Oklahoma Code § 36-1531

§ 36-1531.

Foreign insurers.

Oklahoma Statutes - Title 36. Insurance

A. 1. Any foreign insurer shall, upon the written request of

the Insurance Commissioner, submit to the Commissioner an RBC Report

as of the end of the calendar year just ended on a date which is the

later of:

a.

the date an RBC Report would be required to be filed

by a domestic insurer under this act, or

b.

fifteen (15) days after the request is received by the

foreign insurer.

2. Any foreign insurer shall, at the written request of the

Commissioner, promptly submit to the Commissioner a copy of any RBC

Plan that is filed with the Insurance Commissioner of any other

state.

B. 1. The Commissioner may require a foreign insurer to file

an RBC Plan with the Commissioner in the event of a Company Action

Level Event, Regulatory Action Level Event, or Authorized Control

Level Event. The filing shall be made pursuant to the RBC statute

applicable in the state of domicile of the insurer or, if no RBC

statute is in force in that state, pursuant to the provisions of

this act. If the insurance commissioner of the state of domicile of

the foreign insurer fails to require the foreign insurer to file an

RBC Plan in the manner specified under that state's RBC statute or,

if no RBC statute is in force in that state, the filing shall be

made pursuant to Section 5 of this act.

2. The failure of the foreign insurer to file an RBC Plan with

the Commissioner shall be grounds to order the insurer to cease and

desist from writing new insurance business in this state.

C. In the event of a Mandatory Control Level Event with respect

to any foreign insurer, if no domiciliary receiver has been

appointed with respect to the foreign insurer under the

rehabilitation and liquidation statute applicable in the state of

domicile of the foreign insurer, the Commissioner may make

application to the Oklahoma County District Court as permitted under

Article 19 of the Oklahoma Insurance Code with respect to the

liquidation of property of foreign insurers found in this state.

Added by Laws 1997, c. 229, § 12, eff. July 1, 1997.