Oklahoma § 36-995 - Joint underwriting, joint reinsurance pool and residual

§ 36-995. Joint underwriting, joint reinsurance pool and residual

market activities.

Joint Underwriting, Joint Reinsurance Pool and Residual Market

Activities.

A. Notwithstanding paragraph 3 of subsection A of Section 992

of this title, insurers participating in joint underwriting, joint

reinsurance pools or residual market mechanisms may in connection

with such activity act in cooperation with each other in the making

of rates, rating systems, policy forms, underwriting rules, surveys,

inspections and investigations, the furnishing of loss and expense

statistics or other information, or carrying on research. Joint

underwriting, joint reinsurance pools and residual market mechanisms

shall not be deemed an advisory organization.

B. Except to the extent modified by this section, joint

underwriting, joint reinsurance pool and residual market mechanism

activities are subject to the other provisions of the Property and

Casualty Competitive Loss Cost Rating Act.

C. If, after a hearing, the Commissioner finds that any

activity or practice of an insurer participating in joint

underwriting or a pool is unfair, is unreasonable, will tend to

lessen competition in any market or is otherwise inconsistent with

the provisions or purposes of the Property and Casualty Competitive

Loss Cost Rating Act, the Commissioner may issue a written order and

require the discontinuance of such activity or practice.

D. Every pool shall file with the Commissioner a copy of its

constitution, articles of incorporation, agreement or association,

bylaws, rules and regulations governing its activities, list of

members, the name and address of a resident of this state upon whom

notice, orders of the Commissioner, or process may be served, and

any changes in amendments or changes in the foregoing.

E. Any residual market mechanism, plan or agreement to

implement such a mechanism, and any changes or amendments thereto,

shall be submitted in writing to the Commissioner for consideration

and approval, together with such information as may be reasonably

required.

Oklahoma Statutes - Title 36. Insurance

Added by Laws 1999, c. 83, § 15, eff. Nov. 1, 1999. Amended by Laws

2007, c. 125, § 4, eff. July 1, 2007; Laws 2013, c. 254, § 18, eff.

Jan. 1, 2015; Laws 2022, c. 304, § 1, eff. Nov. 1, 2022.