Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1143 Compare Versions

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Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 58th Legislature (2022)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 1143 By: Montgomery of the Senate
7	37
8	38		and
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10	40		Wallace of the House
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15	45		An Act relating to insurance; amending 36 O.S. 2021,
16	46		Section 1618, which re lates to investments made by an
17	47		insurer; raising the maximum percentage of certain
18	48		investments; and declaring an emergen cy.
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23		-	SUBJECT: Insurance
24		-
25	53		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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27	54		SECTION 1. AMENDATORY 36 O.S . 2021, Section 1618, is
28	55		amended to read as follows:
29		-
30	56		Section 1618. A. An insurer may i nvest in certificates, notes
31	57		or other obligations issued by trustees or receivers of any
32	58		institution created or existing under the laws of the United States
33	59		or of any state, district or territory thereof, which, or the assets
34	60		of which, are being administer ed under the direction of any court
35	61		having jurisdiction, if such obligation in the opinion of the
36	62		Insurance Commissioner is adequately secured as to principal and
37	63		interest.
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39	91		B. An insurer may make loans or investments not otherwise
40	92		qualifying or permitted under this article to an amount not
41	93		exceeding in the aggregate five percent (5%) ten percent (10%) of
42	94		the insurer's assets, and not exceeding on e percent (1%) of such
43	95		assets as to any one such loan or investment. But no such loan or
44	96		investment shall be re presented by:
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47		-	ENR. S. B. NO. 1143 Page 2
48	97		1. Any item described in Section 1503 of Article 15 (Assets and
49	98		Liabilities) this title, or any loan or investment otherwise
50	99		specifically prohibited.;
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52	100		2. Any loan or investment eligible under any other provision of
53	101		this article.; or
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55	102		3. Any asset theretofore acquired or held by the insurer under
56	103		any other category of loans or investments eligible under this
57	104		article.
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59	105		The insurer shall ke ep a separate record of all loans and
60	106		investments made under this subsection.
61		-
62	107		SECTION 2. It being immediately necessary for the preservation
63	108		of the public peace, health or safety, an emergency is hereby
64	109		declared to exist, by reason whereof this act shall take effect and
65	110		be in full force from and after its passage and approval.
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68		-	ENR. S. B. NO. 1143 Page 3
69		-	Passed the Senate the 22nd day of February, 2022.
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73		-	Presiding Officer of the Senate
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76		-	Passed the House of Representatives the 13th day of April, 2022.
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80		-	Presiding Officer of the House
81		-	of Representatives
82		-
83		-	OFFICE OF THE GOVERNOR
84		-	Received by the Office of the Governor this _______ _____________
85		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
86		-	By: _______________________________ __
87		-	Approved by the Governor of the State of Oklahoma this _____ ____
88		-	day of _________________ __, 20_______, at ____ ___ o'clock _______ M.
89		-
90		-	_________________________________
91		-	Governor of the State of Oklahoma
92		-
93		-
94		-	OFFICE OF THE SECRETARY OF STATE
95		-	Received by the Office of the Secretary of State this _______ ___
96		-	day of __________________, 20 _______, at _______ o'clock ____ ___ M.
97		-	By: _______________________________ __
	112	+	COMMITTEE REPORT BY: COMMITTEE ON INSURANCE, dated 04/06/2022 - DO
	113	+	PASS.