Oklahoma § 36-1676 - Powers of Commissioner or receiver - Civil actions

§ 36-1676. Powers of Commissioner or receiver - Civil actions

A. 1. If the Commissioner believes that the controlling

producer or any other person has not materially complied with the

Business Transacted with Producer Controlled Insurer Act, or any

regulation or order promulgated hereunder, after notice and

opportunity to be heard, the Commissioner may order the controlling

producer to cease placing business with the controlled insurer; and

2. If it was found that because of such material noncompliance

that the controlled insurer or any policyholder thereof has suffered

any loss or damage, the Commissioner may maintain a civil action or

intervene in an action brought by or on behalf of the insurer or

policyholder for recovery of compensatory damages for the benefit of

the insurer or policyholder or other appropriate relief.

B. If an order for liquidation or rehabilitation of the

controlled insurer has been entered pursuant to Section 1903 of

Title 36 of the Oklahoma Statutes, and the receiver appointed under

that order believes that the controlling producer or any other

person has not materially complied with this act, or any regulation

or order promulgated hereunder, and the insurer suffered any loss or

damage therefrom, the receiver may maintain a civil action for

recovery of damages or other appropriate sanctions for the benefit

of the insurer.

C. Nothing contained in this section shall affect the right of

the Commissioner to impose any other penalties provided for in the

Insurance Code.

Oklahoma Statutes - Title 36. Insurance

D. Nothing contained in this section is intended to or shall in

any manner alter or affect the rights of policyholders, claimants,

creditors or other third parties.

Added by Laws 1992, c. 178, § 18, eff. Sept. 1, 1992.