Okla. Admin. Code § 365:15-7-31

Current through Vol. 42, No. 7, December 16, 2024

Section 365:15-7-31 - Withdrawal or Discontinue Writing

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.

Okla. Admin. Code § 365:15-7-31

Added at 24 Ok Reg 2209, eff 7-14-07; Amended at 27 Ok Reg 1542, eff 7-14-10