{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-4055.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-4055.7","heading":"Examination of licensees - Records retention -","body":"Confidentiality - Appointment of examiner - Liability.\n\nA. 1. The Insurance Commissioner may conduct an examination\n\nunder the Viatical Settlements Act of 2008 of a licensee as often as\n\nthe Commissioner in his or her discretion deems appropriate after\n\nconsidering the factors set forth in this paragraph. In scheduling\n\nand determining the nature, scope, and frequency of the\n\nexaminations, the Commissioner shall consider such matters as the\n\nconsumer complaints, results of financial statement analyses and\n\nratios, changes in management or ownership, actuarial opinions,\n\nreport of independent certified public accountants, and other\n\nrelevant criteria as determined by the Commissioner.\n\n2. For purposes of completing an examination of a licensee\n\nunder the Viatical Settlements Act of 2008, the Commissioner may\n\nexamine or investigate any person, or the business of any person,\n\ninsofar as the examination or investigation is, in the sole\n\ndiscretion of the Commissioner, necessary or material to the\n\nexamination of the licensee.\n\n3. In lieu of an examination under the Viatical Settlements Act\n\nof 2008 of any foreign or alien licensee licensed in this state, the\n\nCommissioner may, at the Commissioner's discretion, accept an\n\nexamination report on the licensee as prepared by the Commissioner\n\nfor the licensee's state of domicile or port-of-entry state.\n\n4. As far as practical, the examination of a foreign or alien\n\nlicensee shall be made in cooperation with the insurance supervisory\n\nofficials of other states in which the licensee transacts business.\n\nB. 1. A person required to be licensed by the Viatical\n\nSettlements Act of 2008 shall for five (5) years for all settled\n\npolicies and for two (2) years for all policies which are not\n\nsettled retain copies of all:\n\na. proposed, offered or executed contracts, purchase\n\nagreements, underwriting documents, policy forms, and\n\napplications from the date of the proposal, offer or\n\nexecution of the contract or purchase agreement,\n\nwhichever is later,\n\nb. all checks, drafts, electronic payment or other\n\nevidence and documentation related to the payment,\n\ntransfer, deposit or release of funds from the date of\n\nthe transaction, and\n\nc. all other records and documents related to the\n\nrequirements of the Viatical Settlements Act of 2008.\n\n2. This subsection does not relieve a person of the obligation\n\nto produce these documents to the Commissioner after the retention\n\nperiod has expired if the person has retained the documents.\n\n3. Records required to be retained by this subsection must be\n\nlegible and complete and may be retained in paper, photograph,\n\nmicroprocess, magnetic, mechanical, or electronic media, or by any\n\nprocess that accurately reproduces or forms a durable medium for the\n\nreproduction of a record.\n\nC. 1. Upon determining that an examination should be\n\nconducted, the Commissioner shall issue an examination warrant\n\nappointing one or more examiners to perform the examination and\n\ninstructing them as to the scope of the examination. In conducting\n\nthe examination, the examiner shall observe those guidelines and\n\nprocedures set forth in the Examiners Handbook adopted by the\n\nNational Association of Insurance Commissioners (NAIC). The\n\nCommissioner may also employ such other guidelines or procedures as\n\nthe Commissioner may deem appropriate.\n\n2. Every licensee or person from whom information is sought,\n\nits officers, directors and agents shall provide to the examiners\n\ntimely, convenient and free access at all reasonable hours at its\n\noffices to all books, records, accounts, papers, documents, assets\n\nand computer or other recordings relating to the property, assets,\n\nbusiness and affairs of the licensee being examined. The officers,\n\ndirectors, employees and agents of the licensee or person shall\n\nfacilitate the examination and aid in the examination so far as it\n\nis in their power to do so. The refusal of a licensee, by its\noffices to all books, records, accounts, papers, documents, assets\n\nand computer or other recordings relating to the property, assets,\n\nbusiness and affairs of the licensee being examined. The officers,\n\ndirectors, employees and agents of the licensee or person shall\n\nfacilitate the examination and aid in the examination so far as it\n\nis in their power to do so. The refusal of a licensee, by its\n\nofficers, directors, employees or agents, to submit to examination\n\nor to comply with any reasonable written request of the Commissioner\n\nshall be grounds for suspension or refusal of, or nonrenewal of any\n\nlicense or authority held by the licensee to engage in the viatical\n\nsettlement business or other business subject to the Commissioner's\n\njurisdiction. Any proceedings for suspension, revocation or refusal\n\nof any license or authority shall be conducted in accordance with\n\nthe Administrative Procedures Act.\n\n3. The Commissioner shall have the power to issue subpoenas, to\n\nadminister oaths and to examine under oath any person as to any\n\nmatter pertinent to the examination. Upon the failure or refusal of\n\na person to obey a subpoena, the Commissioner may petition a court\n\nof competent jurisdiction, and upon proper showing, the Court may\n\nenter an order compelling the witness to appear and testify or\n\nproduce documentary evidence. Failure to obey the court order shall\n\nbe punishable as contempt of court.