Oklahoma § 36-1697 - Receivership – Amounts recoverable

§ 36-1697. Receivership – Amounts recoverable

A. Notwithstanding any contrary provision in the Oklahoma

Insurance Code, the rules promulgated under the Oklahoma Insurance

Code or any other applicable law or rule, upon placement under

administrative supervision or upon any order of conservation,

rehabilitation or liquidation of a protected cell company, the

receiver shall be bound to deal with the protected cell company's

assets and liabilities, including protected cell assets and

protected cell liabilities, in accordance with the requirements set

forth in the Protected Cell Companies Act.

B. With respect to amounts recoverable under a protected cell

company insurance securitization, the amount recoverable by the

receiver shall not be reduced or diminished as a result of the

placement under administrative supervision or entry of an order of

conservation, rehabilitation or liquidation with respect to the

protected cell company or any of its protected cells,

notwithstanding any provisions to the contrary in the contracts or

other documentation governing the protected cell company insurance

securitization.

Added by Laws 2019, c. 362, § 7, eff. Nov. 1, 2019.