Oklahoma insurance commissioner Glen Mulready has said the state’s insurance business transfer (IBT) law will bring “tremendous opportunities” after approving its second IBT plan.
Mulready authorised Sentry Insurance, a Wisconsin-based insurance company, to submit its IBT plan to the District Court of Oklahoma County for approval.
lIf approved by the court, this IBT would transfer a block of reinsurance business underwritten by Sentry to National Legacy Insurance Company (NLIC), a subsidiary of Randall & Quilter Investment Holdings Ltd (R&Q).
The transfer would include the liabilities associated with the reinsurance as well as just under $3 million from Sentry to NLIC as consideration for assuming those liabilities.
This is the second IBT approved by an insurance commissioner in the US.
The first, which was approved by commissioner Mulready in November last month, was for Providence Washington Insurance Company (PWIC).
Oklahoma’s IBT law became effective in November 2018, which closely mirrors Part VII of the Financial Services and Markets Act of 2000 in the UK, which has resulted in over 300 successful transfers.
Commissioner Mulready said: “I’m excited to approve our second IBT in the past year.”
“The Oklahoma IBT law continues to bring tremendous opportunities to the state, and I look forward to seeing continued business growth while ensuring protections for policyholders,” he added.
