1. "Affiliate" has the meaning ascribed to such term in Section 1631 of this title. 2. "Applicant" means an assuming insurer, a transferring insurer, or a reinsurer applying to the Commissioner for approval of an Insurance Business Transfer Plan pursuant to this act. 3. "Assuming insurer" means an insurer domiciled in this state that assumes or seeks to assume policies from a transferring insurer pursuant to this act. An assuming insurer may be a company established pursuant to the Oklahoma Captive Insurance Company Act. 4. "Court" means the district court of a county in Oklahoma with a population of more than two hundred fifty thousand (250,000). 5. "Department" means the Insurance Department. 6. "Commissioner" means the Insurance Commissioner. 7. "Implementation order" means an order issued by the court under Section 1686 of this title. 8. "Independent expert" means a person who shall assist the Commissioner and the court in connection with their review of a proposed transaction. The Commissioner shall select an independent expert from a list of at least two nominees submitted jointly by the transferring insurer and the assuming insurer; provided, however, if the Commissioner, in his or her sole discretion, rejects the nominees submitted jointly by the transferring insurer and the assuming insurer, the Commissioner may appoint another person to serve as an independent expert. An independent expert selected under this subsection shall meet all of the following criteria: a. hold no financial interest in either the assuming insurer or the transferring insurer, b. not be employed by, or act as an officer, director, consultant, or independent contractor for either the assuming insurer or the transferring insurer within the previous twelve (12) months, c. not be simultaneously appointed by the Commissioner to assist in any capacity in any proceeding initiated pursuant to Article 18 or Article 19 of this title, d. receives or is promised no compensation in connection with the Insurance Business Transfer for which he or she is selected to serve as an independent expert; provided, however, a fee may be approved by the Commissioner that is not contingent upon the approval or consummation of an Insurance Business Transfer Plan, and e. provides proof of insurance covering the services provided as an independent expert, to be approved by the Commissioner. 9. "Insurance Business Transfer" means a transfer and novation in accordance with this act. Insurance Business Transfers will transfer insurance obligations, risks, rights, or any combination thereof, of existing or in-force contracts of insurance or reinsurance from a transferring insurer to an assuming insurer. Once approved pursuant to this act, the Insurance Business Transfer will effect a transfer and novation of the transferred contracts of insurance or reinsurance with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer and the transferring insurer's insurance obligations or risks, or both, under the contracts are extinguished. 10. "Insurance Business Transfer Plan" or "Plan" means the plan submitted to the Department to accomplish the transfer and novation pursuant to an Insurance Business Transfer including any associated transfer of assets and rights from or on behalf of the transferring insurer to the assuming insurer. 11. "Insurer" means an insurance or surety company including a reinsurance company, and shall be deemed to include a corporation, company, partnership, association, society, order, individual or aggregation of individuals engaging in or proposing or attempting to engage in any kind of insurance or surety business including the exchanging of reciprocal or inter-insurance contracts between individuals, partnerships and corporations. 12. "Petitioner" means an assuming insurer, transferring insurer, or reinsurer petitioning a court for an order of approval and implementation of a Plan pursuant to this act. 13. "Policy" means a policy, annuity contract or certificate of insurance or a contract of reinsurance pursuant to which the insurer agrees to assume an obligation or risk, or both, of the policyholder or to make payments on behalf of, or to, the policyholder or its beneficiaries, and shall include property, casualty, life, health and any other line of insurance the Commissioner finds, pursuant to this act, is suitable for an insurance business transfer. 14. "Policyholder" means an insured or a reinsured under a policy which is part of the subject business. 15. "Subject business" means the policy or policies designated for transfer and novation pursuant to a corresponding Insurance Business Transfer Plan. 16. "Transfer and novation" means the transfer of insurance obligations, risks, rights, or any combination thereof, of existing or in-force policies from a transferring insurer to an assuming insurer, and is intended to effect a transfer and novation of the transferred policies with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer on the transferred policies and the transferring insurer's insurance obligations, risks, rights, or any combination thereof, under the transferred policies are extinguished. 17. "Transferring insurer" means an insurer or reinsurer which seeks to or has accomplished a transfer and novation of obligations, risks, rights, or any combination thereof, under one or more policies to an assuming insurer pursuant to an Insurance Business Transfer Plan and the provisions of this act. Added by Laws 2018, c. 232, § 3, eff. Nov. 1, 2018. Amended by Laws 2019, c. 381, § 2, eff. Nov. 1, 2019; Laws 2022, c. 126, § 1, emerg. eff. April 29, 2022.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.