Okla. Stat. tit. 36, § 36-1926

A. Every transfer made or suffered to be made and every

obligation incurred by an insurer within one (1) year prior to the

filing of a successful petition for rehabilitation or liquidation

under the Insurance Code is fraudulent as to then existing and

future creditors if made or incurred without fair consideration or

with actual intent to hinder, delay or defraud either existing or

future creditors. A transfer made or an obligation incurred by an

insurer ordered to be rehabilitated or liquidated under the

Insurance Code, which is fraudulent under this section, may be

Oklahoma Statutes - Title 36. Insurance Page 550

avoided by the receiver, except as to a person who in good faith is

a purchaser, lienor, or obligee for a present fair equivalent value,

and except that any purchaser, lienor or obligee, who in good faith

has given a consideration less than fair for such transfer, lien, or

obligation, may retain the property, lien or obligation as security

for repayment. The court may, on due notice, order any such

transfer or obligation to be preserved for the benefit of the

estate, and in that event, the receiver shall succeed to and may

enforce the rights of the purchaser, lienor, or obligee.

B. Every director, officer, employee, stockholder, member,

agent, subscriber, and any other person acting on behalf of such

insurer who shall be concerned in any such act or deed and every

person receiving thereby any property of such insurer or the benefit

thereof shall be personally liable therefor and shall be bound to

account to the Insurance Commissioner.

C. The Insurance Commissioner as receiver in any proceeding

under this article may avoid any transfer of or lien upon the

property of an insurer which any creditor, stockholder, subscriber

or member of such insurer might have avoided and may recover the

property so transferred unless such person was a bona fide holder

for value prior to the date of the granting of an order to show

cause under this article. Such property or its value may be

recovered from anyone who has received it except a bona fide holder

for value as herein specified.

D. Any transaction of the insurer with a reinsurer shall be

deemed fraudulent and may be avoided by the receiver under this

section if:

1. The transaction consists of the termination, adjustment or

settlement of a reinsurance contract in which the reinsurer is

released from any part of its duty to pay the originally specified

share of losses that had occurred prior to the time of the

transactions, unless the reinsurer gives a present fair equivalent

value for the release; and

2. Any part of the transaction took place within one (1) year

prior to the date of filing of the petition through which the

receivership was commenced.

E. Notwithstanding subsection A of this section, or any other

provision of this chapter, no receiver shall avoid any transfer of,

or any obligation to transfer, money or any other property arising

under or in connection with any Federal Home Loan Bank security

agreement, or any pledge, security, collateral or guarantee

agreement or any other similar arrangement or credit enhancement

relating to such Federal Home Loan Bank security agreement.

However, a transfer may be avoided under this section if it was made

with actual intent to hinder, delay or defraud either existing or

future creditors.

Oklahoma Statutes - Title 36. Insurance Page 551