Oklahoma § 36-2032 - Detection and prevention of insurer insolvencies

§ 36-2032. Detection and prevention of insurer insolvencies

A. To aid in the detection and prevention of member insurer

insolvencies, it shall be the duty of the Insurance Commissioner:

1. To notify the commissioners of all of the other states,

territories of the United States and the District of Columbia within

thirty (30) days following the action taken or the date the action

occurs, when the Commissioner takes any of the following actions

against a member insurer:

a.

revocation of license,

b.

suspension of license, or

c.

makes a formal order that the member insurer restrict

its premium writing, obtain additional contributions

to surplus, withdraw from the state, reinsure all or

any part of its business, or increase capital, surplus

or any other account for the security of policy

owners, contract owners, certificate owners or

creditors;

2. To report to the board of directors when the Commissioner

has taken any of the actions set forth in paragraph 1 of this

subsection or has received a report from any other commissioner of

other states indicating that any action has been taken in another

state. The report to the board of directors shall contain all

significant details of the action taken or the report received from

a commissioner from another state;

3. To report to the board when the Commissioner has reasonable

cause to believe from an examination, whether completed or in

process, of any member insurer that the insurer may be an impaired

or insolvent insurer;

4. To furnish to the board of directors the National

Association of Insurance Commissioners (NAIC) Insurance Regulatory

Information System (IRIS) ratios and listings of companies not

included in the ratios developed by the NAIC, and the board may use

the information contained therein in carrying out its duties and

responsibilities under this section. The report and the information

contained therein shall be kept confidential by the board of

directors until a time as made public by the Commissioner or other

lawful authority.

Oklahoma Statutes - Title 36. Insurance

B. The Commissioner may seek the advice and recommendations of

the board of directors of the Oklahoma Life and Health Insurance

Guaranty Association concerning any matter affecting the duties and

responsibilities of the Commissioner regarding the financial

condition of member insurers and health maintenance organizations

seeking admission to transact business in this state.

C. The board of directors may, upon majority vote, make reports

and recommendations to the Commissioner upon any matter germane to

the solvency, liquidation, rehabilitation or conservation of any

member insurer or germane to the solvency of any member insurer or

health maintenance organization seeking to do business in this

state. The reports and recommendations shall not be considered

public documents.

D. The board of directors may, upon majority vote, notify the

Commissioner of any information indicating a member insurer may be

an impaired or insolvent insurer.

E. The board of directors may, upon majority vote, make

recommendations to the Commissioner for the detection and prevention

of member insurer insolvencies.

Added by Laws 1981, c. 133, § 12. Amended by Laws 2010, c. 145, §

4, eff. Nov. 1, 2010; Laws 2019, c. 384, § 9, eff. Nov. 1, 2019.