{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-2032","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-2032","heading":"Detection and prevention of insurer insolvencies","body":"A. To aid in the detection and prevention of member insurer\n\ninsolvencies, it shall be the duty of the Insurance Commissioner:\n\n1. To notify the commissioners of all of the other states,\n\nterritories of the United States and the District of Columbia within\n\nthirty (30) days following the action taken or the date the action\n\noccurs, when the Commissioner takes any of the following actions\n\nagainst a member insurer:\n\na. revocation of license,\n\nb. suspension of license, or\n\nc. makes a formal order that the member insurer restrict\n\nits premium writing, obtain additional contributions\n\nto surplus, withdraw from the state, reinsure all or\n\nany part of its business, or increase capital, surplus\n\nor any other account for the security of policy\n\nowners, contract owners, certificate owners or\n\ncreditors;\n\n2. To report to the board of directors when the Commissioner\n\nhas taken any of the actions set forth in paragraph 1 of this\n\nsubsection or has received a report from any other commissioner of\n\nother states indicating that any action has been taken in another\n\nstate. The report to the board of directors shall contain all\n\nsignificant details of the action taken or the report received from\n\na commissioner from another state;\n\n3. To report to the board when the Commissioner has reasonable\n\ncause to believe from an examination, whether completed or in\n\nprocess, of any member insurer that the insurer may be an impaired\n\nor insolvent insurer;\n\n4. To furnish to the board of directors the National\n\nAssociation of Insurance Commissioners (NAIC) Insurance Regulatory\n\nInformation System (IRIS) ratios and listings of companies not\n\nincluded in the ratios developed by the NAIC, and the board may use\n\nthe information contained therein in carrying out its duties and\n\nresponsibilities under this section. The report and the information\n\ncontained therein shall be kept confidential by the board of\n\ndirectors until a time as made public by the Commissioner or other\n\nlawful authority.\n\nB. The Commissioner may seek the advice and recommendations of\n\nthe board of directors of the Oklahoma Life and Health Insurance\n\nGuaranty Association concerning any matter affecting the duties and\n\nresponsibilities of the Commissioner regarding the financial\n\ncondition of member insurers and health maintenance organizations\n\nseeking admission to transact business in this state.\n\nC. The board of directors may, upon majority vote, make reports\n\nand recommendations to the Commissioner upon any matter germane to\n\nthe solvency, liquidation, rehabilitation or conservation of any\n\nmember insurer or germane to the solvency of any member insurer or\n\nhealth maintenance organization seeking to do business in this\n\nstate. The reports and recommendations shall not be considered\n\npublic documents.\n\nD. The board of directors may, upon majority vote, notify the\n\nCommissioner of any information indicating a member insurer may be\n\nan impaired or insolvent insurer.\n\nE. The board of directors may, upon majority vote, make\n\nrecommendations to the Commissioner for the detection and prevention\n\nof member insurer insolvencies.","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":"31fcfdbe45cea93d27fb8084bdc06712c7512abd05ae3f8bbcf7a64deea94c46","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-2031","next":"us-ok/okla.-stat.-tit.-36-36-2034"},"notice":"GroundRules: Original legal text. Not legal advice."}