{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2020.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2020.2","heading":"High net worth insured claims - Obligation to pay -","body":"Procedures.\n\nA. For purposes of this section, \"high net worth insured\" means\n\nany insured whose net worth exceeds Fifty Million Dollars\n\n($50,000,000.00) on December 31 of the year prior to the year in\n\nwhich the insurer becomes an insolvent insurer; provided that the\n\nnet worth of an insured on that date shall be deemed to include the\n\naggregate net worth of the insured and all of its subsidiaries and\n\naffiliates as calculated on a consolidated basis.\n\nB. 1. The Oklahoma Property and Casualty Insurance Guaranty\n\nAssociation shall not be obligated to pay any first-party claims by\n\na high net worth insured;\n\n2. The Association shall have the right to recover from a high\n\nnet worth insured all amounts paid by the Association to or on\n\nbehalf of the insured, whether for indemnity, defense or otherwise;\n\nand\n\n3. The Association may also, at its sole discretion and without\n\nassumption of any ongoing duty to do so, pay any cybersecurity\n\ninsurance obligations covered by a policy or endorsement of an\n\ninsolvent company on behalf of a high net worth insured as defined\n\nin this section. In that case, the Association shall recover from\n\nthe high net worth insured under this section all amounts paid on\n\nits behalf, all allocated claim adjusted expenses related to such\n\nclaims, the Association's attorney fees, and all court costs in any\n\naction necessary to collect the full amount to the Association's\n\nreimbursement under this section.\n\nC. The Association shall not be obligated to pay any claim that\n\nwould otherwise be a covered claim that is an obligation to or on\n\nbehalf of a person who has a net worth greater than that allowed by\n\nthe insurance guaranty association law of the state of residence of\n\nthe claimant at the time specified by the applicable law of that\n\nstate, and which association has denied coverage to that claimant on\n\nthat basis.\n\nD. The Association shall establish reasonable procedures for\n\nrequesting financial information from insureds on a confidential\n\nbasis for purposes of applying this section, provided that the\n\nfinancial information may be shared with any other association\n\nsimilar to the association and the liquidator for the insolvent\n\ninsurer on the same confidential basis. Any request to an insured\n\nseeking financial information shall advise the insured of the\n\nconsequences of failing to provide the financial information. If an\n\ninsured refuses to provide the requested financial information where\n\nit is requested and available, the Association may, until the time\n\nas the information is provided, provisionally deem the insured to be\n\na high net worth insured for the purpose of denying a claim under\n\nsubsection B of this section.\n\nE. In any lawsuit contesting the applicability of this section\n\nwhere the insured has refused to provide financial information under\n\nthe procedure established pursuant to subsection D of this section,\n\nthe insured shall bear the burden of proof concerning its net worth\n\nat the relevant time. If the insured fails to prove that its net\n\nworth at the relevant time was less than the applicable amount, the\n\ncourt shall award the association its full costs, expenses and\n\nreasonable attorney fees in contesting the claim.","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":"91f53d24f3ef1ccd7c8f2b63458a8def3b3776bdde9261f22e0e83a431796261","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2020.1","next":"us-ok/okla.-stat.-tit.-36-36-2020.3"},"notice":"GroundRules: Original legal text. Not legal advice."}