A. The Commissioner shall:
1. Notify the Oklahoma Property and Casualty Insurance Guaranty Association of the existence of an insolvent insurer not later than three (3) days after notice of the determination is received. The Association shall be entitled to a copy of a complaint seeking an order of liquidation with a finding of insolvency against a member company at the same time that the complaint is filed with a court of competent jurisdiction; and
2. Provide the Association with a statement of the net direct written premiums of each member insurer upon the request of the board of directors.
B. The Commissioner may:
1. Suspend or revoke, after the notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the Commissioner may levy a fine on any member insurer which fails to pay an assessment when due. The fine shall not exceed five percent (5%) of the unpaid assessment per month, except that no fine shall be less than One Hundred Dollars ($100.00) per month;
2. Revoke the designation of any servicing facility if the Commissioner finds claims are being handled unsatisfactorily; or
3. Examine or audit the Association.
C. Any final action or order of the Commissioner under the Oklahoma Property and Casualty Insurance Guaranty Association Act shall be subject to judicial review in a court of competent jurisdiction.
Added by Laws 1980, c. 362, § 9, emerg. eff. June 27, 1980. Amended by Laws 2010, c. 159, § 8, eff. Nov. 1, 2010.
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