Oklahoma § 36-2027 - Procedural rules and amendments

§ 36-2027. Procedural rules and amendments

A. 1. The Oklahoma Life and Health Insurance Guaranty

Association shall submit to the Insurance Commissioner procedural

rules and any amendments thereto necessary or suitable to assure the

fair, reasonable and equitable administration of the Association.

The procedural rules and any amendments thereto shall become

effective upon approval in writing by the Commissioner.

2. If the Association fails to submit suitable procedural rules

within one hundred eighty (180) days following the effective date of

this act or if at any time thereafter the Association fails to

submit suitable amendments to the rules, the Commissioner shall,

after notice and hearing, adopt and promulgate such reasonable rules

as are necessary to effectuate the provisions of the Oklahoma Life

and Health Insurance Guaranty Association Act. Such rules shall

continue in force until modified by the Commissioner or superseded

by rules submitted by the Association and approved by the

Commissioner. All member insurers shall comply with the procedural

rules.

B. The procedural rules shall, in addition to requirements

enumerated elsewhere in the Oklahoma Life and Health Insurance

Guaranty Association Act:

1. Establish procedures for handling the assets of the

Association;

2. Establish regular places and times for meeting of the Board

of Directors;

3. Establish procedures for records to be kept of all financial

transactions of the Association, its agents, and the Board of

Directors;

4. Establish the procedures whereby selections for the Board of

Directors will be made and submitted to the Commissioner;

5. Establish any additional procedures for assessments under

Section 2030 of this title; and

6. Contain additional provisions necessary or proper for the

execution of the powers and duties of the Association.

Oklahoma Statutes - Title 36. Insurance

C. The procedural rules may provide that any or all powers and

duties of the Association, except those under Section 2030 of this

title, are delegated to a corporation, association or other

organization which performs or will perform functions similar to

those of this Association, or its equivalent, in two or more states

if there is a reciprocal agreement with such states to provide

similar services. Such a corporation, association or organization

shall be reimbursed for any payments made on behalf of the

Association and shall be paid for the performance of any function of

the Association. A delegation of powers or duties under this

subsection shall take effect only with the approval of both the

Board and the Commissioner, and may be made only to a corporation,

association or organization which extends protection not

substantially less favorable and effective than that provided by

this act.

Added by Laws 1981, c. 133, § 7. Amended by Laws 2019, c. 384, § 6,

eff. Nov. 1, 2019.