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Expert Analysis

Oklahoma's Insurance Business Transfer Act: Objections Overruled?

By Laura Foggan, John Sarchio, Richard Liskov and Jarad Schaeffner ( October 19, 2018, 3:24 PM EDT) -- Oklahoma's recently enacted Insurance Business Transfer Act takes effect on Nov. 1, 2018.[1] The Oklahoma act allows any insurer to transfer and novate books of business to an Oklahoma-domiciled insurer without the affirmative consent of policyholders, referred to as an insurance business transfer, pursuant to approval of both the Oklahoma insurance commissioner and the District Court of Oklahoma County. Oklahoma is the latest state to pass a run-off law in response to increasing demand for these types of transactions....

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