{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1801","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1801","heading":"Legislative findings and purposes","body":"A. The Legislature finds that:\n\n1. Existing provisions of law and present procedures are\n\nsometimes not adequate nor appropriate under all circumstances\n\ninorder to remedy the financial condition and the management of\n\ncertain insurers;\n\n2. Present laws are not adequate for the rehabilitation of\n\ninsurers who voluntarily requestrehabilitation;\n\n3. A void exists in the laws with respect to those insurers\n\nmost susceptible to rehabilitation or the regaining of solvency;\n\n4. The placing of an insurer in receivership often destroys or\n\ndiminishes, or is likely to destroy ordiminish, one or more of the\n\nfollowing values or assets:\n\na. the value of the insurance account or in-force\n\nbusiness of the insurer,\n\nb. the value of the insurer as a going concern,\n\nc. the value of its agency force, and\n\nd. the value of other of its assets;\n\n5. Such values and assets should be preserved if the\n\ncircumstances of the insurer's financial condition warrant an\n\nattempt to conserve or rehabilitate such insurer and such\n\nrehabilitation or conservation is otherwise feasible;\n\n6. In the event receivership ultimately becomes necessary,\n\npreliminary supervision and conservatorship is preventive of a\n\ndissipation of assets and will thus benefit policyholders, creditors\n\nand owners;\n\n7. Insurer delinquency, or the state's inability to properly\n\nproceed in a threatened delinquency, directly or indirectly affects\n\nother insurers by creating a lack of public confidence in insurance\n\nand in insurance companies and are destructive of public confidence\n\nin the capacity of the state to regulate insurers, and these and\n\nother harmful results of insurer delinquency are properly minimized\n\nby a further enactment designed to protect and in aid of insureds,\n\ncreditors and owners; and\n\n8. It is a proper concern of this state to attempt to correct\n\nor remedy insurer misconduct, ineptness or misfortune.\n\nB. It is the purpose of this act to:\n\n1. Provide for rehabilitation and conservation of insurers by\n\nauthorizing and requiring the additional facility of supervision and\n\nconservatorship by the Insurance Commissioner, authorize action to\n\nresolve whether an attempt be made to rehabilitate and conserve an\n\ninsurer, and avoid, if possible and feasible, the necessity of\n\ntemporary or permanent receivership;\n\n2. Provide for protection of the assets of an insurer pending\n\ndetermination of whether or not an insurer can be successfully\n\nrehabilitated; and\n\n3. Provide a facility and direction for attempting the\n\nrehabilitation without immediate resort to the harsher remedy of\n\nreceivership.\n\nC. The substance and procedure of this act is, therefore,\n\ndeclared to be the public policy of this state and necessary to the\n\npublic welfare. Such policy and welfare require the availability of\n\nthe remedies provided by this law whenever circumstances warrant,\n\nand it is a condition of doing an insurance business in this state.","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":"7e41f6c1ec93087d0f4adb2f3b20cf63e7040ff3ed4a45b2a7c0ec2a50bdb3f9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1709","next":"us-ok/okla.-stat.-tit.-36-36-1802"},"notice":"GroundRules: Original legal text. Not legal advice."}