§ 36-1802 — Definitions.

Oklahoma § 36-1802

• Jurisdiction: Oklahoma
• Title 36: Insurance

Text

As used in Article 18 of the Insurance Code, the following words and terms set forth below shall have the meanings ascribed to them unless the context otherwise indicates: 1. "Commissioner" means the Insurance Commissioner of this state; 2. "Insurer" is a person, organization, association or company, authorized or unauthorized, admitted or nonadmitted, acting as an insurer, or as principal or agent of an insurer, including any domestic, foreign or alien insurer, as defined in Article 6 of the Insurance Code, and including stock companies, reciprocals or insurance exchanges, Lloyds Associations, fraternal benefit societies, stipulated premium companies, and mutual companies of all kinds, including statewide mutual assessment corporations, local mutual aids, burial associations, county mutual insurance companies and farm mutual insurance companies, and health maintenance organizations; 3. "Insolvent" or "insolvency" means any actual or threatened insurer delinquency including, but not limited to, any one or more of the following circumstances: a. an insurer's required surplus or capital is impaired to an extent prohibited by law, b. an insurer continues to write new business when it is not possessed of the surplus or capital required of it by law, c. the business of any such insurer is being conducted fraudulently, d. any such insurer attempts to dissolve or liquidate without first having made provisions, satisfactory to the Commissioner, for liabilities arising from policies of insurance issued by such insurer; or e. the insurer has made investments in violation of the Insurance Code or has knowingly over-valued insurer's assets; 4. "Exceeded its powers" includes, but is not limited to, the following circumstances: a. an insurer's refusal to permit examination of its books, papers, accounts, records or affairs by the Commissioner, his or her deputy or duly-commissioned examiners; or if such insurer being organized in the State of Oklahoma removes from the state such books, papers, accounts or records necessary for an examination of such insurer, b. an insurer's failure to promptly answer inquiries authorized by Section 1905(6) of this title, c. an insurer's neglect or refusal to observe an order of the Commissioner to make good, within the time prescribed by law, any prohibited deficiency in its capital or surplus, d. an insurer, without first obtaining written approval of the Commissioner, by contract or otherwise: (1) totally reinsuring its entire outstanding business, or (2) merging or consolidating substantially its entire property or business with another approved insurer, or e. an insurer continuing to write business after its license has been revoked or suspended; and 5. "Consent" means any agreement by the insurer to either supervision or conservatorship.

Legislative History

Added by Laws 1975, c. 316, § 2, emerg. eff. June 12, 1975. Amended by Laws 2003, c. 197, § 56, eff. Nov. 1, 2003.