SB 2044 Summary

• Amends the Oklahoma Property and Casualty Insurance Guaranty Association Act to clarify its purpose, definitions, legal status, and operational procedures for handling claims from insolvent insurers.

• Creates three separate accounts within the Association for workers' compensation, automobile, and other insurance types, with member insurers assessed proportionally based on net direct written premiums.

• Establishes payment obligations limiting Association coverage to $150,000 per claimant for most claims and full coverage for workers' compensation, while excluding high net worth insureds (those exceeding $50 million net worth) from first-party claim coverage.

• Requires the Association to file statements and estimates of covered claims with the receiver/liquidator, coordinate with receivers using uniform data standards, and grants the Association standing to appear in court proceedings involving insolvent insurers.

• Removes insurer solvency detection and prevention requirements and becomes effective November 1, 2010.