\n\n4. When making an examination under the Viatical Settlements\n\nAct of 2008, the Commissioner may retain attorneys, appraisers,\n\nindependent actuaries, independent certified public accountants or\n\nother professionals and specialists as examiners, the reasonable\n\ncost of which shall be borne by the licensee that is the subject of\n\nthe examination.\n\n5. Nothing contained in the Viatical Settlements Act of 2008\n\nshall be construed to limit the Commissioner's authority to\n\nterminate or suspend an examination in order to pursue other legal\n\nor regulatory action pursuant to the insurance laws of this state.\n\nFindings of fact and conclusions made pursuant to any examination\n\nshall be prima facie evidence in any legal or regulatory action.\n\n6. Nothing contained in the Viatical Settlements Act of 2008\n\nshall be construed to limit the Commissioner's authority to use and,\n\nif appropriate, to make public any final or preliminary examination\n\nreport, any examiner or licensee workpapers or other documents, or\n\nany other information discovered or developed during the course of\n\nany examination in the furtherance of any legal or regulatory action\n\nwhich the Commissioner may, in his or her sole discretion, deem\n\nappropriate.\n\nD. 1. Examination reports shall be comprised of only facts\n\nappearing upon the books, records or other documents of the\n\nlicensee, its agents or other persons examined, or as ascertained\n\nfrom the testimony of its officers or agents or other persons\n\nexamined concerning its affairs, and such conclusions and\n\nrecommendations as the examiners find reasonably warranted from the\n\nfacts.\n\n2. No later than sixty (60) days following completion of the\n\nexamination, the examiner in charge shall file with the Commissioner\n\na verified written report of examination under oath. Upon receipt\n\nof the verified report, the Commissioner shall transmit the report\n\nto the licensee examined, together with a notice that shall afford\n\nthe licensee examined a reasonable opportunity of not more than\n\nthirty (30) days to make a written submission or rebuttal with\n\nrespect to any matters contained in the examination report.\n\n3. In the event the Commissioner determines that regulatory\n\naction is appropriate as a result of an examination, the\n\nCommissioner may initiate any proceedings or actions provided by\n\nlaw.\n\nE. 1. Names and individual identification data for all viators\n\nshall be considered private and confidential information and shall\n\nnot be disclosed by the Commissioner, unless required by law.\nnation report.\n\n3. In the event the Commissioner determines that regulatory\n\naction is appropriate as a result of an examination, the\n\nCommissioner may initiate any proceedings or actions provided by\n\nlaw.\n\nE. 1. Names and individual identification data for all viators\n\nshall be considered private and confidential information and shall\n\nnot be disclosed by the Commissioner, unless required by law.\n\n2. Except as otherwise provided in the Viatical Settlements Act\n\nof 2008, all examination reports, working papers, recorded\n\ninformation, documents and copies thereof produced by, obtained by\n\nor disclosed to the Commissioner or any other person in the course\n\nof an examination made under the Viatical Settlements Act of 2008,\n\nor in the course of analysis or investigation by the Commissioner of\n\nthe financial condition or market conduct of a licensee shall be\n\nconfidential by law and privileged, shall not be subject to the\n\nOklahoma Open Records Act, shall not be subject to subpoena, and\n\nshall not be subject to discovery or admissible in evidence in any\n\nprivate civil action. The Commissioner is authorized to use the\n\ndocuments, materials or other information in the furtherance of any\n\nregulatory or legal action brought as part of the Commissioner's\n\nofficial duties.\n\n3. Documents, materials or other information, including, but\n\nnot limited to, all working papers, and copies thereof, in the\n\npossession or control of the NAIC and its affiliates and\n\nsubsidiaries shall be confidential by law and privileged, shall not\n\nbe subject to subpoena, and shall not be subject to discovery or\n\nadmissible in evidence in any private civil action if they are:\n\na. created, produced or obtained by or disclosed to the\n\nNAIC and its affiliates and subsidiaries in the course\n\nof assisting an examination made under this act, or\n\nassisting a Commissioner in the analysis or\n\ninvestigation of the financial condition or market\n\nconduct of a licensee, or\n\nb. disclosed to the NAIC and its affiliates and\n\nsubsidiaries under paragraph 4 of this subsection by a\n\nCommissioner.\n\nFor the purposes of paragraph 2 of this subsection, \"act\" means\n\nthe law of another state or jurisdiction that is substantially\n\nsimilar to the Viatical Settlements Act of 2008.\n\n4. Neither the Commissioner nor any person that received the\n\ndocuments, material or other information while acting under the\n\nauthority of the Commissioner, including the NAIC and its affiliates\n\nand subsidiaries, shall be permitted to testify in any private civil\n\naction concerning any confidential documents, materials or\n\ninformation subject to paragraph 1 of this subsection.