer pursuant to Sections 1101 through 1120 of this title.

B. In addition to or in lieu of any applicable revocation or

suspension of an insurer's certificate of authority, any insurer who

knowingly and willfully violates this Code may be subject to a civil

penalty of not more than Five Thousand Dollars ($5,000.00) for each

occurrence.

C. In addition to or in lieu of any sanction, the Commissioner

may require an insurer to restrict its insurance writings, obtain

additional contributions to surplus, withdraw from the state,

reinsure all or part of its business, increase capital, surplus,

deposits or any other account for the security of policyholders or

creditors, or provide independent actuarial review.

Added by Laws 1957, p. 235, § 619. Amended by Laws 1980, c. 182, §

1, eff. Oct. 1, 1980; Laws 1986, c. 251, § 6, eff. Nov. 1, 1986;

Laws 1997, c. 418, § 25, eff. Nov. 1, 1997; Laws 2010, c. 222, § 5,

eff. Nov. 1, 2010.