Oklahoma § 36-1685 - Notice

§ 36-1685. Notice

A. Whenever notice is required to be given under the Insurance

Business Transfer Act and except as otherwise permitted or directed

by the court or the Insurance Commissioner, the notice shall be

transmitted within forty-five (45) days of the event triggering the

requirement:

1. By first-class mail, postage prepaid to the chief insurance

regulator in each jurisdiction in which the transferring insurer:

a.

holds or has ever held a certificate of authority, and

b.

in which policies that are part of the subject

business were issued or policyholders currently

reside;

2. By certified first-class mail, postage prepaid to the

National Conference of Insurance Guaranty Funds, the National

Organization of Life and Health Insurance Guaranty Associations and

all state insurance guaranty associations for the states in which

the transferring insurer:

a.

holds or has ever held a certificate of authority, and

b.

in which policies that are part of the subject

business were issued or policyholders currently

reside;

3. To reinsurers of the transferring insurer pursuant to the

notice provisions of the reinsurance agreements applicable to the

policies that are part of the subject business, or where an

agreement has no provision for notice, by internationally recognized

delivery service;

4. By United States mail, first-class postage prepaid, or by

any internationally recognized delivery service, to all

policyholders holding policies that are part of the subject

business, at their last-known address as indicated by the records of

Oklahoma Statutes - Title 36. Insurance

the transferring insurer or to the address to which premium notices

or other policy documents are sent. Notice shall also be sent to

the transferring insurer's agents or brokers of record on the

subject business;

5. By electronic means to any person or entity identified in

subsection A of this section who provided consent to notice or

service in an agreement included in or related to the subject

business or otherwise consents in writing to receiving service by

electronic mail and provides instructions for making the electronic

notice or service. For the purposes of this subsection, "electronic

means" shall include communications by facsimile or electronic mail;

and

6. By publication in a newspaper of general circulation in the

state in which the transferring insurer has its principal place of

business and in such other publications that the Commissioner

requires.

B. If notice is given in accordance with this section, any

information or orders under this act shall be conclusive with

respect to all intended recipients of the notice, whether or not the

intended recipients receive actual notice.

C. Where this act requires that the applicant or petitioner

provide notice, but a receiver of the insurer has been appointed

pursuant to the laws of the insurer's home jurisdiction, the

receiver shall provide the required notice.

Added by Laws 2018, c. 232, § 5, eff. Nov. 1, 2018. Amended by Laws

2022, c. 126, § 3, emerg. eff. April 29, 2022.