Oklahoma § 36-2031 - Commissioner - Powers and duties

§ 36-2031. Commissioner - Powers and duties

A. In addition to the duties and powers enumerated elsewhere in

this act, the Commissioner shall:

1. Upon request of the Board, provide the Association with a

statement of the premiums in the appropriate states for each member

insurer;

2. When an impairment is declared and the amount of the

impairment is determined, serve a demand upon the impaired insurer

to make good the impairment within a reasonable time. Notice to the

impaired insurer shall constitute notice to its shareholders, if

any. The failure of the insurer to promptly comply with such demand

shall not excuse the Association from the performance of its powers

and duties under this act.

If a foreign or alien member insurer is subject to a liquidation

proceeding in its domiciliary jurisdiction or state of entry, the

Commissioner shall be appointed conservator or shall be permitted to

initiate an ancillary receivership.

B. The Commissioner may suspend or revoke, after notice and

hearing, the certificate of authority to transact insurance business

in this state of any member insurer which fails to pay an assessment

when due or fails to comply with the procedural rules. As an

alternative, the Commissioner may levy a forfeiture on any member

insurer which fails to pay an assessment when due. Such forfeiture

Oklahoma Statutes - Title 36. Insurance

shall not exceed five percent (5%) of the unpaid assessment per

month, but no forfeiture shall be less than One Hundred Dollars

($100.00) per month.

C. Any action of the Board or the Association may be appealed

to the Commissioner by any member insurer if such appeal is taken

within thirty (30) days of the action of the Board or Association.

Any final action or order of the Commissioner shall be subject to

judicial review in a court of competent jurisdiction.

Amended by Laws 1987, c. 175, § 20, eff. Nov. 1, 1987.