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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
2nd Session of the 58th Legislature (2022)
ENGROSSED SENATE
BILL NO. 1143 By: Montgomery of the Senate
and
Wallace of the House
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 declaring an emergen cy.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S . 2021, Section 1618, is
amended to read as follows:
Section 1618. A. An insurer may i nvest 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 administer ed 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.
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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
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 or
investment shall be re presented 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. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
COMMITTEE REPORT BY: COMMITTEE ON INSURANCE, dated 04/06/2022 - DO
PASS.