Okla. Stat. tit. 36, § 36-5121: Short title – Purpose – Legislative intent

A. Sections 5121 through 5125 of this title shall be known and

may be cited as the "Credit for Reinsurance Act".

B. The purpose of the Credit for Reinsurance Act is to protect

the interest of insureds, claimants, ceding insurers, assuming

insurers and the public generally. The Legislature hereby declares

its intent is to ensure adequate regulation of insurers and

reinsurers and adequate protection for those parties to whom

insurers and reinsurers owe obligations. In furtherance of that

state interest, the Legislature hereby provides a mandate that upon

the insolvency of a non-United States insurer or reinsurer that

provides security to fund its obligations within the United States

in accordance with the Credit for Reinsurance Act, the assets

representing the security shall be maintained in the United States

and claims shall be filed with and valued by the State Insurance

Commissioner with regulatory oversight and the assets shall be

distributed in accordance with the insurance laws of the state in

which the trust is domiciled that are applicable to the liquidation

of domestic United States insurance companies. The Legislature

declares that the matters contained in the Credit for Reinsurance

Act are fundamental to the business of insurance in accordance with

15 U.S.C., Sections 1011 through 1012.