Oklahoma § 36-1901 - Definitions

§ 36-1901. Definitions

For the purpose of Article 19 of the Oklahoma Insurance Code:

1. "Impairment" or "insolvency" means the capital of a stock

insurer, or limited stock life, accident and health insurer, the net

assets of a Lloyds association, or the surplus of a mutual or

reciprocal insurer, shall be deemed to be impaired and the insurer

Oklahoma Statutes - Title 36. Insurance

shall be deemed to be insolvent, when such insurer shall not be

possessed of assets at least equal to all liabilities and required

reserves together with its total issued and outstanding capital

stock if a stock insurer, the net assets if a Lloyds association, or

the minimum surplus if a mutual or reciprocal insurer required by

this Code to be maintained for the kind or kinds of insurance it is

then authorized to transact;

2. "Insurer" means any person, firm, corporation, health

maintenance organizations, association or aggregation of persons

doing an insurance business and subject to the insurance supervisory

authority of, or to liquidation, rehabilitation, reorganization or

conservation by the Insurance Commissioner or the equivalent

insurance supervisory official of another state;

3. "Delinquency proceeding" means any proceeding commenced

against an insurer pursuant to this article for the purpose of

liquidating, rehabilitating, reorganizing or conserving such

insurer;

4. "State" means any state of the United States and also the

District of Columbia and Puerto Rico;

5. "Foreign country" means territory not in any state;

6. "Domiciliary state" means the state in which an insurer is

incorporated or organized, or in the case of an insurer incorporated

or organized in a foreign country, the state in which such insurer,

having become authorized to do business in such state, has at the

commencement of delinquency proceedings, the largest amount of its

assets held in trust and assets held on deposit for the benefit of

its policyholders or policyholders and creditors in the United

States, and any such insurer is deemed to be domiciled in such

state;

7. "Ancillary state" means any state other than a domiciliary

state;

8. "Reciprocal state" means any state other than this state

that has enacted a law that sets forth a scheme for the

administration of an insurer in receivership by the state's

insurance commissioner or comparable insurance regulatory official;

9. "General assets" means all property, real, personal or

otherwise, not specifically mortgaged, pledged, deposited or

otherwise encumbered for the security or benefit of specified

persons or a limited class or classes of persons, and as to such

specifically encumbered property the term includes all such property

or its proceeds in excess of the amount necessary to discharge the

sum or sums secured thereby. Assets held in trust and assets held

on deposit for the security or benefit of all policyholders or all

policyholders and creditors in the United States shall be deemed

general assets;

Oklahoma Statutes - Title 36. Insurance

10. "Preferred claim" means any claim with respect to which the

law of the state or of the United States accords priority of

payments from the general assets of the insurer;

11. "Special deposit claim" means any claim secured by a

deposit made pursuant to statute for the security or benefit of a

limited class or classes of persons, but not including any general

assets;

12. "Secured claim" means any claim secured by mortgage, trust

deed, pledge, deposit as security, escrow, or otherwise, but not

including special deposit claim or claims against general assets.

The term also includes claims which more than four (4) months prior

to the commencement of delinquency proceedings in the state of the

insurer's domicile have become liens upon specific assets by reason

of judicial process;

13. "Receiver" means receiver, liquidator, rehabilitator, or

conservator as the context may require; and

14. "Qualified financial contract" means a commodity contract,

forward contract, repurchase agreement, securities contract, swap

agreement, and any similar agreement the Commissioner determines by

rule, regulation, resolution, or order to be a qualified financial

contract.

Added by Laws 1957, p. 293, § 1801, operative July 1, 1957.

Renumbered from § 1801 of this title by Laws 1975, c. 316, § 12,

emerg. eff. June 12, 1975. Amended by Laws 2003, c. 197, § 57, eff.

Nov. 1, 2003; Laws 2022, c. 119, § 2, eff. Nov. 1, 2022; Laws 2023,

c. 371, § 1, eff. Nov. 1, 2023.