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2018 Oklahoma Statutes
Title 36. Insurance
§36-1682. Purpose of act.
Universal Citation: 36 OK Stat § 36-1682 (2018)
This act is adopted to provide a basis and procedures for the transfer and statutory novation of policies from a transferring insurer to an assuming insurer by way of an Insurance Business Transfer without the affirmative consent of policyholders or reinsureds. The novation is effected by court order. This act establishes the requirements for notice and disclosure and standards and procedures for the approval of the transfer and novation by the Oklahoma Insurance Commissioner and the District Court of Oklahoma County pursuant to an Insurance Business Transfer Plan. This act does not limit or restrict other means of effecting a transfer or novation.
Added by Laws 2018, c. 232, § 2, eff. Nov. 1, 2018.
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