Oklahoma § 36-309.5 - Examiner's conflict of interest

§ 36-309.5. Examiner's conflict of interest

A. No examiner may be appointed by the Insurance Commissioner

if such examiner, either directly or indirectly, has a conflict of

interest or is affiliated with the management of or owns a pecuniary

interest in any person subject to examination under Sections 309.1

through 309.7 of this title. This section shall not be construed to

automatically preclude an examiner from being:

1. A policyholder or claimant under an insurance policy;

2. A grantor of a mortgage or similar instrument on such

examiner's residence to a regulated entity if done under customary

terms and in the ordinary course of business;

3. An investment owner in shares of regulated diversified

investment companies; or

4. A settlor or beneficiary of a blind trust into which any

otherwise impermissible holdings have been placed.

B. Notwithstanding the requirements of this section, the

Commissioner may retain from time to time, on an individual basis,

qualified actuaries, an accounting firm or individual holding a

permit to practice public accounting in this state, or other similar

individuals who are independently practicing their professions, even

though said persons may from time to time be similarly employed or

retained by persons subject to examination under this act. An

examiner shall disclose to the Commissioner in writing any prior or

existing personal or business relationship with any company to be

examined by that examiner.

Added by Laws 1991, c. 204, § 5, eff. Sept. 1, 1991. Amended by

Laws 1997, c. 418, § 10, eff. Nov. 1, 1997.