{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1643","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1643","heading":"Failure to file - Penalties - Unlawful transactions or","body":"investments - Willful violations - False statements.\n\nA. Any insurer failing, without just cause, to file any\n\nregistration statement as required in this act shall be required,\n\nafter notice and hearing, to pay a penalty of Five Hundred Dollars\n\n($500.00) for each day's delay, to be recovered by the Insurance\n\nCommissioner and the penalty so recovered shall be paid as provided\n\nin Section 307.5 of Title 36 of the Oklahoma Statutes. The maximum\n\npenalty under this section is One Hundred Thousand Dollars\n\n($100,000.00). The Commissioner may reduce the penalty if the\n\ninsurer demonstrates to the Commissioner that the imposition of the\n\npenalty would constitute a financial hardship to the insurer.\n\nB. Every director or officer of an insurance holding company\n\nsystem who knowingly violates, participates in or assents to, or who\n\nknowingly shall permit any of the officers or agents of the insurer\n\nto engage in, transactions or make investments which have not been\n\nproperly reported or submitted pursuant to subsection A of Section 5\n\nof this act, paragraph 2 of subsection A of Section 6 of this act or\n\nsubsection B of Section 6 of this act, or which violate this act,\n\nshall pay, in their individual capacity, a civil forfeiture of not\n\nmore than Twenty-five Thousand Dollars ($25,000.00) per violation,\n\nafter notice and hearing before the Commissioner. In determining\n\nthe amount of the civil forfeiture, the Commissioner shall take into\n\naccount the appropriateness of the forfeiture with respect to the\n\ngravity of the violation, the history of previous violations, and\n\nsuch other matters as justice may require.\n\nC. Whenever it appears to the Commissioner that any insurer\n\nsubject to this act or any director, officer, employee or agent\n\nthereof has engaged in any transaction or entered into a contract\n\nwhich is subject to Section 6 of this act and which would not have\n\nbeen approved had the approval been requested, the Commissioner may\n\norder the insurer to cease and desist immediately any further\n\nactivity under that transaction or contract. After notice and\n\nhearing the Commissioner may also order the insurer to void any\n\ncontracts and restore the status quo if the action is in the best\n\ninterest of the policyholders, creditors or the public.\n\nD. Whenever it appears to the Commissioner that any insurer or\n\nany director, officer, employee or agent thereof has committed a\n\nwillful violation of this act, the Commissioner may submit such\n\ninformation to the district attorney for Oklahoma County for\n\nappropriate action against the insurer or the responsible director,\n\nofficer, employee or agent thereof. Any insurer which willfully\n\nviolates this act may be fined not more than One Hundred Thousand\n\nDollars ($100,000.00). Any individual who willfully violates this\n\nact shall, upon conviction, be guilty of a Class D3 felony offense\n\nand shall be fined in his or her individual capacity not more than\n\nFifty Thousand Dollars ($50,000.00), or be imprisoned as provided\n\nfor in subsections B through F of Section 20P of Title 21 of the\n\nOklahoma Statutes, or both.\n\nE. Any officer, director or employee of an insurance holding\n\ncompany system who willfully and knowingly subscribes to or makes or\n\ncauses to be made any false statements or false reports or false\n\nfilings with the intent to deceive the Commissioner in the\n\nperformance of his or her duties under this act, upon conviction,\n\nshall be guilty of a Class D1 felony offense and shall be imprisoned\n\nas provided for in subsections B through F of Section 20N of Title\n\n21 of the Oklahoma Statutes, or fined One Hundred Fifty Thousand\n\nDollars ($150,000.00), or both. Any fines imposed shall be paid by\n\nthe officer, director or employee in his or her individual capacity.\n\nF. Whenever it appears to the Commissioner that any person has\n\ncommitted a violation of Section 3 of this act which prevents the\ns provided for in subsections B through F of Section 20N of Title\n\n21 of the Oklahoma Statutes, or fined One Hundred Fifty Thousand\n\nDollars ($150,000.00), or both. Any fines imposed shall be paid by\n\nthe officer, director or employee in his or her individual capacity.\n\nF. Whenever it appears to the Commissioner that any person has\n\ncommitted a violation of Section 3 of this act which prevents the\n\nfull understanding of the enterprise risk to the insurer by\n\naffiliates or by the insurance holding company system, the violation\n\nmay serve as an independent basis for disapproving dividends or\n\ndistributions and for placing the insurer under an order of\n\nsupervision in accordance with Article 18 of Title 36 of the\n\nOklahoma Statutes.","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":"410037f503416116e9d6c291114d8fac7b216006d53f14d3a5587f5c29089064","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1642","next":"us-ok/okla.-stat.-tit.-36-36-1644"},"notice":"GroundRules: Original legal text. Not legal advice."}