Oklahoma § 36-1803 - Duties of Commissioner

§ 36-1803. Duties of Commissioner

A. The Insurance Commissioner shall, if there is substantial

reason to believe that any insurer is insolvent, or if any insurer's

condition is such as to render the continuance of its business

hazardous to the public or to holders of its policies or

certificates of insurance, or it has exceeded its powers, or it has

failed to comply with the law, or if such insurer gives its consent:

1. Notify the insurer of the Commissioner's determination;

2. Furnish the insurer a written list of requirements to abate

the Commissioner's determination; and

3. If the Commissioner makes a further determination to

supervise, notify the insurer that it is under supervision pursuant

to this article.

B. Such insurer shall comply with the lawful requirements of

the Commissioner and, if placed under supervision, shall have ninety

(90) days from the date of notice within which to comply with the

requirements of the Commissioner unless the Commissioner designates

a lesser or greater period of time or unless the Commissioner

determines at any time during or after the ninety-day period of time

that judicial or administrative proceedings should be initiated to

place such insurer in conservation, rehabilitation or liquidation

proceedings or other delinquency proceedings, pursuant to Articles

18 and 19 of this title. If such insurer does not comply with such

requirements, such supervision may continue until such requirements

are remedied or until the Commissioner approves or completes pursuit

of additional options as provided in the Insurance Code.

Added by Laws 1975, c. 316, § 3, emerg. eff. June 12, 1975. Amended

by Laws 1985, c. 328, § 12, emerg. eff. July 29, 1985; Laws 2002, c.

307, § 25, eff. Nov. 1, 2002.

NOTE: A former § 1803 of this title was renumbered as § 1903 of

this title by Laws 1975, c. 316, § 12, emerg. eff. June 12, 1975.

Oklahoma Statutes - Title 36. Insurance