Oklahoma § 36-6103.1 - Purpose of act

§ 36-6103.1. Purpose of act

A. The purpose of Sections 11 through 21 of this act is to

subject certain persons and insurers to the jurisdiction of:

1. The Insurance Commissioner, including proceedings before the

Commissioner; and

Oklahoma Statutes - Title 36. Insurance

2. The courts of this state in suits by or on behalf of this

state and insureds or beneficiaries under insurance contracts.

B. The Legislature declares that it is a subject of concern

that many residents of this state hold policies of insurance issued

by persons and insurers not authorized to do insurance business in

this state, thus presenting to such residents the often insuperable

obstacle of asserting their legal rights under such policies in

forums foreign to them under laws and rules of practice with which

they are not familiar. The Legislature declares that it is also

concerned with the protection of residents of this state against

acts by persons and insurers not authorized to do an insurance

business in this state by:

1. The maintenance of fair and honest insurance markets;

2. Protecting the premium tax revenues of this state;

3. Protecting authorized persons and insurers which are subject

to strict regulation from unfair competition by unauthorized persons

and insurers; and

4. Protecting against the evasion of the insurance regulatory

laws of this state.

Added by Laws 1994, c. 294, § 11, eff. Sept. 1, 1994.