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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 365. Insurance Department |
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Chapter 15. Property and Casualty |
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Subchapter 7. Property and Casualty Competitive Loss Cost Rating Regulation |
SECTION 365:15-7-31. Withdrawal or Discontinue Writing
Latest version.
- Any insurer desiring to withdraw from the state or discontinue the writing of certain classes of insurance or programs in this state or transferring policyholders between admitted companies within the same insurance holding company system shall give ninety (90) days notice in writing to the Insurance Department Rate and Form Compliance Division. The insurer shall state in writing its reasons for such action. The ninety (90) day notice is inclusive of, and not in addition to, any other notice requirement per line of business. The insurer shall also provide the following information:(1) The number of policyholders affected;(2) The number of insurance agents affected;(3) The date the insurer will cease writing new business;(4) The date the insurer will start non-renewing insurance policies;(5) Whether the insurer has made arrangements with another insurer to cover the renewals;(6) The lines of insurance on which the insurer plans to concentrate; and(7) Whether the insurer anticipates re-entering the market.