{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2024","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2024","heading":"Definitions","body":"As used in the Oklahoma Life and Health Insurance Guaranty\n\nAssociation Act:\n\n1. \"Account\" means one of the three accounts created under\n\nSection 2023 of this title;\n\n2. \"Association\" means the Oklahoma Life and Health Insurance\n\nGuaranty Association created in Section 2023 of this title;\n\n3. \"Commissioner\" means the Oklahoma Insurance Commissioner;\n\n4. \"Contractual obligation\" means an obligation under a policy\n\nor contract or certificate under a group policy or contract, or\n\nportion thereof for which coverage is provided under Section 2025 of\n\nthis title;\n\n5. \"Covered contract\" or \"covered policy\" means a policy or\n\ncontract or portion of a policy or contract for which coverage is\n\nprovided under Section 2025 of this title;\n\n6. \"Extra-contractual claims\" includes, but is not limited to,\n\nclaims relating to bad faith in the payment of claims, punitive or\n\nexemplary damages or attorneys fees and costs;\n\n7. \"Health benefit plan\" means any hospital or medical expense\n\npolicy or certificate or health maintenance organization subscriber\n\ncontract or any other similar health contract. Health benefit plan\n\ndoes not include:\n\na. accident-only insurance,\n\nb. credit insurance,\n\nc. dental-only insurance,\n\nd. vision-only insurance,\n\ne. Medicare supplemental insurance,\n\nf. benefits for long-term care, home health care,\n\ncommunity-based care, or any combination thereof,\n\ng. disability income insurance,\n\nh. coverage for on-site medical clinics, or\n\ni. specified disease, hospital confinement indemnity or\n\nlimited health insurance if the types of coverage do\n\nnot provide coordination of benefits and are provided\n\nunder separate policies or certificates;\n\n8. \"Impaired insurer\" means a member insurer which, after the\n\neffective date of this act, is not an insolvent insurer and is\n\nplaced under an order of rehabilitation or conservation by a court\n\nof competent jurisdiction;\n\n9. \"Insolvent insurer\" means a member insurer which, after the\n\neffective date of this act, is placed under an order of liquidation\n\nby a court of competent jurisdiction with a finding of insolvency;\n\n10. \"Member insurer\" means any nonprofit hospital service and\n\nmedical indemnity corporation and any insurer or health maintenance\n\norganization licensed or that holds a certificate of authority to\n\ntransact in this state any kind of insurance or health maintenance\n\norganization business for which coverage is provided under Section\n\n2025 of this title, and includes any insurer or health maintenance\n\norganization whose license or certificate of authority in this state\n\nmay have been suspended, revoked, not renewed or voluntarily\n\nwithdrawn, but does not include:\n\na. a fraternal benefit society,\n\nb. a mandatory state-pooling plan,\n\nc. a mutual assessment company or other person that\n\noperates on an assessment basis,\n\nd. an insurance exchange,\n\ne. an organization that has a certificate or license\n\nlimited to the issuance of charitable gift annuities\n\nunder Sections 4071 through 4082 of this title, or\n\nf. any entity similar to any of the above;\n\n11. \"Moody's Corporate Bond Yield Average\" means the Monthly\n\nAverage Corporates as published by Moody's Investors Service, Inc.,\n\nor any successor thereto;\n\n12. \"Owner\", \"policyholder\", \"policy owner\" or \"contract owner\"\n\nmeans the person who is identified as the legal owner of a policy or\n\ncontract under the terms of the policy or contract or who is\n\notherwise vested with legal title to the policy or contract through\n\na valid assignment completed in accordance with the terms of the\n\npolicy or contract and properly recorded as the owner on the books\n\nof the member insurer. Owner, policyholder, policy owner or\n\ncontract owner does not include persons with a mere beneficial\n\ninterest in a policy or contract;\n\n13. \"Person\" means an individual, corporation, limited\n\nliability company, partnership, association, governmental body or\n\nentity, or voluntary organization;\nterms of the\n\npolicy or contract and properly recorded as the owner on the books\n\nof the member insurer. Owner, policyholder, policy owner or\n\ncontract owner does not include persons with a mere beneficial\n\ninterest in a policy or contract;\n\n13. \"Person\" means an individual, corporation, limited\n\nliability company, partnership, association, governmental body or\n\nentity, or voluntary organization;\n\n14. \"Premiums\" means amounts or considerations by whatever name\n\ncalled, received on covered policies or contracts less returned\n\npremiums, considerations and deposits and less dividends and\n\nexperience credits. \"Premiums\" does not include amounts or\n\nconsiderations