Oklahoma § 36-1915 - Conduct of delinquency proceedings against foreign

§ 36-1915. Conduct of delinquency proceedings against foreign

insurers.

A. Whenever under this article an ancillary receiver is to be

appointed in delinquency proceedings for an insurer not domiciled in

this state, the court shall appoint the Insurance Commissioner as

ancillary receiver. The Insurance Commissioner shall file a

petition requesting the appointment on the grounds set forth in

section 1809 of this article (1) if he finds that there are

sufficient assets of the insurer located in this state to justify

Oklahoma Statutes - Title 36. Insurance

the appointment of an ancillary receiver, or (2) if ten (10) or more

persons resident in this state having claims against such insurer

file a petition with the Insurance Commissioner requesting the

appointment of such ancillary receiver.

B. The domiciliary receiver for the purpose of liquidating an

insurer domiciled in a reciprocal state shall be vested by operation

of law with the title to all of the property, contracts, and rights

of action and all of the books and records of the insurer located in

this state, and he shall have the immediate right to recover

balances due from local agents and to obtain possession of any books

and records of the insurer found in this state. He shall also be

entitled to recover the other assets of the insurer located in this

state, except that upon the appointment of an ancillary receiver in

this state, the ancillary receiver shall during the ancillary

receivership proceedings have the sole right to recover such other

assets. The ancillary receiver shall, as soon as practicable,

liquidate from their respective securities those special deposit

claims and secured claims which are proved and allowed in the

ancillary proceedings in this state, and shall pay the necessary

expense of the proceedings. All remaining assets he shall promptly

transfer to the domiciliary receiver. Subject to the foregoing

provisions, the ancillary receiver and his deputies shall have the

same powers and be subject to the same duties with respect to the

administration of such assets as a receiver of an insurer domiciled

in this state.

C. The domiciliary receiver of an insurer domiciled in a

reciprocal state may sue in this state to recover any assets of such

insurer to which he may be entitled under the laws of this state.

Laws 1957, p. 297, § 1815; Laws 1975, c. 316, § 12, emerg. eff. June

12, 1975.