Okla. Stat. tit. 36, § 36-1643

investments - Willful violations - False statements.

A. Any insurer failing, without just cause, to file any

registration statement as required in this act shall be required,

after notice and hearing, to pay a penalty of Five Hundred Dollars

($500.00) for each day's delay, to be recovered by the Insurance

Commissioner and the penalty so recovered shall be paid as provided

in Section 307.5 of Title 36 of the Oklahoma Statutes. The maximum

penalty under this section is One Hundred Thousand Dollars

($100,000.00). The Commissioner may reduce the penalty if the

insurer demonstrates to the Commissioner that the imposition of the

penalty would constitute a financial hardship to the insurer.

B. Every director or officer of an insurance holding company

system who knowingly violates, participates in or assents to, or who

knowingly shall permit any of the officers or agents of the insurer

to engage in, transactions or make investments which have not been

properly reported or submitted pursuant to subsection A of Section 5

of this act, paragraph 2 of subsection A of Section 6 of this act or

subsection B of Section 6 of this act, or which violate this act,

shall pay, in their individual capacity, a civil forfeiture of not

more than Twenty-five Thousand Dollars ($25,000.00) per violation,

after notice and hearing before the Commissioner. In determining

the amount of the civil forfeiture, the Commissioner shall take into

account the appropriateness of the forfeiture with respect to the

gravity of the violation, the history of previous violations, and

such other matters as justice may require.

C. Whenever it appears to the Commissioner that any insurer

subject to this act or any director, officer, employee or agent

thereof has engaged in any transaction or entered into a contract

which is subject to Section 6 of this act and which would not have

been approved had the approval been requested, the Commissioner may

order the insurer to cease and desist immediately any further

activity under that transaction or contract. After notice and

hearing the Commissioner may also order the insurer to void any

contracts and restore the status quo if the action is in the best

interest of the policyholders, creditors or the public.

Oklahoma Statutes - Title 36. Insurance Page 490

D. Whenever it appears to the Commissioner that any insurer or

any director, officer, employee or agent thereof has committed a

willful violation of this act, the Commissioner may submit such

information to the district attorney for Oklahoma County for

appropriate action against the insurer or the responsible director,

officer, employee or agent thereof. Any insurer which willfully

violates this act may be fined not more than One Hundred Thousand

Dollars ($100,000.00). Any individual who willfully violates this

act shall, upon conviction, be guilty of a Class D3 felony offense

and shall be fined in his or her individual capacity not more than

Fifty Thousand Dollars ($50,000.00), or be imprisoned as provided

for in subsections B through F of Section 20P of Title 21 of the

Oklahoma Statutes, or both.

E. Any officer, director or employee of an insurance holding

company system who willfully and knowingly subscribes to or makes or

causes to be made any false statements or false reports or false

filings with the intent to deceive the Commissioner in the

performance of his or her duties under this act, upon conviction,

shall be guilty of a Class D1 felony offense and shall be imprisoned

as provided for in subsections B through F of Section 20N of Title

21 of the Oklahoma Statutes, or fined One Hundred Fifty Thousand

Dollars ($150,000.00), or both. Any fines imposed shall be paid by

the officer, director or employee in his or her individual capacity.

F. Whenever it appears to the Commissioner that any person has

committed a violation of Section 3 of this act which prevents the
s provided for in subsections B through F of Section 20N of Title

21 of the Oklahoma Statutes, or fined One Hundred Fifty Thousand

Dollars ($150,000.00), or both. Any fines imposed shall be paid by

the officer, director or employee in his or her individual capacity.

F. Whenever it appears to the Commissioner that any person has

committed a violation of Section 3 of this act which prevents the

full understanding of the enterprise risk to the insurer by

affiliates or by the insurance holding company system, the violation

may serve as an independent basis for disapproving dividends or

distributions and for placing the insurer under an order of

supervision in accordance with Article 18 of Title 36 of the

Oklahoma Statutes.