§ 36-5124 — Rules and regulations.

Oklahoma § 36-5124

• Jurisdiction: Oklahoma
• Title 36: Insurance

Text

A. The Insurance Commissioner may promulgate and adopt rules and regulations implementing the provisions of the Credit for Reinsurance Act. B. The Insurance Commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in paragraph 1 of this subsection. 1. A regulation adopted pursuant to this subsection may apply only to reinsurance relating to: a. life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits, b. universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period, c. variable annuities with guaranteed death or living benefits, d. long-term care insurance policies, or e. such other life and health insurance and annuity products as to which the National Association of Insurance Commissioners (NAIC) adopts model regulatory requirements with respect to credit for reinsurance. 2. A regulation adopted pursuant to this subsection which is applicable to policies listed in subparagraph a or b of paragraph 1 of this subsection may apply to any treaty containing: a. policies issued on or after January 1, 2015, and b. policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015, unless the NAIC Accounting Practices and Procedures Manual in effect as of December 31, 2015, excluded such pre-2015 policies from the requirements concerning the amounts and forms of security supporting reinsurance arrangements that would otherwise be applicable to such policies. 3. A regulation adopted pursuant to this subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under Section 11B (1) of the NAIC Standard Valuation Law including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable. 4. A regulation adopted pursuant to this subsection shall not apply to cessions to an assuming insurer that: a. meets the conditions set forth in subsection G of Section 5122 of this title, b. is certified in this state, or c. maintains at least Two Hundred Fifty Million Dollars ($250,000,000.00) in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices, and is: (1) licensed in at least twenty-six states, or (2) licensed in at least ten states, and licensed or accredited in a total of at least thirty-five states. 5. The authority to adopt regulations pursuant to this subsection does not limit the Commissioner's general authority to adopt regulations pursuant to subsection A of this section.

Legislative History

Added by Laws 1992, c. 178, § 38, eff. Sept. 1, 1992. Amended by Laws 2016, c. 298, § 4, eff. Nov. 1, 2016; Laws 2021, c. 47, § 2, eff. Nov. 1, 2021; Laws 2022, c. 154, § 7, eff. Nov. 1, 2022. NOTE: Editorially renumbered from § 5123 of this title to avoid duplication in numbering.