Oklahoma § 36-1807 - Foreign or alien insurers

§ 36-1807. Foreign or alien insurers

A. In the event that the Commissioner makes any of the findings

provided for in Section 3 of this act concerning any foreign or

alien insurer or finds that any such insurer is not possessed of the

minimum surplus or capital required by the Insurance Code of this

state for similar type domestic companies, or if a conservator,

rehabilitator, receiver or liquidator has been appointed in the

state of domicile, or if the insurer gives its consent, the

Commissioner shall have the same power and jurisdiction to appoint a

supervisor or conservator as to the assets of such insurer located

in this state as provided herein for domestic insurance companies.

B. In the event that any such insurer shall fail to comply with

the provisions of Section 4 of this act with respect to any of its

assets or policies located within this state during any 90-day

period of supervision, such act or violation shall constitute

sufficient grounds for the immediate revocation of its certificate

of authority to do business in this state and for the immediate

appointment of a conservator to take charge of its assets located

within this state.

C. Any supervisor or conservator appointed with respect to

assets located in this state belonging to a foreign or alien insurer

shall have all of the power and authority provided for in Section 5

of this act with respect to such assets located in this state and,

in addition, may reinsure all or any part of such insurer's

policyholders or certificate holders located within this state with

insurers authorized to transact business in this state and may

transfer to the reinsuring company, as reserve funds, assets or any

portion thereof in his possession as may be required to consummate

the reinsurance of such policies and any of such assets transferred

as reserve funds shall not be deemed a preference of creditors.

Laws 1975, c. 316, § 7, emerg. eff. June 12, 1975.