{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1631","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1631","heading":"Definitions","body":"As used in this act, the following terms shall have these\n\nmeanings unless the context shall otherwise require:\n\n1. \"Affiliate of\" or person \"affiliated with\" a specific person\n\nmeans a person that directly, or indirectly through one or more\n\nintermediaries, controls, or is controlled by, or is under common\n\ncontrol with, the person specified;\n\n2. \"Commissioner\" means the Insurance Commissioner of the State\n\nof Oklahoma, the Commissioner's deputies, or the Insurance\n\nDepartment, as appropriate;\n\n3. \"Control\" includes the terms \"controlling\", \"controlled by\"\n\nand \"under common control with\" and means the possession, direct or\n\nindirect, of the power to direct or cause the direction of the\n\nmanagement and policies of a person, whether through the ownership\n\nof voting securities, by contract other than a commercial contract\n\nfor goods or nonmanagement services, or otherwise, unless the power\n\nis the result of an official position or corporate office held by\n\nthe person. Control shall be presumed to exist if any person,\n\ndirectly or indirectly, owns, controls, holds with the power to\n\nvote, or holds proxies representing, ten percent (10%) or more of\n\nthe voting securities of any other person. This presumption may be\n\nrebutted by a showing made in the manner provided by subsection K of\n\nSection 1635 of this title that control does not exist in fact. The\n\nCommissioner may determine, after furnishing all persons in interest\n\nnotice and opportunity to be heard and making specific findings of\n\nfact to support the determination that control exists in fact,\n\nnotwithstanding the absence of a presumption to that effect;\n\n4. \"Group-wide supervisor\" means the regulatory official\n\nauthorized to engage in conducting and coordinating group-wide\n\nsupervision activities who is determined or acknowledged by the\n\nCommissioner under Section 1639 of this title to have sufficient\n\nsignificant contacts with the internationally active insurance\n\ngroup;\n\n5. \"Group Capital Calculation Instructions\" means the group\n\ncapital calculation instructions as adopted by the NAIC and as\n\namended by the NAIC from time to time in accordance with the\n\nprocedures adopted by the NAIC;\n\n6. \"Insurance holding company system\" means an insurance\n\nholding company system consisting of two or more affiliated persons,\n\none or more of which is an insurer;\n\n7. \"Insurer\" has the same meaning as set forth in Section 103\n\nof Title 36 of the Oklahoma Statutes, except that it shall not\n\ninclude agencies, authorities or instrumentalities of the United\n\nStates, its possessions and territories, the Commonwealth of Puerto\n\nRico, the District of Columbia, or a state or political subdivision\n\nof a state;\n\n8. \"Internationally active insurance group\" means an insurance\n\nholding company system that:\n\na. includes an insurer registered under Section 1635 of\n\nthis title, and\n\nb. meets the following criteria:\n\n(1) premiums written in at least three countries,\n\n(2) the percentage of gross premiums written outside\n\nthe United States is at least ten percent (10%)\n\nof the insurance holding company system's total\n\ngross written premiums, and\nance group\" means an insurance\n\nholding company system that:\n\na. includes an insurer registered under Section 1635 of\n\nthis title, and\n\nb. meets the following criteria:\n\n(1) premiums written in at least three countries,\n\n(2) the percentage of gross premiums written outside\n\nthe United States is at least ten percent (10%)\n\nof the insurance holding company system's total\n\ngross written premiums, and\n\n(3) based on a three-year rolling average, the total\n\nassets of the insurance holding company system\n\nare at least Fifty Billion Dollars\n\n($50,000,000,000.00) or the total gross written\n\npremiums of the insurance holding company system\n\nare at least Ten Billion Dollars\n\n($10,000,000,000.00);\n\n9. \"Enterprise risk\" means any activity, circumstance, event or\n\nseries of events involving one or more affiliates of an insurer\n\nthat, if not remedied promptly, is likely to have a material adverse\n\neffect upon the financial condition or liquidity of the insurer or\n\nits insurance holding company system as a whole, including, but not\n\nlimited to, anything that would cause the insurer's risk-based\n\ncapital to fall into company action level as set forth in the Risk-\n\nbased Capital for Insurers Act provided in Sections 1521 through\n\n1533 of Title 36 of the Oklahoma Statutes, or would cause the\n\ninsurer to be in hazardous financial condition pursuant to rules\n\npromulgated by the Insurance Department;\n\n10. \"NAIC\" means the National Association of Insurance\n\nCommissioners;\n\n11. \"NAIC Liquidity Stress Test Framework\" means a separate\n\nNAIC publication which includes a history of the NAIC's development\n\nof regulatory Liquidity Stress Testing, the Scope Criteria\n\napplicable for a specific data year, and the Liquidity Stress Test\n\ninstructions and reporting templates for a specific data year, such\n\nScope Criteria, instructions and reporting template being as adopted\n\nby the NAIC and as amended by the NAIC from time to time in\n\naccordance with the procedures adopted by the NAIC;\n\n12. \"Person\" means an individual, a corporation, a limited\n\nliability company, a partnership, an association, a joint stock\n\ncompany, a trust, an unincorporated organization, any similar entity\n\nor any combination of the foregoing acting in concert, but shall not\n\ninclude any joint venture partnership exclusively engaged in owning,\n\nmanaging, leasing or developing real or tangible personal property;\n\n13. \"Scope Criteria\" means, as detailed in the NAIC Liquidity\n\nStress Framework, the designated exposure bases along with minimum\n\nmagnitudes thereof for the specified data year, used to establish a\n\npreliminary list of insurers considered scoped into the NAIC\n\nLiquidity Stress Test Framework for that data year;\n\n14. \"Securityholder\" of a specified person means one who owns\n\nany security of such person, including common stock, preferred\n\nstock, debt obligations and any other security convertible into or\n\nevidencing the right to acquire any of the foregoing;\n\n15. \"Subsidiary\" of a specified person means an affiliate\n\ncontrolled by such person directly or indirectly through one or more\n\nintermediaries; and\n\n16. \"Voting security\" means any security convertible into or\n\nevidencing a right to acquire a voting security.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5554352fde4f5223b25c6e61c77912cbaafecfa1f08db4f12dbd62ad052a7480","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1629","next":"us-ok/okla.-stat.-tit.-36-36-1632"},"notice":"GroundRules: Original legal text. Not legal advice."}