SECTION 365:25-15-21. Delinquency of sponsored captive insurance companies

(a)   Upon any order of supervision, rehabilitation, or liquidation of a sponsored captive insurance company, the receiver shall manage the assets and liabilities of the sponsored captive insurance company pursuant to the provisions of this Subchapter.

(b)   Notwithstanding any provision to the contrary:

(1)   the assets of a protected cell may not be used to pay any expenses or claims other than those attributable to such protected cell; and

(2)   a sponsored captive insurance company's capital and surplus shall at all times be available to pay any expenses of or claims against the sponsored captive insurance company; and

(3)   in the event of an insolvency of a sponsored captive insurance company where the Commissioner determines that one or more protected cells remain solvent, the Commissioner may separate such cells from the sponsored captive insurance company, and may allow, on application of the sponsor, for the conversion of such protected cells into one or more new or existing sponsored captive insurance companies with a sponsor or sponsors, or one or moreother captive insurance companies, pursuant to such plan or plans of operation as the Commissioner deems acceptable.

[Source: Added at 32 Ok Reg 1953, eff 9-15-15]