Oklahoma § 36-2731.1 - Suspension, revocation or refusal of license of foreign

§ 36-2731.1. Suspension, revocation or refusal of license of foreign

or alien society.

A. When the Insurance Commissioner upon investigation finds

that a foreign or alien society transacting or applying to transact

business in this state:

1. Has exceeded its powers;

2. Has failed to comply with any of the provisions of this

article;

3. Is not fulfilling its contracts in good faith; or

4. Is conducting its business fraudulently or in a manner

hazardous to its members or creditors or the public;

the Insurance Commissioner shall notify the society of such

deficiency or deficiencies and state in writing the reasons for his

or her dissatisfaction. The Commissioner shall at once issue a

written notice to the society requiring that the deficiency or

deficiencies be corrected. After such notice, the society shall

have a thirty-day period in which to comply with the Commissioner's

request for correction. If the society fails to comply with the

request, the Commissioner shall notify the society of the

noncompliance and require the society to show cause on a date named

why its license should not be suspended, revoked or refused. If on

such date the society does not present good and sufficient reason

why its authority to do business in this state should not be

suspended, revoked or refused, the Commissioner may suspend or

refuse the license of the society to do business in this state until

satisfactory evidence is furnished to the Commissioner that such

suspension or refusal should be withdrawn, or the Commissioner may

revoke the authority of the society to do business in this state.

B. Nothing contained in this section shall be taken or

construed as preventing any such society from continuing in good

faith all contracts made in this state during the time such society

was legally authorized to transact business herein.

Added by Laws 1992, c. 76, § 31, eff. Jan. 1, 1993.