A forum on Oklahoma Business Transfers was conducted in Tulsa, Oklahoma on August 21, 2018. The conference featured speakers from the insurance industry with expertise in business transfers as well as runoff business.
The discussion was interesting. The panel compared the new Oklahoma laws with the Part VII transfer familiar to the London insurance market. Oklahoma’ model became effective in November, 2018, and mimics Part VII.
Members of the legal team of the Oklahoma Insurance Department, along with the Commissioner, spoke about the history of the legislation. The panel discussed the guidance the insurance department is providing to insurers wanting to make use of the new law. Obviously supportive of the new legislation, the insurance department is working to assist insurers who wish to transfer business with the intended result of legal finality.
Time will tell how the industry reacts to the new transfer act and the courts’ approach to the process.