Okla. Stat. tit. 36, § 36-2024

As used in the Oklahoma Life and Health Insurance Guaranty

Association Act:

1. "Account" means one of the three accounts created under

Section 2023 of this title;

2. "Association" means the Oklahoma Life and Health Insurance

Guaranty Association created in Section 2023 of this title;

3. "Commissioner" means the Oklahoma Insurance Commissioner;

4. "Contractual obligation" means an obligation under a policy

or contract or certificate under a group policy or contract, or

portion thereof for which coverage is provided under Section 2025 of

this title;

5. "Covered contract" or "covered policy" means a policy or

contract or portion of a policy or contract for which coverage is

provided under Section 2025 of this title;

6. "Extra-contractual claims" includes, but is not limited to,

claims relating to bad faith in the payment of claims, punitive or

exemplary damages or attorneys fees and costs;

7. "Health benefit plan" means any hospital or medical expense

policy or certificate or health maintenance organization subscriber

contract or any other similar health contract. Health benefit plan

does not include:

a. accident-only insurance,

b. credit insurance,

c. dental-only insurance,

d. vision-only insurance,

e. Medicare supplemental insurance,

f. benefits for long-term care, home health care,

community-based care, or any combination thereof,

g. disability income insurance,

h. coverage for on-site medical clinics, or

i. specified disease, hospital confinement indemnity or

limited health insurance if the types of coverage do

not provide coordination of benefits and are provided

under separate policies or certificates;

8. "Impaired insurer" means a member insurer which, after the

effective date of this act, is not an insolvent insurer and is

placed under an order of rehabilitation or conservation by a court

of competent jurisdiction;

9. "Insolvent insurer" means a member insurer which, after the

effective date of this act, is placed under an order of liquidation

by a court of competent jurisdiction with a finding of insolvency;

10. "Member insurer" means any nonprofit hospital service and

medical indemnity corporation and any insurer or health maintenance

organization licensed or that holds a certificate of authority to

transact in this state any kind of insurance or health maintenance

organization business for which coverage is provided under Section

Oklahoma Statutes - Title 36. Insurance Page 592

2025 of this title, and includes any insurer or health maintenance

organization whose license or certificate of authority in this state

may have been suspended, revoked, not renewed or voluntarily

withdrawn, but does not include:

a. a fraternal benefit society,

b. a mandatory state-pooling plan,

c. a mutual assessment company or other person that

operates on an assessment basis,

d. an insurance exchange,

e. an organization that has a certificate or license

limited to the issuance of charitable gift annuities

under Sections 4071 through 4082 of this title, or

f. any entity similar to any of the above;

11. "Moody's Corporate Bond Yield Average" means the Monthly

Average Corporates as published by Moody's Investors Service, Inc.,

or any successor thereto;

12. "Owner", "policyholder", "policy owner" or "contract owner"

means the person who is identified as the legal owner of a policy or

contract under the terms of the policy or contract or who is

otherwise vested with legal title to the policy or contract through

a valid assignment completed in accordance with the terms of the

policy or contract and properly recorded as the owner on the books

of the member insurer. Owner, policyholder, policy owner or

contract owner does not include persons with a mere beneficial

interest in a policy or contract;

13. "Person" means an individual, corporation, limited

liability company, partnership, association, governmental body or

entity, or voluntary organization;
terms of the

policy or contract and properly recorded as the owner on the books

of the member insurer. Owner, policyholder, policy owner or

contract owner does not include persons with a mere beneficial

interest in a policy or contract;

13. "Person" means an individual, corporation, limited

liability company, partnership, association, governmental body or

entity, or voluntary organization;

14. "Premiums" means amounts or considerations by whatever name

called, received on covered policies or contracts less returned

premiums, considerations and deposits and less dividends and

experience credits. "Premiums" does not include amounts or

considerations received for policies or contracts or for the

portions of any policies or contracts for which coverage is not

provided under subsection B of Section 2025 of this title except

that assessable premium shall not be reduced on account of

subparagraph c of paragraph 2 of subsection B of Section 2025 of

this title relating to interest limitations and paragraph 2 of

subsection C of Section 2025 of this title relating to limitations

with respect to one individual, one participant and one policy or

contract owner. Premiums does not include:

a. premiums on an unallocated annuity contract, or

b. premiums in excess of Five Million Dollars

($5,000,000.00) on multiple non-group policies of life

insurance owned by one owner, whether the policy or

contract owner is an individual, firm, corporation or

other person, and whether the persons insured are

Oklahoma Statutes - Title 36. Insurance Page 593

officers, managers, employees or other persons,

regardless of the number of policies or contracts held

by the owner;

15. "Principal place of business" of a person other than a

natural person means the single state in which the natural persons

who establish policy for the direction, control and coordination of

the operations of the entity as a whole primarily exercise that

function, determined by the Association in its reasonable judgment

by considering the following factors:

a. the state in which the primary executive and

administrative headquarters of the entity are located,

b. the state in which the principal office of the chief

executive officer of the entity is located,

c. the state in which the board of directors or similar

governing person or persons of the entity conducts the

majority of its meetings,

d. the state in which the executive or management

committee of the board of directors or similar

governing person or persons of the entity conducts the

majority of its meetings,

e. the state from which the management of the overall

operations of the entity is directed, and

f. in the case of a benefit plan sponsored by affiliated

companies comprising a consolidated corporation, the

state in which the holding company or controlling

affiliate has its principal place of business as

determined using the factors listed in subparagraphs a

through e of this paragraph;

16. "Receivership court" means the court in the insolvent or

impaired state of the insurer having jurisdiction over the

conservation, rehabilitation or liquidation of the member insurer;

17. "Resident" means a person to whom a contractual obligation

is owed and who resides in this state on the date of entry of a

court order that determines a member insurer to be an impaired

insurer or a court order that determines a member insurer to be an

insolvent insurer. A person may be a resident of only one state,

which in the case of a person other than a natural person shall be

its principal place of business. Citizens of the United States that

are either residents of foreign countries or residents of the United

States possessions, territories or protectorates that do not have an

association similar to the Association created by the Oklahoma Life

and Health Insurance Guaranty Association Act, shall be deemed

residents of the state of domicile of the insurer that issued the
ncipal place of business. Citizens of the United States that

are either residents of foreign countries or residents of the United

States possessions, territories or protectorates that do not have an

association similar to the Association created by the Oklahoma Life

and Health Insurance Guaranty Association Act, shall be deemed

residents of the state of domicile of the insurer that issued the

policy or contract;

18. "State" means a state of the United States, the District of

Columbia, Puerto Rico, or a United States possession, territory or

protectorate;

Oklahoma Statutes - Title 36. Insurance Page 594

19. "Structured settlement annuity" means an annuity purchased

in order to fund periodic payments for a plaintiff or other claimant

in payment for or with respect to personal injury suffered by a

plaintiff or other claimant;

20. "Supplemental contract" means a written agreement entered

into for the distribution of proceeds under a life, health or

annuity policy or contract; and

21. "Unallocated annuity contract" means an annuity contract or

group annuity certificate which is not issued to and owned by an

individual, except to the extent of any annuity benefits guaranteed

to an individual by an insurer under the contract or certificate.