Oklahoma § 36-311.2 - Reports on financial condition

§ 36-311.2. Reports on financial condition

A. The Insurance Commissioner may request financial information

more frequently than quarterly if it appears an insurer is having

financial difficulty, if erratic changes are occurring in the

financial data of the company, if a considerable number of consumer

complaints have been received, or if one or more transactions have

occurred which appear to jeopardize the welfare of the

policyholders. The insurer also may be requested to furnish a plan

of action to improve its underwriting performance.

B. Any insurer upon request of the Commissioner shall furnish

to the Insurance Commissioner within forty-five (45) days following

the close of any calendar quarter, except the fourth quarter, on

blank forms prescribed by the Insurance Commissioner, a statement

which shall exhibit the financial condition of the company as of the

last date of the month immediately preceding reporting date. Such

reports for information purposes shall contain a complete listing of

all written commitments to loan, guaranties of loans, or contractual

obligations concerning loans or conditional liabilities to borrowers

or lenders made during the quarter reported. Such reports may

require the inclusion of an exhibit of the operating results of the

company for the three (3) months' period immediately preceding the

date for which the financial condition is shown. A completed blank

form prescribed by the Commissioner for said statement shall be

furnished by each insurer for each such reporting date. Such

Oklahoma Statutes - Title 36. Insurance

statements shall be subscribed and sworn to by the president and the

secretary and other proper officers of the company. Failure of any

insurer to execute and file such statements or exhibits as required

herein shall constitute cause, after notice and hearing, for

censure, suspension, or revocation of certificate of authority to

transact an insurance business in this state or a fine of not less

than One Hundred Dollars ($100.00) nor more than One Thousand

Dollars ($1,000.00) for each occurrence, or both censure,

suspension, or revocation, and fine. The Commissioner shall set

such cause for hearing and if he finds that the facts warrant, he

shall order said censure, suspension, or revocation of the

certificate of authority of the insurer found to be in default or

said fine, or both said censure, suspension, or revocation, and

fine. Willful violations, after notice and hearing, may subject the

insurer to both censure, suspension or revocation of certificate and

a fine of not less than One Hundred Dollars ($100.00) or not more

than Five Thousand Dollars ($5,000.00) for each violation. The

Insurance Commissioner may establish rules or regulations to carry

out the purposes of this section.

Added by Laws 1970, c. 108, § 1, operative Sept. 30, 1970. Amended

by Laws 1974, c. 264, § 4, emerg. eff. May 29, 1974; Laws 1983, c.

68, § 5, eff. Nov. 1, 1983; Laws 1985, c. 328, § 3, emerg. eff. July

29, 1985; Laws 1986, c. 251, § 3, emerg. eff. June 13, 1986; Laws

2002, c. 307, § 2, eff. Nov. 1, 2002.