Title 36 — Title 36 — Insurance

A. No cause of action shall arise nor shall any liability be imposed against the Insurance Commissioner, the Commissioner's authorized representatives, or any examiner appointed by the Commissioner for any statements made or conduct performed while carrying out the provisions of …

36 O.S. § 310 Repealed by Laws 1991, c. 204, § 14, eff. Sept. 1, 1991

36 O.S. § 310.1 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

36 O.S. § 310.2 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

As used in this act: 1. "Commissioner" means the Commissioner of Insurance, his or her assistants or deputies, or other persons authorized to act for him or her; 2. "Company" means any person, firm, copartnership, company, association or corporation engaged in selling, furnishing…

Qualifications - Issuance of certificates - Expiration date. A. No company shall sell, or offer for sale, any motor club service without first having deposited with the Commissioner the sum of Fifty Thousand Dollars ($50,000.00), in cash or securities approved by the Commissioner…

The Commissioner may, at any time, for good cause shown and after notice and a public hearing, suspend, revoke or refuse to renew any company's Certificate of Authority, if he finds that any one or more of the following causes or circumstances exist: 1. Any violation of, or nonco…

A. No service contract shall be executed, issued or delivered in this state until the form thereof has been approved in writing by the Commissioner, and all promotional and advertising material, membership cards and other indicia of membership shall be submitted for approval on t…

A. Each motor service club operating in this state pursuant to certificate of authority issued hereunder shall file with the Commissioner, within ten (10) days of the date of employment, a notice of appointment of any insurance producer or limited lines producer, resident or nonr…

A. Whenever the Insurance Commissioner deems it to be prudent or necessary the Commissioner shall personally, or by an authorized representative, visit each motor service club and thoroughly inspect and examine its financial condition, its ability to fulfill its obligations, whet…

No person shall solicit, or aid in the solicitation of, another person to purchase a service contract issued by a company not duly licensed under the terms of this act. Laws 1973, c. 127, § 7, emerg. eff. May 9, 1973.

A motor service club or an officer or producer thereof shall not in any manner misrepresent the terms, benefits or privileges of any service contract issued or to be issued by it or by another motor service club. Added by Laws 1973, c. 127, § 8, emerg. eff. May 9, 1973. Amended b…

company. Any service contract made, issued or delivered contrary to any provision of this act shall nevertheless be valid and binding on the company. Laws 1973, c. 127, § 9, emerg. eff. May 9, 1973.

assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements. A. Every insurer domiciled in this state shall file a report with the Insurance Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellati…

Information to be disclosed in report. A. No acquisitions or dispositions of assets need be reported pursuant to Section 1 of this act if the acquisitions or dispositions are not material. For purposes of this act, a material acquisition, or the aggregate of any series of related…

ceded reinsurance agreements defined - Information to be disclosed in report. A. 1. No nonrenewals, cancellations or revisions of ceded reinsurance agreements need be reported pursuant to Section 1 of this act if the nonrenewals, cancellations or revisions are not material. For p…

certificate of authority to transact business. A. 1. All insurers authorized to do business under the provisions of this Code shall, annually, on or before the first day of March, file with the National Association of Insurance Commissioners (NAIC), statements which shall exhibit…

statement - Penalty. A. Any insurer who files with the Insurance Commissioner any statement required by this Code knowing such statement to be fraudulent and materially false, upon conviction, shall be guilty of a Class D1 felony offense, for which the punishment shall be a fine …

A. The Insurance Commissioner may request financial information more frequently than quarterly if it appears an insurer is having financial difficulty, if erratic changes are occurring in the financial data of the company, if a considerable number of consumer complaints have been…

In all financial reports of an insurer to the Insurance Commissioner, real property acquired by the insurer shall be entered as an asset on the basis of its original cost along with appropriate adjustments, or the appraised market value where it is expressly indicated that such a…

insurers - Adoption of rules - Filing fee - Use of documents. A. Insurers authorized to do business under the provisions of the Oklahoma Insurance Code shall annually file with the Insurance Commissioner market conduct annual statements reporting market conduct data of insurers o…

surety companies. Nothing in this act shall apply to a duly authorized attorney- at-law acting in the usual cause of his profession nor to any insurance company, bonding company or surety company now or hereafter duly and regularly licensed and doing business as such under the la…

