Okla. Admin. Code § 810:25-11-23

Current through Vol. 42, No. 8, January 2, 2025

Section 810:25-11-23 - Winding down of association's affairs

(a) The members' supervisory board, the administrator, and the TPA shall remain in place if the association relinquishes its approval, and shall wind down the affairs of the association. A change in board membership, administrator, or TPA, must be approved by the Commission.

(b) A loss portfolio transfer or equivalent may be obtained by the association to transfer its liability to a licensed insurance company. Any transfer or equivalent must be filed with the Commission.

(c) Annual financial statements, as required in 810:25-11-5, will still be required once an association relinquishes its approval, unless otherwise approved by the Commission.

(d) Distributions of surplus, as referenced in 810:25-11-10, may be made upon application to the Commission. A full and final release of all funds from the association will not be allowed absent compliance with the criteria specified in 85A O.S., § 102(B).

Okla. Admin. Code § 810:25-11-23

Adopted by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018