Okla. Stat. tit. 36, § 36-1688
This is the official text of Okla. Stat. tit. 36, § 36-1688, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Fees – Reimbursement - Costs
Official statutory text
A. At the time of filing its application with the Insurance
Commissioner for review and approval of an Insurance Business
Transfer Plan, the applicant shall pay a nonrefundable fee to the
Insurance Department in the amount of Ten Thousand Dollars
($10,000.00).
B. In the Commissioner's discretion, in connection with the
Department's participation in the proceedings undertaken pursuant to
the Insurance Business Transfer Act, the applicant shall reimburse
the Department for any compensation and benefits paid to the
personnel of the Department for time spent engaged in the
proceedings, including but not limited to examiners, actuaries,
attorneys, managers and paraprofessionals.
C. The Commissioner may retain independent attorneys,
appraisers, actuaries, certified public accountants, or other
professionals and specialists to assist Department personnel in
connection with the review required by the Insurance Business
Transfer Act, the cost of which shall be borne by the applicant.
D. The applicant shall pay the expenses of the Department and
its authorized consultants incurred in fulfilling their obligations
under this act, including the actual expenses of the Department or
the expenses and compensation of any consultants retained by the
Department.
E. The transferring insurer and the assuming insurer shall
jointly be obligated to pay any compensation, costs and expenses of
the independent expert and any consultants retained by the
independent expert and approved by the Department incurred in
fulfilling the obligations of the independent expert under this act.
Oklahoma Statutes - Title 36. Insurance Page 512
Nothing in this act shall be construed to create any duty for the
independent expert to any party other than the Department or the
Court.
F. Failure to pay any of the requisite fees or reimbursements
within thirty (30) days of demand shall be grounds for the
Commissioner to request that the court dismiss the petition for
approval of the Insurance Business Transfer Plan prior to the filing
of an implementation order by the court or, if after the filing of
an implementation order, the Commissioner may suspend or revoke the
assuming insurer's certificate of authority to transact insurance
business in this state.
Commissioner for review and approval of an Insurance Business
Transfer Plan, the applicant shall pay a nonrefundable fee to the
Insurance Department in the amount of Ten Thousand Dollars
($10,000.00).
B. In the Commissioner's discretion, in connection with the
Department's participation in the proceedings undertaken pursuant to
the Insurance Business Transfer Act, the applicant shall reimburse
the Department for any compensation and benefits paid to the
personnel of the Department for time spent engaged in the
proceedings, including but not limited to examiners, actuaries,
attorneys, managers and paraprofessionals.
C. The Commissioner may retain independent attorneys,
appraisers, actuaries, certified public accountants, or other
professionals and specialists to assist Department personnel in
connection with the review required by the Insurance Business
Transfer Act, the cost of which shall be borne by the applicant.
D. The applicant shall pay the expenses of the Department and
its authorized consultants incurred in fulfilling their obligations
under this act, including the actual expenses of the Department or
the expenses and compensation of any consultants retained by the
Department.
E. The transferring insurer and the assuming insurer shall
jointly be obligated to pay any compensation, costs and expenses of
the independent expert and any consultants retained by the
independent expert and approved by the Department incurred in
fulfilling the obligations of the independent expert under this act.
Oklahoma Statutes - Title 36. Insurance Page 512
Nothing in this act shall be construed to create any duty for the
independent expert to any party other than the Department or the
Court.
F. Failure to pay any of the requisite fees or reimbursements
within thirty (30) days of demand shall be grounds for the
Commissioner to request that the court dismiss the petition for
approval of the Insurance Business Transfer Plan prior to the filing
of an implementation order by the court or, if after the filing of
an implementation order, the Commissioner may suspend or revoke the
assuming insurer's certificate of authority to transact insurance
business in this state.
Status: in_force · Read it on the official government site
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