{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1645","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1645","heading":"Recovery of distributions by receiver - Liability","body":"\n\nA. If an order for liquidation or rehabilitation of a domestic\n\ninsurer has been entered, the receiver appointed under the order\n\nshall have a right to recover on behalf of the insurer:\n\n1. From any parent corporation or holding company or person or\n\naffiliate who otherwise controlled the insurer, the amount of\n\ndistributions (other than distributions of shares of the same class\n\nof stock) paid by the insurer on its capital stock; or\n\n2. Any payment in the form of a bonus, termination settlement\n\nor extraordinary lump-sum salary adjustment made by the insurer or\n\nits subsidiary, to a director, officer or employee,\n\nwhere the distribution or payment pursuant to paragraph 1 or 2 of\n\nthis subsection is made at any time during the one (1) year\n\npreceding the petition for liquidation, conservation or\n\nrehabilitation, as the case may be, subject to the limitations of\n\nsubsections B, C and D of this section.\n\nB. No distribution shall be recoverable if the parent or\n\naffiliate shows that when paid the distribution was lawful and\n\nreasonable, and that the insurer did not know and could not\n\nreasonably have known that the distribution might adversely affect\n\nthe ability of the insurer to fulfill its contractual obligations.\n\nC. Any person who was a parent corporation or holding company\n\nor a person who otherwise controlled the insurer or affiliate at the\n\ntime the distributions were paid shall be liable up to the amount of\n\ndistributions or payments under subsection A of this section which\n\nthe person received. Any person who otherwise controlled the\n\ninsurer at the time the distributions were declared shall be liable\n\nup to the amount of distributions that would have been received if\n\nthey had been paid immediately. If two or more persons are liable\n\nwith respect to the same distributions, they shall be jointly and\n\nseverally liable.\n\nD. The maximum amount recoverable under this section shall be\n\nthe amount needed in excess of all other available assets of the\n\nimpaired or insolvent insurer to pay the contractual obligations of\n\nthe impaired or insolvent insurer and to reimburse any guaranty\n\nfunds.\n\nE. To the extent that any person liable under subsection C of\n\nthis section is insolvent or otherwise fails to pay claims due from\n\nit, its parent corporation or holding company or person who\n\notherwise controlled it at the time the distribution was paid shall\n\nbe jointly and severally liable for any resulting deficiency in the\n\namount recovered from the parent corporation or holding company or\n\nperson who otherwise controlled it.","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":"e10959b78544b4bd71666ff171e322c79d51706690801955a50648ff46fddc7c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1644","next":"us-ok/okla.-stat.-tit.-36-36-1646"},"notice":"GroundRules: Original legal text. Not legal advice."}