\n\n5. In order to assist in the performance of the Commissioner's\n\nduties, the Commissioner:\n\na. may share documents, materials or other information,\n\nincluding the confidential and privileged documents,\n\nmaterials or information subject to paragraph 1 of\n\nthis subsection, with other state, federal and\n\ninternational regulatory agencies, with the NAIC and\n\nits affiliates and subsidiaries, and with state,\n\nfederal and international law enforcement authorities,\n\nprovided that the recipient agrees to maintain the\n\nconfidentiality and privileged status of the document,\n\nmaterial, communication or other information, and\n\nb. may receive documents, materials, communications or\n\ninformation, including otherwise confidential and\n\nprivileged documents, materials or information, from\n\nthe NAIC and its affiliates and subsidiaries, and from\n\nregulatory and law enforcement officials of other\n\nforeign or domestic jurisdictions, and shall maintain\n\nas confidential or privileged any document, material\n\nor information received with notice or the\n\nunderstanding that it is confidential or privileged\n\nunder the laws of the jurisdiction that is the source\n\nof the document, material or information.\n\n6. No waiver of any applicable privilege or claim of\nma Statutes - Title 36. Insurance Page 882\n\nforeign or domestic jurisdictions, and shall maintain\n\nas confidential or privileged any document, material\n\nor information received with notice or the\n\nunderstanding that it is confidential or privileged\n\nunder the laws of the jurisdiction that is the source\n\nof the document, material or information.\n\n6. No waiver of any applicable privilege or claim of\n\nconfidentiality in the documents, materials or information shall\n\noccur as a result of disclosure to the Commissioner under this\n\nsection or as a result of sharing as authorized in paragraph 5 of\n\nthis subsection.\n\n7. A privilege established under the law of any state or\n\njurisdiction that is substantially similar to the privilege\n\nestablished under this subsection shall be available and enforced in\n\nany proceeding in, and in any court of, this state.\n\n8. Nothing contained in the Viatical Settlements Act of 2008\n\nshall prevent or be construed as prohibiting the Commissioner from\n\ndisclosing the content of an examination report, preliminary\n\nexamination report or results, or any matter relating thereto, to\n\nthe Commissioner of any other state or country, or to law\n\nenforcement officials of this or any other state or agency of the\n\nfederal government at any time or to the NAIC, so long as such\n\nagency or office receiving the report or matters relating thereto\n\nagrees in writing to hold it confidential and in a manner consistent\n\nwith the Viatical Settlements Act of 2008.\n\nF. 1. An examiner may not be appointed by the Commissioner if\n\nthe examiner, either directly or indirectly, has a conflict of\n\ninterest or is affiliated with the management of or owns a pecuniary\n\ninterest in any person subject to examination under the Viatical\n\nSettlements Act of 2008. This section shall not be construed to\n\nautomatically preclude an examiner from being:\n\na. a viator,\n\nb. an insured in a viaticated insurance policy, or\n\nc. a beneficiary in an insurance policy that is proposed\n\nto be viaticated.\n\n2. Notwithstanding the requirements of this paragraph, the\n\nCommissioner may retain from time to time, on an individual basis,\n\nqualified actuaries, certified public accountants, or other similar\n\nindividuals who are independently practicing their professions, even\n\nthough these persons may from time to time be similarly employed or\n\nretained by persons subject to examination under the Viatical\n\nSettlements Act of 2008.\n\nG. 1. No cause of action shall arise nor shall any liability\n\nbe imposed against the Commissioner, the Commissioner's authorized\n\nrepresentatives or any examiner appointed by the Commissioner for\n\nany statements made or conduct performed in good faith while\n\ncarrying out the provisions of the Viatical Settlements Act of 2008.\n\n2. No cause of action shall arise, nor shall any liability be\n\nimposed against any person for the act of communicating or\n\ndelivering information or data to the Commissioner or the\n\nCommissioner's authorized representative or examiner pursuant to an\n\nexamination made under the Viatical Settlements Act of 2008, if the\n\nact of communication or delivery was performed in good faith and\n\nwithout fraudulent intent or the intent to deceive. This paragraph\n\ndoes not abrogate or modify in any way any common law or statutory\n\nprivilege or immunity heretofore enjoyed by any person identified in\n\nparagraph 1 of this subsection.\n\n3. A person identified in paragraph 1 or 2 of this subsection\n\nshall be entitled to an award of attorney fees and costs if he or\n\nshe is the prevailing party in a civil cause of action for libel,\n\nslander or any other relevant tort arising out of activities in\n\ncarrying out the provisions of this act and the party bringing the\n\naction was not substantially justified in doing so. For purposes of\n\nthis section a proceeding is \"substantially justified\" if it had a\n\nreasonable basis in law or fact at the time that it was initiated.\nis the prevailing party in a civil cause of action for libel,\n\nslander or any other relevant tort arising out of activities in\n\ncarrying out the provisions of this act and the party bringing the\n\naction was not substantially justified in doing so. For purposes of\n\nthis section a proceeding is \"substantially justified\" if it had a\n\nreasonable basis in law or fact at the time that it was initiated.\n\nH. The Commissioner may investigate suspected fraudulent\n\nviatical settlement acts and persons engaged in the business of\n\nviatical settlements.","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":"ff3d8de499bdcb34232b3ca11ed96da92846d984848be6903b6052a6a9005604","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-4055.6","next":"us-ok/okla.-stat.-tit.-36-36-4055.8"},"notice":"GroundRules: Original legal text. Not legal advice."}