{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1682","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1682","heading":"Purpose of act","body":"This act is adopted to provide options to address the\n\nsignificant limitations in the current methods available to insurers\n\nto transfer or assume blocks of insurance business in an efficient\n\nand cost-effective manner that provides needed legal finality for\n\nsuch transfers in order to provide for improved operational and\n\ncapital efficiency for insurance companies, stimulates the economy\n\nby attracting segments of the insurance industry to the state, makes\n\nOklahoma an attractive home jurisdiction for insurance companies,\n\nencourages economic growth and increased investment in the financial\n\nservices sector and increases the availability of quality insurance\n\nindustry jobs in Oklahoma. These purposes are accomplished by\n\nproviding a basis and procedures for the transfer and statutory\n\nnovation of policies from a transferring insurer to an assuming\n\ninsurer by way of an Insurance Business Transfer without the\n\naffirmative consent of policyholders or reinsureds. The novation is\n\neffected by court order. This act establishes the requirements for\n\nnotice and disclosure and standards and procedures for the approval\n\nof the transfer and novation by the Oklahoma Insurance Commissioner\n\nand the district court pursuant to an Insurance Business Transfer\n\nPlan. This act does not limit or restrict other means of effecting\n\na transfer or novation.","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":"7549b342d8ce33ada9c57430a77d9c83bb066c45e20a1602fc8e335d8bdfda21","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1681","next":"us-ok/okla.-stat.-tit.-36-36-1683"},"notice":"GroundRules: Original legal text. Not legal advice."}