Oklahoma § 36-1682 - Purpose of act

§ 36-1682. Purpose of act

This act is adopted to provide options to address the

significant limitations in the current methods available to insurers

to transfer or assume blocks of insurance business in an efficient

and cost-effective manner that provides needed legal finality for

such transfers in order to provide for improved operational and

capital efficiency for insurance companies, stimulates the economy

by attracting segments of the insurance industry to the state, makes

Oklahoma an attractive home jurisdiction for insurance companies,

encourages economic growth and increased investment in the financial

services sector and increases the availability of quality insurance

industry jobs in Oklahoma. These purposes are accomplished by

providing a basis and procedures for the transfer and statutory

novation of policies from a transferring insurer to an assuming

insurer by way of an Insurance Business Transfer without the

affirmative consent of policyholders or reinsureds. The novation is

effected by court order. This act establishes the requirements for

notice and disclosure and standards and procedures for the approval

of the transfer and novation by the Oklahoma Insurance Commissioner

and the district court pursuant to an Insurance Business Transfer

Plan. This act does not limit or restrict other means of effecting

a transfer or novation.

Added by Laws 2018, c. 232, § 2, eff. Nov. 1, 2018. Amended by Laws

2019, c. 381, § 1, eff. Nov. 1, 2019; Laws 2024, c. 195, § 8, eff.

Nov. 1, 2024.