Frequently Asked Questions
- What is “in Receivership”?
“Receivership” is the process whereby an appropriate court orders the Insurance Commissioner as Receiver to take control of an insurance company that is judged to be insolvent or otherwise a risk to its policyholders and creditors. The Receiver may terminate the company’s insurance business by canceling all insurance policies and by not issuing any new or renewal policies. The Receiver then gathers all the company’s assets and converts them to cash to pay creditor’s claims in accordance with priorities established by law.
- What happens when a company is in Receivership and is liquidated?
Upon the District Court’s issuance of a liquidation order, the Commissioner as Receiver published a notice to the company’s creditors, shareholders and all known parties interested in the company’s assets. The notice informs persons who might have a claim against the company to file a Proof of Claim (POC) with the Receiver before the final claims filing date, which is published in the notice and in the court’s liquidation order.
- I sent my completed Proof of Claim form (POC) to the Assistant Receiver Office, but have since moved. How do I notify you of my changed address?
You may either notify us by mail or by phone. If you will include both your old address and new address, that will assist us in updating our files. Our mailing address is 3613 NW 56, Suite 330, Oklahoma City, OK 73112. The phone number is 405-947-0022.
- I have other questions that are not addressed here. Is there someone I may speak to directly?
The Oklahoma Receivership Office, Inc. is located in Oklahoma City. You may call them to discuss your concerns. The office hours are 8:00 am – 5:00 pm, Monday through Friday and are closed on the holidays observed by the State of Oklahoma.
The phone number is 405-947-0022.
Additional information can be found on the Global Receivership Information Database (GRID) on the NAIC website (https://i-site.naic.org/grid/gridDisc.jsp)