Okla. Stat. tit. 36, § 36-5121
This is the official text of Okla. Stat. tit. 36, § 36-5121, 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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Short title – Purpose – Legislative intent
Official statutory text
A. Sections 5121 through 5125 of this title shall be known and
may be cited as the "Credit for Reinsurance Act".
B. The purpose of the Credit for Reinsurance Act is to protect
the interest of insureds, claimants, ceding insurers, assuming
insurers and the public generally. The Legislature hereby declares
its intent is to ensure adequate regulation of insurers and
reinsurers and adequate protection for those parties to whom
insurers and reinsurers owe obligations. In furtherance of that
state interest, the Legislature hereby provides a mandate that upon
the insolvency of a non-United States insurer or reinsurer that
provides security to fund its obligations within the United States
Oklahoma Statutes - Title 36. Insurance Page 1035
in accordance with the Credit for Reinsurance Act, the assets
representing the security shall be maintained in the United States
and claims shall be filed with and valued by the State Insurance
Commissioner with regulatory oversight and the assets shall be
distributed in accordance with the insurance laws of the state in
which the trust is domiciled that are applicable to the liquidation
of domestic United States insurance companies. The Legislature
declares that the matters contained in the Credit for Reinsurance
Act are fundamental to the business of insurance in accordance with
15 U.S.C., Sections 1011 through 1012.
may be cited as the "Credit for Reinsurance Act".
B. The purpose of the Credit for Reinsurance Act is to protect
the interest of insureds, claimants, ceding insurers, assuming
insurers and the public generally. The Legislature hereby declares
its intent is to ensure adequate regulation of insurers and
reinsurers and adequate protection for those parties to whom
insurers and reinsurers owe obligations. In furtherance of that
state interest, the Legislature hereby provides a mandate that upon
the insolvency of a non-United States insurer or reinsurer that
provides security to fund its obligations within the United States
Oklahoma Statutes - Title 36. Insurance Page 1035
in accordance with the Credit for Reinsurance Act, the assets
representing the security shall be maintained in the United States
and claims shall be filed with and valued by the State Insurance
Commissioner with regulatory oversight and the assets shall be
distributed in accordance with the insurance laws of the state in
which the trust is domiciled that are applicable to the liquidation
of domestic United States insurance companies. The Legislature
declares that the matters contained in the Credit for Reinsurance
Act are fundamental to the business of insurance in accordance with
15 U.S.C., Sections 1011 through 1012.
Status: in_force · Read it on the official government site
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