Establish dedicated division to administer insurer supervisions, conservatorships, and receiverships; all existing matters to transition into new division by Jan. 1, 2028.
Define Oklahoma Receivership Office and related terminology.
Expand Commissioner authority to appoint/contract with supervisors, conservators, receivers, attorneys, actuaries, consultants needed to manage distressed insurers.
Clarify operational powers to restrict insurer activities, preserve assets, conduct litigation, reinsure policies when needed to protect policyholders and creditors.
Certain records exempted from public-records treatment, subpoenas, and disclosure.
State procurement laws will not apply to contracts entered into by Commissioner acting as a supervisor, conservator, or receiver.
Grant immunity protections to Commissioner, appointed receivers, conservators, employees, contractors for receivership-related duties, except in cases of misconduct.
The Oklahoma Receivership Office may combine and manage receivership funds and investment accounts to support insurer rehabilitations and liquidations.
Update insurer liquidation priorities in distributing claims from insolvent insurer estates
Legislative History
On Feb. 2, 2026, bill was introduced in Senate; on Mar. 26, 2026, bill passed Senate.
On Mar. 30, 2026, bill was introduced in House; on May 6, 2026, bill passed House.
Effectiveness
If approved, this bill becomes effective on Nov. 1, 2026.
May 2026 OKL LEG Governor Approval
On May 11, 2026, OKL LEG reported that the governor approved the bill.
