{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1683","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1683","heading":"Definitions","body":"1. \"Affiliate\" has the meaning ascribed to such term in Section\n\n1631 of this title.\n\n2. \"Applicant\" means an assuming insurer, a transferring\n\ninsurer, or a reinsurer applying to the Commissioner for approval of\n\nan Insurance Business Transfer Plan pursuant to this act.\n\n3. \"Assuming insurer\" means an insurer domiciled in this state\n\nthat assumes or seeks to assume policies from a transferring insurer\n\npursuant to this act. An assuming insurer may be a company\n\nestablished pursuant to the Oklahoma Captive Insurance Company Act.\n\n4. \"Court\" means the district court of a county in Oklahoma\n\nwith a population of more than two hundred fifty thousand (250,000).\n\n5. \"Department\" means the Insurance Department.\n\n6. \"Commissioner\" means the Insurance Commissioner.\n\n7. \"Implementation order\" means an order issued by the court\n\nunder Section 1686 of this title.\n\n8. \"Independent expert\" means a person who shall assist the\n\nCommissioner and the court in connection with their review of a\n\nproposed transaction. The Commissioner shall select an independent\n\nexpert from a list of at least two nominees submitted jointly by the\n\ntransferring insurer and the assuming insurer; provided, however, if\n\nthe Commissioner, in his or her sole discretion, rejects the\n\nnominees submitted jointly by the transferring insurer and the\n\nassuming insurer, the Commissioner may appoint another person to\n\nserve as an independent expert. An independent expert selected\n\nunder this subsection shall meet all of the following criteria:\n\na. hold no financial interest in either the assuming\n\ninsurer or the transferring insurer,\n\nb. not be employed by, or act as an officer, director,\n\nconsultant, or independent contractor for either the\n\nassuming insurer or the transferring insurer within\n\nthe previous twelve (12) months,\n\nc. not be simultaneously appointed by the Commissioner to\n\nassist in any capacity in any proceeding initiated\n\npursuant to Article 18 or Article 19 of this title,\n\nd. receives or is promised no compensation in connection\n\nwith the Insurance Business Transfer for which he or\n\nshe is selected to serve as an independent expert;\n\nprovided, however, a fee may be approved by the\n\nCommissioner that is not contingent upon the approval\n\nor consummation of an Insurance Business Transfer\n\nPlan, and\n\ne. provides proof of insurance covering the services\n\nprovided as an independent expert, to be approved by\n\nthe Commissioner.\n\n9. \"Insurance Business Transfer\" means a transfer and novation\n\nin accordance with this act. Insurance Business Transfers will\n\ntransfer insurance obligations, risks, rights, or any combination\n\nthereof, of existing or in-force contracts of insurance or\n\nreinsurance from a transferring insurer to an assuming insurer.\n\nOnce approved pursuant to this act, the Insurance Business Transfer\n\nwill effect a transfer and novation of the transferred contracts of\n\ninsurance or reinsurance with the result that the assuming insurer\n\nbecomes directly liable to the policyholders of the transferring\n\ninsurer and the transferring insurer's insurance obligations or\n\nrisks, or both, under the contracts are extinguished.\n\n10. \"Insurance Business Transfer Plan\" or \"Plan\" means the plan\n\nsubmitted to the Department to accomplish the transfer and novation\n\npursuant to an Insurance Business Transfer including any associated\n\ntransfer of assets and rights from or on behalf of the transferring\n\ninsurer to the assuming insurer.\n\n11. \"Insurer\" means an insurance or surety company including a\n\nreinsurance company, and shall be deemed to include a corporation,\n\ncompany, partnership, association, society, order, individual or\n\naggregation of individuals engaging in or proposing or attempting to\n\nengage in any kind of insurance or surety business including the\n\nexchanging of reciprocal or inter-insurance contracts between\n\nindividuals, partnerships and corporations.\nty company including a\n\nreinsurance company, and shall be deemed to include a corporation,\n\ncompany, partnership, association, society, order, individual or\n\naggregation of individuals engaging in or proposing or attempting to\n\nengage in any kind of insurance or surety business including the\n\nexchanging of reciprocal or inter-insurance contracts between\n\nindividuals, partnerships and corporations.\n\n12. \"Petitioner\" means an assuming insurer, transferring\n\ninsurer, or reinsurer petitioning a court for an order of approval\n\nand implementation of a Plan pursuant to this act.\n\n13. \"Policy\" means a policy, annuity contract or certificate of\n\ninsurance or a contract of reinsurance pursuant to which the insurer\n\nagrees to assume an obligation or risk, or both, of the policyholder\n\nor to make payments on behalf of, or to, the policyholder or its\n\nbeneficiaries, and shall include property, casualty, life, health\n\nand any other line of insurance the Commissioner finds, pursuant to\n\nthis act, is suitable for an insurance business transfer.\n\n14. \"Policyholder\" means an insured or a reinsured under a\n\npolicy which is part of the subject business.\n\n15. \"Subject business\" means the policy or policies designated\n\nfor transfer and novation pursuant to a corresponding Insurance\n\nBusiness Transfer Plan.\n\n16. \"Transfer and novation\" means the transfer of insurance\n\nobligations, risks, rights, or any combination thereof, of existing\n\nor in-force policies from a transferring insurer to an assuming\n\ninsurer, and is intended to effect a transfer and novation of the\n\ntransferred policies with the result that the assuming insurer\n\nbecomes directly liable to the policyholders of the transferring\n\ninsurer on the transferred policies and the transferring insurer's\n\ninsurance obligations, risks, rights, or any combination thereof,\n\nunder the transferred policies are extinguished.\n\n17. \"Transferring insurer\" means an insurer or reinsurer which\n\nseeks to or has accomplished a transfer and novation of obligations,\n\nrisks, rights, or any combination thereof, under one or more\n\npolicies to an assuming insurer pursuant to an Insurance Business\n\nTransfer Plan and the provisions of this act.","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":"4e5f2458f8d87d846a9e2684449661e8eda2b69c9bed1e59e47642496a2a4256","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1682","next":"us-ok/okla.-stat.-tit.-36-36-1684"},"notice":"GroundRules: Original legal text. Not legal advice."}