An Act
ENROLLED 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.
SUBJECT: Insurance
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 admin istered 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
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 represented by:
ENR. S. B. NO. 1143 Page 2
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.
ENR. S. B. NO. 1143 Page 3
Passed the Senate the 22nd day of February, 2022.
Presiding Officer of the Senate
Passed the House of Representatives the 13th day of April, 2022.
Presiding Officer of the House
of Representatives
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this _______ _____________
day of _________________ __, 20_______, at _______ o'clock _______ M.
By: _______________________________ __
Approved by the Governor of the State of Oklahoma this _____ ____
day of _________________ __, 20_______, at ____ ___ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this _______ ___
day of __________________, 20 _______, at _______ o'clock ____ ___ M.
By: _______________________________ __