2018 Oklahoma Statutes
Title 36. Insurance
§36-1631. Definitions.

As used in this act, the following terms shall have these meanings unless the context shall otherwise require:

1. "Affiliate of" or person "affiliated with" a specific person means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified;

2. "Commissioner" means the Insurance Commissioner of the State of Oklahoma, the Commissioner's deputies, or the Insurance Department, as appropriate;

3. "Control" includes the terms "controlling", "controlled by" and "under common control with" and means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing, ten percent (10%) or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided by subsection K of Section 5 of this act that control does not exist in fact. The Commissioner may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support the determination that control exists in fact, notwithstanding the absence of a presumption to that effect;

4. "Group-wide supervisor" means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the Commissioner under Section 9 of this act to have sufficient significant contacts with the internationally active insurance group;

5. "Insurance holding company system" means an insurance holding company system consisting of two or more affiliated persons, one or more of which is an insurer;

6. "Insurer" has the same meaning as set forth in Section 103 of Title 36 of the Oklahoma Statutes, except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;

7. "Internationally active insurance group" means an insurance holding company system that:

a.includes an insurer registered under Section 5 of this act, and

b.meets the following criteria:

(1)premiums written in at least three countries,

(2)the percentage of gross premiums written outside the United States is at least ten percent (10%) of the insurance holding company system's total gross written premiums, and

(3)based on a three-year rolling average, the total assets of the insurance holding company system are at least Fifty Billion Dollars ($50,000,000,000.00) or the total gross written premiums of the insurance holding company system are at least Ten Billion Dollars ($10,000,000,000.00);

8. "Enterprise risk" means any activity, circumstance, event or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, but not limited to, anything that would cause the insurer's risk-based capital to fall into company action level as set forth in the Risk-based Capital for Insurers Act provided in Sections 1521 through 1533 of Title 36 of the Oklahoma Statues, or would cause the insurer to be in hazardous financial condition pursuant to rules promulgated by the Insurance Department;

9. "Person" means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing or developing real or tangible personal property;

10. "Securityholder" of a specified person means one who owns any security of such person, including common stock, preferred stock, debt obligations and any other security convertible into or evidencing the right to acquire any of the foregoing;

11. "Subsidiary" of a specified person means an affiliate controlled by such person directly or indirectly through one or more intermediaries; and

12. "Voting security" means any security convertible into or evidencing a right to acquire a voting security.

Added by Laws 2017, c. 350, § 1, emerg. eff. May 31, 2017.