OK SB1916

Creates the Oklahoma Receivership Office as a new division within the Insurance Department to handle administration and operation of supervisions, conservatorships, and receiverships, with all existing cases to be converted to the division by January 1, 2028

Authorizes the Insurance Commissioner to employ or contract with supervisors, conservators, assistant receivers, legal counsel, actuaries, accountants, and other personnel, with contracted individuals considered agents of the Commissioner only in receivership capacity, not agents of the state

Establishes that records of insurers held by the Commissioner, supervisor, conservator, or receiver are not public records, not subject to subpoena, and may only be disclosed in connection with administrative or receivership proceedings

Grants immunity from liability to the Commissioner, employees, appointed supervisors/conservators, and their contractors for actions taken in performance of their duties, with indemnification from insurer assets for legal defense costs unless intentional or willful misconduct is proven

Permits the Oklahoma Receivership Office to deposit receivership funds into combined accounts at financial institutions to maximize returns and facilitate efficient operations, with these funds remaining separate from state funds