Oklahoma § 36-1638 - Commissioner power to participate in supervisory

§ 36-1638. Commissioner power to participate in supervisory

colleges.

A. With respect to any insurer registered under Section 5 of

this act, and in accordance with subsection C of this section, the

Commissioner shall also have the power to participate in a

supervisory college for any domestic insurer that is part of an

insurance holding company system with international operations in

order to determine compliance by the insurer with Title 36 of the

Oklahoma Statutes. The powers of the Commissioner with respect to

supervisory colleges include, but are not limited to, the following:

1. Initiating the establishment of a supervisory college;

2. Clarifying the membership and participation of other

supervisors in the supervisory college;

3. Clarifying the functions of the supervisory college and the

role of other regulators, including the establishment of a groupwide supervisor;

4. Coordinating the ongoing activities of the supervisory

college, including planning meetings, supervisory activities, and

processes for information sharing; and

5. Establishing a crisis management plan.

B. Each registered insurer subject to this section shall be

liable for and shall pay the reasonable expenses of the

Commissioner's participation in a supervisory college in accordance

with subsection C of this section, including reasonable travel

expenses. For purposes of this section, a supervisory college may

be convened as either a temporary or permanent forum for

communication and cooperation between the regulators charged with

the supervision of the insurer or its affiliates, and the

Commissioner may establish a regular assessment to the insurer for

the payment of these expenses.

C. In order to assess the business strategy, financial

position, legal and regulatory position, risk exposure, risk

management and governance processes, and as part of the examination

of individual insurers in accordance with Section 7 of this act, the

Oklahoma Statutes - Title 36. Insurance

Commissioner may participate in a supervisory college with other

regulators charged with supervision of the insurer or its

affiliates, including other state, federal and international

regulatory agencies. The Commissioner may enter into agreements in

accordance with subsection C of Section 10 of this act providing the

basis for cooperation between the Commissioner and the other

regulatory agencies, and the activities of the supervisory college.

Nothing in this section shall delegate to the supervisory college

the authority of the Commissioner to regulate or supervise the

insurer or its affiliates within its jurisdiction.

Added by Laws 2017, c. 350, § 8, emerg. eff. May 31, 2017.