Title 36 — Title 36 — Insurance

No life insurance company doing business in the State of Oklahoma shall charge a fee in excess of ten percent (10%) on any agent's renewals collected by said life insurance company. Added by Laws 1984, c. 173, § 2, emerg. eff. May 7, 1984. Renumbered from § 1424.1 of this title b…

2008.

2008.

of license. A. The name, mailing address of the licensee, expiration date, the line or lines of insurance coverage by the license, and such other information as the Commissioner deems proper for inclusion in the license shall be indicated on the license. B. All licenses issued pu…

2008.

2004.

A. If the Insurance Commissioner finds that the applicant has not fully met the requirements for licensing, the Commissioner shall refuse to issue the license and promptly notify the applicant and the appointing insurer, when applicable, in writing, of the denial, stating the gro…

negotiating - Waiver of penalty. A. A person shall not sell, solicit, or negotiate insurance in this state for any class or classes of insurance unless the person is licensed for that line of authority in accordance with the Oklahoma Producer Licensing Act. B. A penalty for selli…

12, 2021.

A. An insurer shall provide to any insurance producer authorized to sell life, accident or health insurance products, whose appointment has been terminated for any reason other than the reasons set forth in Section 1435.13 of this title, information relating to the policy of the …

A. Nothing in the Oklahoma Producer Licensing Act shall be construed to require an insurer to obtain an insurance producer license. In this section, the term "insurer" does not include an insurer's officers, directors, employees, subsidiaries or affiliates. B. A license as an ins…

A. A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to Section 1435.10 of this title. The examination shall test the knowledge of the individual concerning the lines of authority for which application is made…

producer licenses - Requirements for approval. A. A person applying for a resident insurance producer license shall make application to the Insurance Commissioner on the Uniform Application or an application approved by the Commissioner and declare under penalty of refusal, suspe…

c. 293, § 18, eff. June 20, 2011.

- Reinstatement - Contracting by Insurance Commissioner with nongovernmental entities. A. Unless denied licensure pursuant to Section 1435.13 of this title, persons who have met the requirements of Sections 1435.6 and 1435.7 of this title shall be issued an insurance producer lic…

A. Unless denied licensure pursuant to Section 1435.13 of this title, a nonresident person shall receive a nonresident producer license if: 1. The person is currently licensed as a resident and in good standing in that person's home state; 2. The person has submitted the proper r…

Sections 1 through 13 of this act shall be known and may be cited as the "Third-party Administrator Act". Added by Laws 1983, c. 89, § 1, eff. Nov. 1, 1983.

associations exempted from act. The provisions of Section 1441 et seq. of this title shall not apply to administrators of group self-insurance associations created pursuant to Section 103 of Title 85A of the Oklahoma Statutes. Added by Laws 1988, c. 164, § 1, emerg. eff. May 18, …

As used in the Third-party Administrator Act, Section 1441 et seq. of this title: 1. "Administrator" means any person who collects premiums for an insurer or trust or who adjusts or settles claims for an insurer or trust, in connection with life or health insurance coverage, annu…

inspection of records. A. No person shall act as an administrator without a written agreement between that person and an insurer. The written agreement shall be retained as part of the official records of both the insurer and the administrator for the duration of the agreement an…

If an insurer or trust utilizes the services of an administrator pursuant to the terms of a written agreement, the payment to the administrator of any premiums or charges for insurance by or on behalf of the insured shall be deemed to have been received by the insurer or trust. T…

A. All insurance charges or premiums collected by an administrator for an insurer or trust and all return premiums received from the insurer or trust shall be held by the administrator in a fiduciary capacity. These funds shall be immediately remitted to the person entitled to th…

An administrator shall obtain approval from an insurer or trust before publishing any advertising pertaining to the business underwritten by the insurer or trust. For purposes of this section, "publication" includes mailing of advertising material. Added by Laws 1983, c. 89, § 6,…

