State Insurancew Law Reform Approved by State House

By Wolfe, Lou Anne | THE JOURNAL RECORD, March 3, 1992 | Go to article overview

State Insurancew Law Reform Approved by State House


Wolfe, Lou Anne, THE JOURNAL RECORD


A bill to make Oklahoma insurance law uniform with federal law was passed 92-3 Monday by the Oklahoma House of Representatives and now goes to the Senate.

Principal author Loyd Benson, D-Frederick, said House Bill 1983 is important to insurance companies in the state because its provisions bear on their ability to do business in other states. Co-authors are Rep. Kevin Cox and Sen. Ben Brown, both D-Oklahoma City.

Provisions of the bill include:

Financial statements would be required to be prepared in accordance with National Association of Insurance Commissioners procedures.

Control of a company would be presumed when any person owned, controlled, held with the power to vote, or held proxies representing 10 percent, rather than 25 percent or more, of the voting securities of any person.

Removed from current law would be language that deems mergers or acquisitions to be approved if any order to disapprove is not entered 30 days after the hearing.

Language would be added that requires discovery proceedings to be concluded not later than three days prior to the beginning of the public hearing. The Oklahoma Insurance Commissioner would be permitted to retain experts, at the acquiring person's expense, to assist in reviewing proposed acquisitions of control.

Removed would be language in current law that requires certain information to be mailed by insurers to their shareholders.

Information required to be filed in Form B registration statements would be expanded.

Specific transactions that are forbidden between a domestic insurer and a person in its holding company system without 30 days' prior notice to the commissioner would be increased.

Criteria for determining the adequacy of a company's surplus would be amended to include past and projected trends in the size of the insurer's investment portfolio.

The definition of extraordinary dividends would be amended from "the greater of" to "the lesser of" 10 percent of the insurer's surplus as regards to policy holders as of Dec. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

State Insurancew Law Reform Approved by State House
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.