{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-5121","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-5121","heading":"Short title – Purpose – Legislative intent","body":"A. Sections 5121 through 5125 of this title shall be known and\n\nmay be cited as the \"Credit for Reinsurance Act\".\n\nB. The purpose of the Credit for Reinsurance Act is to protect\n\nthe interest of insureds, claimants, ceding insurers, assuming\n\ninsurers and the public generally. The Legislature hereby declares\n\nits intent is to ensure adequate regulation of insurers and\n\nreinsurers and adequate protection for those parties to whom\n\ninsurers and reinsurers owe obligations. In furtherance of that\n\nstate interest, the Legislature hereby provides a mandate that upon\n\nthe insolvency of a non-United States insurer or reinsurer that\n\nprovides security to fund its obligations within the United States\n\nin accordance with the Credit for Reinsurance Act, the assets\n\nrepresenting the security shall be maintained in the United States\n\nand claims shall be filed with and valued by the State Insurance\n\nCommissioner with regulatory oversight and the assets shall be\n\ndistributed in accordance with the insurance laws of the state in\n\nwhich the trust is domiciled that are applicable to the liquidation\n\nof domestic United States insurance companies. The Legislature\n\ndeclares that the matters contained in the Credit for Reinsurance\n\nAct are fundamental to the business of insurance in accordance with\n\n15 U.S.C., Sections 1011 through 1012.","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":"4caa05c0a90311a9ee3ccf5b8d6ee7a00c0bab690229a230415fb4e1349b8e41","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-5113","next":"us-ok/okla.-stat.-tit.-36-36-5122"},"notice":"GroundRules: Original legal text. Not legal advice."}