Okla. Admin. Code § 365:10-1-14

Current through Vol. 42, No. 8, January 2, 2025

Section 365:10-1-14 - Notice of withdrawal or discontinuance of writing

(a) Any insurer desiring to withdraw from the state or discontinue the writing of a particular type or class of insurance in this state shall give one hundred eighty (180) days notice in writing to the Rate and Form Filing Compliance Division of the Insurance Department and shall state in writing its reasons for such action. The insurer shall also provide the following information:

(1) The number of policyholders affected;

(2) The number of insurance agents affected;

(3) The date the insurer will cease writing new business;

(4) The date the insurer will start non-renewing insurance policies;

(5) Whether the insurer has made arrangements with another insurer to cover the renewals;

(6) The lines of insurance on which the insurer plans to concentrate; and

(7) Whether the insurer anticipates re-entering the market.

(b) The provision of information required by subsection (a) of this section by an insurer electing to nonrenew all of its health benefit plans issued in this state that are subject to the Health Insurance Portability and Accountability Act, Public Law 104-194, shall constitute compliance with the obligations of the insurer to report to the Insurance Commissioner pursuant to 36 O.S. § 4502(B)(9)(d)(2).

(c) The provision of information required in this section by a small employer carrier electing to nonrenew all of its health benefit plans issued to small employers in this state shall constitute compliance with the obligations of the small employer carrier to report to the Insurance Commissioner pursuant to 36 O.S. § 6516(A)(6).

Okla. Admin. Code § 365:10-1-14

Added at 27 Ok Reg 1531, eff 7-14-10