Oklahoma § 36-2132 - Reinsurance, stock insurers

§ 36-2132. Reinsurance, stock insurers

A. A domestic stock insurer may accept reinsurance for the same

kind of insurance and within the same limits as it is authorized to

transact direct, unless such reinsurance is prohibited by its

articles of incorporation.

Oklahoma Statutes - Title 36. Insurance

B. A domestic stock insurer may reinsure all or substantially

all its business in force, or substantially all of a major class

thereof, with another insurer by an agreement of bulk reinsurance;

but no such agreement shall become effective unless filed with and

approved in writing by the Commissioner.

C. The Commissioner shall approve such agreement within a

reasonable time after such filing unless the Commissioner finds that

the agreement would substantially reduce the protection or service

to the policyholders of the insurer. If the Commissioner does not

approve the agreement, he shall so notify the insurer in writing

specifying his reasons therefor.

Amended by Laws 1988, c. 55, § 1, eff. Nov. 1, 1988.