Bill > SB606

This bill establishes procedures for a commercial run-off insurer to apply to the Insurance Commissioner for an order implementing a commutation plan to extinguish the insurer's outstanding liabilities. The bill defines key terms, sets notice requirements, outlines the approval process for a commutation plan, and provides for the Commissioner's implementation order. The bill also establishes an assessment process to fund the regulation of run-off insurers by the Oklahoma Insurance Department. The bill is effective November 1, 2017.

Business and Industry, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb606&Session=1700