Oklahoma § 36-5121 - Short title – Purpose – Legislative intent
Full text of Oklahoma Oklahoma Statutes § 36-5121 — Short title – Purpose – Legislative intent, with citation guidance and answers to common questions.
§ 36-5121. Short title – Purpose – Legislative intent
A. Sections 5121 through 5125 of this title shall be known and
may be cited as the "Credit for Reinsurance Act".
B. The purpose of the Credit for Reinsurance Act is to protect
the interest of insureds, claimants, ceding insurers, assuming
insurers and the public generally. The Legislature hereby declares
its intent is to ensure adequate regulation of insurers and
reinsurers and adequate protection for those parties to whom
insurers and reinsurers owe obligations. In furtherance of that
state interest, the Legislature hereby provides a mandate that upon
the insolvency of a non-United States insurer or reinsurer that
provides security to fund its obligations within the United States
Oklahoma Statutes - Title 36. Insurance
in accordance with the Credit for Reinsurance Act, the assets
representing the security shall be maintained in the United States
and claims shall be filed with and valued by the State Insurance
Commissioner with regulatory oversight and the assets shall be
distributed in accordance with the insurance laws of the state in
which the trust is domiciled that are applicable to the liquidation
of domestic United States insurance companies. The Legislature
declares that the matters contained in the Credit for Reinsurance
Act are fundamental to the business of insurance in accordance with
15 U.S.C., Sections 1011 through 1012.
Added by Laws 1992, c. 178, § 35, eff. Sept. 1, 1992. Amended by
Laws 2000, c. 169, § 1, eff. Nov. 1, 2000.
Frequently Asked Questions About Oklahoma § 36-5121
What does Oklahoma Statutes § 36-5121 cover?
Section 36-5121 ("Short title – Purpose – Legislative intent") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 36-5121?
A common citation format is "Oklahoma Statutes § 36-5121" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 36-5121 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.