received for policies or contracts or for the\n\nportions of any policies or contracts for which coverage is not\n\nprovided under subsection B of Section 2025 of this title except\n\nthat assessable premium shall not be reduced on account of\n\nsubparagraph c of paragraph 2 of subsection B of Section 2025 of\n\nthis title relating to interest limitations and paragraph 2 of\n\nsubsection C of Section 2025 of this title relating to limitations\n\nwith respect to one individual, one participant and one policy or\n\ncontract owner. Premiums does not include:\n\na. premiums on an unallocated annuity contract, or\n\nb. premiums in excess of Five Million Dollars\n\n($5,000,000.00) on multiple non-group policies of life\n\ninsurance owned by one owner, whether the policy or\n\ncontract owner is an individual, firm, corporation or\n\nother person, and whether the persons insured are\n\nofficers, managers, employees or other persons,\n\nregardless of the number of policies or contracts held\n\nby the owner;\n\n15. \"Principal place of business\" of a person other than a\n\nnatural person means the single state in which the natural persons\n\nwho establish policy for the direction, control and coordination of\n\nthe operations of the entity as a whole primarily exercise that\n\nfunction, determined by the Association in its reasonable judgment\n\nby considering the following factors:\n\na. the state in which the primary executive and\n\nadministrative headquarters of the entity are located,\n\nb. the state in which the principal office of the chief\n\nexecutive officer of the entity is located,\n\nc. the state in which the board of directors or similar\n\ngoverning person or persons of the entity conducts the\n\nmajority of its meetings,\n\nd. the state in which the executive or management\n\ncommittee of the board of directors or similar\n\ngoverning person or persons of the entity conducts the\n\nmajority of its meetings,\n\ne. the state from which the management of the overall\n\noperations of the entity is directed, and\n\nf. in the case of a benefit plan sponsored by affiliated\n\ncompanies comprising a consolidated corporation, the\n\nstate in which the holding company or controlling\n\naffiliate has its principal place of business as\n\ndetermined using the factors listed in subparagraphs a\n\nthrough e of this paragraph;\n\n16. \"Receivership court\" means the court in the insolvent or\n\nimpaired state of the insurer having jurisdiction over the\n\nconservation, rehabilitation or liquidation of the member insurer;\n\n17. \"Resident\" means a person to whom a contractual obligation\n\nis owed and who resides in this state on the date of entry of a\n\ncourt order that determines a member insurer to be an impaired\n\ninsurer or a court order that determines a member insurer to be an\n\ninsolvent insurer. A person may be a resident of only one state,\n\nwhich in the case of a person other than a natural person shall be\n\nits principal place of business. Citizens of the United States that\n\nare either residents of foreign countries or residents of the United\n\nStates possessions, territories or protectorates that do not have an\n\nassociation similar to the Association created by the Oklahoma Life\n\nand Health Insurance Guaranty Association Act, shall be deemed\n\nresidents of the state of domicile of the insurer that issued the\nncipal place of business. Citizens of the United States that\n\nare either residents of foreign countries or residents of the United\n\nStates possessions, territories or protectorates that do not have an\n\nassociation similar to the Association created by the Oklahoma Life\n\nand Health Insurance Guaranty Association Act, shall be deemed\n\nresidents of the state of domicile of the insurer that issued the\n\npolicy or contract;\n\n18. \"State\" means a state of the United States, the District of\n\nColumbia, Puerto Rico, or a United States possession, territory or\n\nprotectorate;\n\n19. \"Structured settlement annuity\" means an annuity purchased\n\nin order to fund periodic payments for a plaintiff or other claimant\n\nin payment for or with respect to personal injury suffered by a\n\nplaintiff or other claimant;\n\n20. \"Supplemental contract\" means a written agreement entered\n\ninto for the distribution of proceeds under a life, health or\n\nannuity policy or contract; and\n\n21. \"Unallocated annuity contract\" means an annuity contract or\n\ngroup annuity certificate which is not issued to and owned by an\n\nindividual, except to the extent of any annuity benefits guaranteed\n\nto an individual by an insurer under the contract or certificate.","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":"ad858922c6578c0ecbd8ed6d03a61618549af7f9e2991d8c3e8d5510c4d06ec7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2023","next":"us-ok/okla.-stat.-tit.-36-36-2025"},"notice":"GroundRules: Original legal text. Not legal advice."}