{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1914","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1914","heading":"Conduct of delinquency proceedings against domestic and","body":"alien insurers - Limitations on power of Commissioner - Conflict of\n\ninterest.\n\nA. Whenever under this article of this title a receiver is to\n\nbe appointed in delinquency proceedings for a domestic or alien\n\ninsurer, the court shall appoint the Insurance Commissioner as the\n\nreceiver. The court shall order the Insurance Commissioner\n\nforthwith to take possession of the assets of the insurer and to\n\nadminister the same under the orders of the court.\n\nB. As domiciliary receiver, the Insurance Commissioner shall be\n\nvested by operation of law with the title to all of the property,\n\ncontracts, and rights of action and all of the books and records of\n\nthe insurer, wherever located, as of the date of entry of the order\n\ndirecting the Commissioner to rehabilitate or liquidate a domestic\n\ninsurer or to liquidate the United States branch of an alien insurer\n\ndomiciled in this state, and the Commissioner shall have the right\n\nto recover the same and reduce the same to possession; except that\n\nancillary receivers in reciprocal states shall have, as to assets\n\nlocated in their respective states, the rights and powers which are\n\nherein prescribed for ancillary receivers appointed in this state as\n\nto assets located in this state.\n\nC. The recording of a certified copy of the order directing\n\npossession to be taken in the office of the county clerk of the\n\ncounty where the proceedings are pending shall impart the same\n\nnotice as would be imparted by a deed, bill of sale, or other\n\nevidence of title duly recorded or filed.\n\nD. The Insurance Commissioner as domiciliary receiver shall be\n\nresponsible for the proper administration of all assets coming into\n\nthe Commissioner’s possession or control. The court may at any time\n\nrequire a bond from the Commissioner or any assistants or deputies\n\nif deemed desirable for the protection of the assets.\n\nE. Upon taking possession of the assets of an insurer, the\n\ndomiciliary receiver shall, subject to the direction of the court,\n\nimmediately proceed to conduct the business of the insurer or to\n\ntake such steps as are authorized by this article for the purpose of\n\nrehabilitating, liquidating, or conserving the affairs or assets of\n\nthe insurer.\n\nF. 1. In connection with delinquency proceedings, the\n\nInsurance Commissioner may appoint one or more assistant\n\ncommissioners to act for the Commissioner and may employ such\n\ncounsel, clerks, and assistants as are deemed necessary. The\n\ncompensation of the assistant commissioners, counsel, clerks, or\n\ndeputies and all expenses of taking possession of the insurer and of\n\nconducting the proceedings shall be fixed by the receiver, subject\n\nto the approval of the court, and shall be paid out of the funds or\n\nassets of the insurer. Within the limits of duties imposed upon\n\nthem, assistant commissioners shall possess all the powers given to\n\nthe receiver and, in the exercise of those powers, shall be subject\n\nto all of the duties, powers, and limitations imposed upon the\n\nreceiver with respect to such proceedings.\n\n2. The Commissioner, as receiver, is prohibited from appointing\n\nany person who is related to the Commissioner within the third\n\ndegree of consanguinity or affinity. Any appointment in violation\n\nof this paragraph is void.\n\n3. The Commissioner, as receiver, is prohibited from entering\n\ninto any contract with any person who is related to the Commissioner\n\nwithin the third degree of consanguinity or affinity. Any contract\n\nin violation of this paragraph is void.","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":"53b7c8f971e85b9f63f1385859f2e486df5f4f7ebd1f75df412b0b28d37dbcef","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1913","next":"us-ok/okla.-stat.-tit.-36-36-1915"},"notice":"GroundRules: Original legal text. Not legal advice."}