Okla. Stat. tit. 36, § 36-5111
This is the official text of Okla. Stat. tit. 36, § 36-5111, 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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Penalties; restitution; review
Official statutory text
A. A reinsurance intermediary, insurer or reinsurer found by
the Insurance Commissioner, after notice and opportunity for a
hearing conducted in accordance with the Administrative Procedures
Act, to be in violation of any provision of the Reinsurance
Intermediary Act, shall:
Oklahoma Statutes - Title 36. Insurance Page 1034
1. For each separate violation, pay a penalty in an amount not
exceeding Five Thousand Dollars ($5,000.00); and
2. Be subject to revocation or suspension of license.
B. In addition, if a violation of the Reinsurance Intermediary
Act is committed by a reinsurance intermediary, such reinsurance
intermediary shall make restitution to the insurer, reinsurer,
rehabilitator or liquidator of the insurer or reinsurer for the net
losses incurred by the insurer or reinsurer attributable to such
violation.
C. The decision, determination, or order of the Commissioner
pursuant to this section shall be subject to judicial review
pursuant to the Administrative Procedures Act.
D. Nothing contained in this section shall affect the right of
the Commissioner to impose any other penalties provided in the
Oklahoma Insurance Code.
E. Nothing contained in the Reinsurance Intermediary Act is
intended to or shall in any manner limit or restrict the rights of
policyholders, claimants, creditors, or other third parties or
confer any rights to such persons.
the Insurance Commissioner, after notice and opportunity for a
hearing conducted in accordance with the Administrative Procedures
Act, to be in violation of any provision of the Reinsurance
Intermediary Act, shall:
Oklahoma Statutes - Title 36. Insurance Page 1034
1. For each separate violation, pay a penalty in an amount not
exceeding Five Thousand Dollars ($5,000.00); and
2. Be subject to revocation or suspension of license.
B. In addition, if a violation of the Reinsurance Intermediary
Act is committed by a reinsurance intermediary, such reinsurance
intermediary shall make restitution to the insurer, reinsurer,
rehabilitator or liquidator of the insurer or reinsurer for the net
losses incurred by the insurer or reinsurer attributable to such
violation.
C. The decision, determination, or order of the Commissioner
pursuant to this section shall be subject to judicial review
pursuant to the Administrative Procedures Act.
D. Nothing contained in this section shall affect the right of
the Commissioner to impose any other penalties provided in the
Oklahoma Insurance Code.
E. Nothing contained in the Reinsurance Intermediary Act is
intended to or shall in any manner limit or restrict the rights of
policyholders, claimants, creditors, or other third parties or
confer any rights to such persons.
Status: in_force · Read it on the official government site
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