{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1805","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1805","heading":"Appointment of conservator; duties","body":"A. If, after notice and hearing, at the conclusion of the 90-\n\nday period the Commissioner determines that the insurer has failed\n\nto comply with his lawful requirements, or upon consent of the\n\ninsurer, he may appoint a conservator, who shall immediately:\n\n1. Take charge of such insurer and all of the property, books,\n\nrecords and effects;\n\n2. Conduct its business; and\n\n3. Take such other steps toward the removal of the causes and\n\nconditions which have necessitated such order, as the Commissioner\n\nmay direct.\n\nB. During the pendency of conservatorship, the conservator\n\nshall make such reports as may be required by the Commissioner, and\n\nmay:\n\n1. Take all necessary measures to preserve, protect and recover\n\nany assets or property of such insurer including claims or causes of\n\naction belonging to orwhich may be asserted by such insurer in his\n\nown name as conservator; and\n\n2. File, prosecute and defend any legal actions which have been\n\nfiled, or which may thereafter be filed, by or against such insurer,\n\nas he deems necessary to protect all of the interested parties or\n\nany property affected thereby. The conservator shall file all\n\nquarterly and annual reports required by the Oklahoma Insurance Code\n\nand in the same manner as the insurer.\n\nC. If upon appointment of a conservator or at any time during\n\nthe pendency of such conservatorship it appears that the insurer can\n\nbest be protected by reinsuring the same, the conservator may, with\n\nthe approval of the Commissioner, after appraisal of all assets of\n\nthe insurer:\n\n1. Reinsure all or part of such insurer's policies or\n\ncertificates of insurance with any solvent insurers authorized to\n\ntransact business in this state; and\n\n2. To the extent that such insurer is possessed of reserves\n\nattributable to such policies or certificates of insurance, transfer\n\nto the reinsuring company such reserves or any portion thereof as\n\nmay be required to consummate the reinsurance of such policies,\n\nwhich transfer of reserves shall not be deemed a preference of\n\ncreditors.\n\nD. If the Commissioner is satisfied that the insurer is not in\n\ncondition to continue business in the interest of its policy or\n\ncertificate holders, under the conservator, the Commissioner shall\n\napply to the appropriate court for an order appointing him as\n\nreceiver for the insurer, under the provisions of Article 18 of this\n\ntitle. It shall be in the discretion of the Commissioner to\n\ndetermine whether or not he will operate the insurance company\n\nthrough a conservator, as provided above, or apply for an order\n\nappointing him receiver.\n\nE. The cost incident to the supervisor's and conservator's\n\nservice shall be fixed by the Commissioner and paid from the assets\n\nand funds of the insurer as the Commissioner may determine. The\n\ncost of the supervisor's or conservator's service must be reasonable\n\nunder the circumstances and shall continue no longer than necessary\n\nto preserve the assets of the insurer, certificate holders and the\n\npolicyholders. All legal work required under this act shall be\n\nperformed by the Commissioner, his employees or special attorneys\n\nemployed by the Commissioner. The cost of such attorneys' services\n\nmust be reasonable under the circumstances and shall be paid from\n\nthe assets and funds of the insurer to the Commissioner.\n\nF. The supervision or conservation may continue until the\n\nCommissioner (1) feels certain that the insurer has corrected any\n\ndeficiencies that caused the supervision or conservation, or (2) a\n\nreceivership has been granted by the Court.","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":"f10ffc3614234315b7ee70f8f870dce84fbf31bc93d830d168339cde44213cb3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1804","next":"us-ok/okla.-stat.-tit.-36-36-1806"},"notice":"GroundRules: Original legal text. Not legal advice."}