Okla. Stat. tit. 36, § 36-1697
This is the official text of Okla. Stat. tit. 36, § 36-1697, 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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Receivership – Amounts recoverable
Official statutory text
A. Notwithstanding any contrary provision in the Oklahoma
Insurance Code, the rules promulgated under the Oklahoma Insurance
Code or any other applicable law or rule, upon placement under
administrative supervision or upon any order of conservation,
rehabilitation or liquidation of a protected cell company, the
receiver shall be bound to deal with the protected cell company's
assets and liabilities, including protected cell assets and
protected cell liabilities, in accordance with the requirements set
forth in the Protected Cell Companies Act.
B. With respect to amounts recoverable under a protected cell
company insurance securitization, the amount recoverable by the
receiver shall not be reduced or diminished as a result of the
placement under administrative supervision or entry of an order of
conservation, rehabilitation or liquidation with respect to the
protected cell company or any of its protected cells,
notwithstanding any provisions to the contrary in the contracts or
other documentation governing the protected cell company insurance
securitization.
Insurance Code, the rules promulgated under the Oklahoma Insurance
Code or any other applicable law or rule, upon placement under
administrative supervision or upon any order of conservation,
rehabilitation or liquidation of a protected cell company, the
receiver shall be bound to deal with the protected cell company's
assets and liabilities, including protected cell assets and
protected cell liabilities, in accordance with the requirements set
forth in the Protected Cell Companies Act.
B. With respect to amounts recoverable under a protected cell
company insurance securitization, the amount recoverable by the
receiver shall not be reduced or diminished as a result of the
placement under administrative supervision or entry of an order of
conservation, rehabilitation or liquidation with respect to the
protected cell company or any of its protected cells,
notwithstanding any provisions to the contrary in the contracts or
other documentation governing the protected cell company insurance
securitization.
Status: in_force · Read it on the official government site
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