Oklahoma § 36-1802

§ 36-1802.

Definitions.

Oklahoma Statutes - Title 36. Insurance

As used in Article 18 of the Insurance Code, the following words

and terms set forth below shall have the meanings ascribed to them

unless the context otherwise indicates:

1. "Commissioner" means the Insurance Commissioner of this

state;

2. "Insurer" is a person, organization, association or company,

authorized or unauthorized, admitted or nonadmitted, acting as an

insurer, or as principal or agent of an insurer, including any

domestic, foreign or alien insurer, as defined in Article 6 of the

Insurance Code, and including stock companies, reciprocals or

insurance exchanges, Lloyds Associations, fraternal benefit

societies, stipulated premium companies, and mutual companies of all

kinds, including statewide mutual assessment corporations, local

mutual aids, burial associations, county mutual insurance companies

and farm mutual insurance companies, and health maintenance

organizations;

3. "Insolvent" or "insolvency" means any actual or threatened

insurer delinquency including, but not limited to, any one or more

of the following circumstances:

a.

an insurer's required surplus or capital is impaired

to an extent prohibited by law,

b.

an insurer continues to write new business when it is

not possessed of the surplus or capital required of it

by law,

c.

the business of any such insurer is being conducted

fraudulently,

d.

any such insurer attempts to dissolve or liquidate

without first having made provisions, satisfactory to

the Commissioner, for liabilities arising from

policies of insurance issued by such insurer; or

e.

the insurer has made investments in violation of the

Insurance Code or has knowingly over-valued insurer's

assets;

4. "Exceeded its powers" includes, but is not limited to, the

following circumstances:

a.

an insurer's refusal to permit examination of its

books, papers, accounts, records or affairs by the

Commissioner, his or her deputy or duly-commissioned

examiners; or if such insurer being organized in the

State of Oklahoma removes from the state such books,

papers, accounts or records necessary for an

examination of such insurer,

b.

an insurer's failure to promptly answer inquiries

authorized by Section 1905(6) of this title,

c.

an insurer's neglect or refusal to observe an order of

the Commissioner to make good, within the time

Oklahoma Statutes - Title 36. Insurance

prescribed by law, any prohibited deficiency in its

capital or surplus,

d.

an insurer, without first obtaining written approval

of the Commissioner, by contract or otherwise:

(1) totally reinsuring its entire outstanding

business, or

(2) merging or consolidating substantially its entire

property or business with another approved

insurer, or

e.

an insurer continuing to write business after its

license has been revoked or suspended; and

5. "Consent" means any agreement by the insurer to either

supervision or conservatorship.

Added by Laws 1975, c. 316, § 2, emerg. eff. June 12, 1975. Amended

by Laws 2003, c. 197, § 56, eff. Nov. 1, 2003.