Compensation of administrator - Use of licensed agents. A. Any policies, certificates, booklets, termination notices, or other written communications delivered by the insurer or trust to the administrator for delivery to policyholders shall be delivered by the administrator promp…

limits of cumulative liability - Cancellation. A. Every administrator shall be bonded. B. Prior to issuance of a license as an administrator, the applicant shall file with the Insurance Commissioner and thereafter keep in effect as long as the license remains in effect, a surety …

individuals. A. If the services of an administrator are utilized, the administrator shall provide a written notice to insured individuals advising them of the identities of the administrator, the policyholder, and the insurer or trust. B. If an administrator collects funds from i…

A. No person shall act as or present himself or herself to be an administrator, as defined by the provisions of the Third-party Administrator Act, in this state, unless the person holds a valid license as an administrator which is issued by the Insurance Commissioner. B. An admin…

A. On or before June 1 of each year, all licensed administrators shall file an annual report for the previous calendar year. Any report filed by an administrator with accumulated year- to-date premiums collected or claims paid of Fifty Thousand Dollars ($50,000.00) or more, which…

36 O.S. § 1453 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

36 O.S. § 1461 Repealed by Laws 2018, c. 88, § 2, eff. Nov. 1, 2018

36 O.S. § 1462 Repealed by Laws 2018, c. 88, § 2, eff. Nov. 1, 2018

36 O.S. § 1463 Repealed by Laws 2018, c. 88, § 2, eff. Nov. 1, 2018

36 O.S. § 1464 Repealed by Laws 2018, c. 88, § 2, eff. Nov. 1, 2018

36 O.S. § 1465 Repealed by Laws 2018, c. 88, § 2, eff. Nov. 1, 2018

36 O.S. § 1466 Repealed by Laws 2018, c. 88, § 2, eff. Nov. 1, 2018

This act shall be known and may be cited as the "Managing General Agents Act". Added by Laws 1991, c. 134, § 1, eff. July 1, 1991.

As used in this act: 1. "Actuary" means a person who is a member in good standing of the American Academy of Actuaries; 2. "Insurer" means any person licensed pursuant to the Oklahoma Insurance Code to transact insurance; 3. a. "Managing General Agent" or "MGA" means any person w…

A. No person shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer unless such person is licensed as a producer pursuant to the Oklahoma Producer Licensing Act. B. No person shall act in the capacity of a managing general…

provisions. No person acting in the capacity of a managing general agent shall place business with an insurer unless there is in force a written contract between the parties which sets forth the responsibilities of each party, and where both parties share responsibility for a par…

authority for contracts - Notice of appointment or termination - Review of books and records - Appointments to board. A. The insurer shall have on file an independent financial examination, in a form acceptable to the Insurance Commissioner, of each managing general agent with wh…

The acts of the managing general agent are considered to be the acts of the insurer on whose behalf the agent is acting. A managing general agent may be examined as if the agent were the insurer. Added by Laws 1991, c. 134, § 6, eff. July 1, 1991.

affected. A. If the Insurance Commissioner finds, after a hearing conducted in accordance with Article II of the Administrative Procedures Act, that any person had violated any provision of the Managing General Agents Act or rules promulgated pursuant thereto, the Commissioner ma…

The Insurance Commissioner may adopt reasonable rules and regulations for the implementation and administration of the provisions of this act. Added by Laws 1991, c. 134, § 8, eff. July 1, 1991.

In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of: 1. Cash in the possession of the insurer, or in transit under its control, and including the true balance of any depo…

Assets may be allowable as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, and deductions from assets may be charged as liabilities, in accordance with the form of annual statement applicable to such insurer as prescribed by th…

In addition to assets impliedly excluded by the provisions of Section 1501 of this article, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: 1. Trade names and other like intangible assets, excluding good will. …

All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Insurance Commissioner, or in any examiner's report to said Commissioner, shall also be reported, to the extent of the value disallowed, as deductio…

A. In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: 1. The amount of its capital stock outstanding, if any. 2. The amount, estimated consistent with the provisions of this Code, necessary …

A. With reference to insurance against loss or damage to property (except as provided in Section 1507 of this article) and with reference to all general casualty insurance, and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. B.…

With reference to marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the Insurance Commissioner may require the insurer to carry a reserve thereon equal to one hundred percent (100%) on trip risks written during the month ended as of the date of…