Okla. Stat. tit. 36, § 36-5124

A. The Insurance Commissioner may promulgate and adopt rules

and regulations implementing the provisions of the Credit for

Reinsurance Act.

B. The Insurance Commissioner is further authorized to adopt

rules and regulations applicable to reinsurance arrangements

described in paragraph 1 of this subsection.

1. A regulation adopted pursuant to this subsection may apply

only to reinsurance relating to:

a. life insurance policies with guaranteed nonlevel gross

premiums or guaranteed nonlevel benefits,

b. universal life insurance policies with provisions

resulting in the ability of a policyholder to keep a

policy in force over a secondary guarantee period,

c. variable annuities with guaranteed death or living

benefits,

d. long-term care insurance policies, or

e. such other life and health insurance and annuity

products as to which the National Association of

Insurance Commissioners (NAIC) adopts model regulatory

requirements with respect to credit for reinsurance.

2. A regulation adopted pursuant to this subsection which is

applicable to policies listed in subparagraph a or b of paragraph 1

of this subsection may apply to any treaty containing:

a. policies issued on or after January 1, 2015, and

b. policies issued prior to January 1, 2015, if risk

pertaining to such pre-2015 policies is ceded in

connection with the treaty, in whole or in part, on or

after January 1, 2015, unless the NAIC Accounting

Practices and Procedures Manual in effect as of

December 31, 2015, excluded such pre-2015 policies

from the requirements concerning the amounts and forms

Oklahoma Statutes - Title 36. Insurance Page 1053

of security supporting reinsurance arrangements that

would otherwise be applicable to such policies.

3. A regulation adopted pursuant to this subsection may require

the ceding insurer, in calculating the amounts or forms of security

required to be held under regulations promulgated under this

authority, to use the Valuation Manual adopted by the NAIC under

Section 11B (1) of the NAIC Standard Valuation Law including all

amendments adopted by the NAIC and in effect on the date as of which

the calculation is made, to the extent applicable.

4. A regulation adopted pursuant to this subsection shall not

apply to cessions to an assuming insurer that:

a. meets the conditions set forth in subsection G of

Section 5122 of this title,

b. is certified in this state, or

c. maintains at least Two Hundred Fifty Million Dollars

($250,000,000.00) in capital and surplus when

determined in accordance with the NAIC Accounting

Practices and Procedures Manual including all

amendments thereto adopted by the NAIC, excluding the

impact of any permitted or prescribed practices, and

is:

(1) licensed in at least twenty-six states, or

(2) licensed in at least ten states, and licensed or

accredited in a total of at least thirty-five

states.

5. The authority to adopt regulations pursuant to this

subsection does not limit the Commissioner's general authority to

adopt regulations pursuant to subsection A of this section.