Oklahoma § 36-606.1 - Certain foreign or alien insurers may become domestic

§ 36-606.1. Certain foreign or alien insurers may become domestic

insurers - Requirements and procedures.

A. 1. Any foreign or alien insurer which is organized under

the laws of any other jurisdiction for the purpose of transacting

insurance may become a domestic insurer by complying with all of the

requirements of law relative to the organization and licensing of a

domestic insurer of the same type and by designating its principal

place of business at a location in this state, provided the

Insurance Commissioner approves the insurer's application for

redomestication. Such domestic insurer will be entitled to like

certificates and licenses to transact business in this state and

shall be subject to the authority and jurisdiction of this state.

2. The Commissioner shall approve an insurer's application to

redomesticate unless he or she finds that:

a.

the insurer cannot comply with all the requirements of

law relative to the organization and licensing of a

domestic insurer,

b.

after redomestication, the insurer would not be able

to satisfy the requirements for the issuance of a

Oklahoma Statutes - Title 36. Insurance

license to write the line or lines of insurance for

which it is presently licensed,

c.

the effect of the redomestication would be

substantially to lessen competition in insurance in

this state or tend to create a monopoly therein,

d.

the financial condition of the insurer is such as

might jeopardize or prejudice the interest of its

policyholders or the state and is not in the public

interest, or

e.

the competence, experience and integrity of those

persons who control the operation of the insurer are

such that it would not be in the interest of the

policyholders, the public or the state to permit the

redomestication.

3. The insurer's application to redomesticate shall contain

information acceptable to the Commissioner concerning its financial

condition, its plan of operation for the succeeding three (3) years,

and information concerning the competence, experience and integrity

of those persons who control the operation of the insurer.

4. If the Commissioner determines that grounds exist to

disapprove the application to redomesticate, a public hearing shall

be held. The application for redomestication shall be deemed

approved unless the Commissioner has, within thirty (30) days after

the conclusion of the hearing, entered his or her order disapproving

the redomestication.

B. Any domestic insurer may, upon the approval of the Insurance

Commissioner, transfer its domicile to any other state in which it

is admitted to transact the business of insurance, and upon such a

transfer, shall cease to be a domestic insurer, and shall be

admitted to this state if qualified as a foreign insurer. The

Commissioner shall approve any such proposed transfer unless he or

she shall determine such transfer is not in the interest of the

policyholders of this state.

C. The certificate of authority, agents appointments and

licenses, rates, and other items which the Insurance Commissioner

allows, in his or her discretion, which are in existence at the time

any insurer licensed to transact the business of insurance in this

state transfers its corporate domicile to this or any other state by

merger, consolidation or any other lawful method shall continue in

full force and effect upon such transfer if such insurer remains

duly qualified to transact the business of insurance in this state.

All outstanding policies and other contracts of any transferring

insurer shall remain in full force and effect and need not be

endorsed as to the new name of the company or its new location

unless so ordered by the Commissioner. Every transferring insurer

shall file new policy forms with the Commissioner on or before the

effective date of the transfer, but may use existing policy forms

Oklahoma Statutes - Title 36. Insurance

with appropriate endorsements if allowed by, and under such

conditions as approved by, the Commissioner. However, every such

transferring insurer shall notify the Commissioner of the details of

the proposed transfer, and shall file promptly, any resulting

amendments to corporate documents required to be filed with the

Commissioner.

D. The Insurance Commissioner may promulgate rules and

regulations to carry out the purposes of this section.

Added by Laws 1989, c. 320, § 1, eff. Nov. 1, 1989. Amended by Laws

2018, c. 306, § 1; Laws 2024, c. 345, § 11, eff. Nov. 1, 2024.