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STATE OF OKLAHOMA
2nd Session of the 58th Legislature (2022)
SENATE BILL 1143 By: Montgomery
AS INTRODUCED
An Act relating to insurance; amending 36 O.S. 2021,
Section 1618, which re lates to investments made by an
insurer; raising the maximum percentage of certain
investments; and providing an effective date .
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2021, Sectio n 1618, is
amended to read as follows:
Section 1618. A. An insurer may invest in certificates, notes
or other obligations issued by trustees or receivers of any
institution created or existing under the laws of the United States
or of any state, district or territory thereof, which, or the assets
of which, are being administered under the direction of any court
having jurisdiction, if such obligation in the opinion of the
Insurance Commissioner is adequately secured as to principal and
interest.
B. An insurer may make loans or investments not otherwise
qualifying or permitted under this article to an amount not
exceeding in the aggregate five percent (5%) ten percent (10%) of
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the insurer's assets, and not exceeding on e percent (1%) of such
assets as to any one such loan or investment. But no such loan o r
investment shall be represented by:
1. Any item described in Section 1503 of Article 15 (Assets and
Liabilities) this title, or any loan or investment otherwise
specifically prohibited.;
2. Any loan or investment eligible under any other provision of
this article.; or
3. Any asset theretofore acquired or held by the insurer under
any other category of loans or investments eligible under this
article.
The insurer shall ke ep a separate record of all loans and
investments made under this subsection.
SECTION 2. This act shall become effective November 1, 2022.
58-2-3080 RJ 12/17/2021 2:35:39 PM