Okla. Stat. tit. 36, § 36-1683

1. "Affiliate" has the meaning ascribed to such term in Section

1631 of this title.

2. "Applicant" means an assuming insurer, a transferring

insurer, or a reinsurer applying to the Commissioner for approval of

an Insurance Business Transfer Plan pursuant to this act.

3. "Assuming insurer" means an insurer domiciled in this state

that assumes or seeks to assume policies from a transferring insurer

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pursuant to this act. An assuming insurer may be a company

established pursuant to the Oklahoma Captive Insurance Company Act.

4. "Court" means the district court of a county in Oklahoma

with a population of more than two hundred fifty thousand (250,000).

5. "Department" means the Insurance Department.

6. "Commissioner" means the Insurance Commissioner.

7. "Implementation order" means an order issued by the court

under Section 1686 of this title.

8. "Independent expert" means a person who shall assist the

Commissioner and the court in connection with their review of a

proposed transaction. The Commissioner shall select an independent

expert from a list of at least two nominees submitted jointly by the

transferring insurer and the assuming insurer; provided, however, if

the Commissioner, in his or her sole discretion, rejects the

nominees submitted jointly by the transferring insurer and the

assuming insurer, the Commissioner may appoint another person to

serve as an independent expert. An independent expert selected

under this subsection shall meet all of the following criteria:

a. hold no financial interest in either the assuming

insurer or the transferring insurer,

b. not be employed by, or act as an officer, director,

consultant, or independent contractor for either the

assuming insurer or the transferring insurer within

the previous twelve (12) months,

c. not be simultaneously appointed by the Commissioner to

assist in any capacity in any proceeding initiated

pursuant to Article 18 or Article 19 of this title,

d. receives or is promised no compensation in connection

with the Insurance Business Transfer for which he or

she is selected to serve as an independent expert;

provided, however, a fee may be approved by the

Commissioner that is not contingent upon the approval

or consummation of an Insurance Business Transfer

Plan, and

e. provides proof of insurance covering the services

provided as an independent expert, to be approved by

the Commissioner.

9. "Insurance Business Transfer" means a transfer and novation

in accordance with this act. Insurance Business Transfers will

transfer insurance obligations, risks, rights, or any combination

thereof, of existing or in-force contracts of insurance or

reinsurance from a transferring insurer to an assuming insurer.

Once approved pursuant to this act, the Insurance Business Transfer

will effect a transfer and novation of the transferred contracts of

insurance or reinsurance with the result that the assuming insurer

becomes directly liable to the policyholders of the transferring

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insurer and the transferring insurer's insurance obligations or

risks, or both, under the contracts are extinguished.

10. "Insurance Business Transfer Plan" or "Plan" means the plan

submitted to the Department to accomplish the transfer and novation

pursuant to an Insurance Business Transfer including any associated

transfer of assets and rights from or on behalf of the transferring

insurer to the assuming insurer.

11. "Insurer" means an insurance or surety company including a

reinsurance company, and shall be deemed to include a corporation,

company, partnership, association, society, order, individual or

aggregation of individuals engaging in or proposing or attempting to

engage in any kind of insurance or surety business including the

exchanging of reciprocal or inter-insurance contracts between

individuals, partnerships and corporations.
ty company including a

reinsurance company, and shall be deemed to include a corporation,

company, partnership, association, society, order, individual or

aggregation of individuals engaging in or proposing or attempting to

engage in any kind of insurance or surety business including the

exchanging of reciprocal or inter-insurance contracts between

individuals, partnerships and corporations.

12. "Petitioner" means an assuming insurer, transferring

insurer, or reinsurer petitioning a court for an order of approval

and implementation of a Plan pursuant to this act.

13. "Policy" means a policy, annuity contract or certificate of

insurance or a contract of reinsurance pursuant to which the insurer

agrees to assume an obligation or risk, or both, of the policyholder

or to make payments on behalf of, or to, the policyholder or its

beneficiaries, and shall include property, casualty, life, health

and any other line of insurance the Commissioner finds, pursuant to

this act, is suitable for an insurance business transfer.

14. "Policyholder" means an insured or a reinsured under a

policy which is part of the subject business.

15. "Subject business" means the policy or policies designated

for transfer and novation pursuant to a corresponding Insurance

Business Transfer Plan.

16. "Transfer and novation" means the transfer of insurance

obligations, risks, rights, or any combination thereof, of existing

or in-force policies from a transferring insurer to an assuming

insurer, and is intended to effect a transfer and novation of the

transferred policies with the result that the assuming insurer

becomes directly liable to the policyholders of the transferring

insurer on the transferred policies and the transferring insurer's

insurance obligations, risks, rights, or any combination thereof,

under the transferred policies are extinguished.

17. "Transferring insurer" means an insurer or reinsurer which

seeks to or has accomplished a transfer and novation of obligations,

risks, rights, or any combination thereof, under one or more

policies to an assuming insurer pursuant to an Insurance Business

Transfer Plan and the provisions of this act.