All filing fees and examination costs collected under this act shall be credited to the General Fund of the State of Oklahoma. The Commissioner is authorized to employ such personnel as may be necessary to carry out the provisions of this act and to fix their compensation within …

Any person violating any of the provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof shall be punished by a fine of not more than Five Hundred Dollars ($500.00) or by imprisonment in the county jail for not more than six (6) months, or by bot…

Sections 311A.1 through 311A.18 of this title shall be known as and may be cited as the "Oklahoma Annual Financial Report Act". Added by Laws 2009, c. 176, § 3, eff. Nov. 1, 2009. Amended by Laws 2019, c. 28, § 1, eff. Nov. 1, 2019.

materially misstated its financial condition - Liability - Subsequent awareness. A. The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five (5) business days to the board of d…

controls - Description of remedial actions. A. In addition to the annual audited financial report, each insurer shall furnish the Insurance Commissioner with a written communication as to any unremediated material weaknesses in its internal controls over financial reporting noted…

The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: 1. That the accountant is independent with respect to the insurer and conforms to the standards of the profession as contained i…

Copies. A. Work papers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the audit by the accountant of the financial statements of an insurer. Wo…

A. This section shall not apply to foreign or alien insurers licensed in this state or an insurer that is a SOX Compliant Entity or a direct or indirect wholly-owned subsidiary of a SOX Compliant Entity. B. The audit committee shall be directly responsible for the appointment, co…

A. Exemption – An insurer is exempt from the requirements of this section if: 1. The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporatio…

accountant. A. No director or officer of an insurer shall, directly or indirectly: 1. Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review, or communication required under the Oklahoma Annual Financial Report Ac…

financial reporting. A. Every insurer required to file an audited financial report pursuant to the Oklahoma Annual Financial Report Act that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood …

A. Upon written application of any insurer, the Insurance Commissioner may grant an exemption from compliance with any and all provisions of the Oklahoma Annual Financial Report Act if the Commissioner finds, upon review of the application, that compliance with the Oklahoma Annua…

A. In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant. B. For such in…

A. The purpose of the Oklahoma Annual Financial Report Act is to improve the surveillance of the Insurance Commissioner over the financial condition of insurers by requiring: 1. An annual audit of financial statements reporting the financial position and the results of operations…

As used in the Oklahoma Annual Financial Report Act: 1. "Accountant" or "independent certified public accountant" means an independent certified public accountant or accounting firm in good standing with the American Institute of Certified Public Accounts (AICPA), and in all stat…

A. All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the Insurance Commissioner on or before June 1 for the year ended December 31 immediately preceding. The Commissioner may require an insurer to…

A. The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows, and changes in capital and surplus for the year then ended in conformity with statutory accounti…

or accounting firm retained to conduct the annual audit - Accountant letter - Notification of dismissal or resignation. A. Each insurer required by the Oklahoma Annual Financial Report Act to file an annual audited financial report must, within sixty (60) days after becoming subj…

A. The Insurance Commissioner shall not recognize a person or firm as a qualified independent certified public accountant if the person or firm: 1. Is not in good standing with the AICPA and in all states in which the accountant is licensed to practice, or, for a Canadian or Brit…

An insurer may make written application to the Insurance Commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies that utilizes a poolin…

Financial statements furnished pursuant to Section 311A.5 of this title shall be examined by the independent certified public accountant. The audit of the financial statements of the insurer shall be conducted in accordance with generally accepted auditing standards. In accordanc…

36 O.S. § 312 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

- Record and statement - Annual reports. A. For the fiscal year ending June 30, 2004, the Insurance Commissioner shall report and disburse one hundred percent (100%) of the fees and taxes collected under Section 624 of this title to the State Treasurer to be deposited to the cred…

Civil penalties and fees imposed by the Insurance Commissioner pursuant to Oklahoma law may be enforced in the same manner in which civil judgments may be enforced. All final orders of the Insurance Commissioner imposing administrative charges, fees, civil penalties, restitution …

- Applicability of Administrative Procedures Act. A. Orders and notices of the Insurance Commissioner shall be in writing and shall be signed by the Commissioner, an authorized employee of the Insurance Department, or an independent hearing examiner. A final order signed by an in…

36 O.S. § 314 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

36 O.S. § 315 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997

36 O.S. § 316 Repealed by Laws 1997, c. 418, § 125, eff. Nov. 1, 1997