Oklahoma § 36-1688 - Fees – Reimbursement - Costs

§ 36-1688. Fees – Reimbursement - Costs

A. At the time of filing its application with the Insurance

Commissioner for review and approval of an Insurance Business

Transfer Plan, the applicant shall pay a nonrefundable fee to the

Insurance Department in the amount of Ten Thousand Dollars

($10,000.00).

B. In the Commissioner's discretion, in connection with the

Department's participation in the proceedings undertaken pursuant to

the Insurance Business Transfer Act, the applicant shall reimburse

the Department for any compensation and benefits paid to the

personnel of the Department for time spent engaged in the

proceedings, including but not limited to examiners, actuaries,

attorneys, managers and paraprofessionals.

C. The Commissioner may retain independent attorneys,

appraisers, actuaries, certified public accountants, or other

professionals and specialists to assist Department personnel in

connection with the review required by the Insurance Business

Transfer Act, the cost of which shall be borne by the applicant.

D. The applicant shall pay the expenses of the Department and

its authorized consultants incurred in fulfilling their obligations

under this act, including the actual expenses of the Department or

the expenses and compensation of any consultants retained by the

Department.

E. The transferring insurer and the assuming insurer shall

jointly be obligated to pay any compensation, costs and expenses of

the independent expert and any consultants retained by the

independent expert and approved by the Department incurred in

fulfilling the obligations of the independent expert under this act.

Oklahoma Statutes - Title 36. Insurance

Nothing in this act shall be construed to create any duty for the

independent expert to any party other than the Department or the

Court.

F. Failure to pay any of the requisite fees or reimbursements

within thirty (30) days of demand shall be grounds for the

Commissioner to request that the court dismiss the petition for

approval of the Insurance Business Transfer Plan prior to the filing

of an implementation order by the court or, if after the filing of

an implementation order, the Commissioner may suspend or revoke the

assuming insurer's certificate of authority to transact insurance

business in this state.

Added by Laws 2018, c. 232, § 8, eff. Nov. 1, 2018. Amended by Laws

2019, c. 381, § 4, eff. Nov. 1, 2019.