reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 15 - Property and Casualty › Appendix B - Oklahoma Workers' Compensation Mandatory Optional Deductible Acceptance/Rejection Form

Current through Vol. 41, No. 20, July 1,
			 2024
Click to
				view image
Click to
				view image
Added at 11 Ok Reg 1855,
				eff 5-15-94; Revoked and reenacted at 21 Ok Reg 1659, eff
				7-14-04
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 15 - Property and Casualty › Appendix C - Excess Consent Rate Application

Current through Vol. 41, No.
			 20, July 1, 2024
Click to view
				image
Added at 19 Ok Reg 1299, eff 7-14-02; Revoked and reenacted
				  at 30 Ok Reg 1787, eff 7-14-13
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 15 - Property and Casualty › Appendix D - Format for Notification to Policyholders of Application for Rate Change

Current through Vol. 41, No. 20, July 1, 2024
Click to view
				Image
Added at 21 Ok Reg 1665,
				eff 7-14-04; Revoked and reenacted at 23 Ok Reg 2730, eff 7-14-06; Revoked and
				reenacted at 26 Ok Reg 1643, eff 7-14-09; Revoked and reenacted at 27 Ok Reg
				1542, eff 7-14-10
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 20 - Title Insurance › Subchapter 1 - General Provisions › Section 365:20-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this chapter is to set forth the requirements
				  for issuance of a title insurance policy. 36 O.S. 1981 §5001 mandates
				  certain requirements of title insurance policies. Three separate Attorney
				  General's opinion, Attorney General Opinions 78-151, 80-104 and 82-46, have
				  interpreted and reiterated this section. This chapter will formalize the
				  statute and its interpretations.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 20 - Title Insurance › Subchapter 1 - General Provisions › Section 365:20-1-2 - Severability

Current through Vol. 41, No. 20, July 1, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstance is for any reason held to be invalid, the
				  remainder of the section and the application of such provisions to the persons
				  or circumstances shall not be affected thereby.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 20 - Title Insurance › Subchapter 3 - Oklahoma Title Insurance Policies › Section 365:20-3-1 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this subchapter,
				  shall have the following meaning, unless the context clearly indicates
				  otherwise.
"Simultaneous issue"
means a loan policy, an
				  owner's policy, or leasehold policy insuring the same real property and
				  containing the same effective date.
"Title insurance business"
or "business of title
				  insurance" means:
(A) issuing or offering to issue a title insurance
				  policy;
(B) transacting or proposing to transact any of the following
				  activities when conducted or performed in contemplation of the issuance of a
				  title insurance policy:
(i) negotiating on behalf of a title insurer, the issuance of
				  a title insurance policy;
(ii) guaranteeing, warranting or otherwise insuring the
				  correctness of title searches;
(iii) executing or countersigning title insurance
				  policies;
(iv) abstracting, searching or examining titles, preliminary
				  to the issuance of a commitment;
(v) doing or proposing to do any business in substance
				  equivalent to any of the foregoing in a manner designed to evade the provisions
				  of this chapter.
"Title insurance policy" means any written instrument
				  purporting to show the title to real or personal property or any interest
				  therein or encumbrance thereon, or to furnish such information relative to real
				  property, which written instrument in express terms purports to insure or
				  guarantee such title or the correctness of such information. The contract
				  shall, at a minimum, indemnify against loss or damage arising from any or all
				  of the following, existing on or before the policy date:
(A) defects in or liens or encumbrances on the insured
				  title;
(B) unmarketability of insured title; or
(C) invalidity or unenforceability of liens or encumbrances
				  on the stated property.
"Title insurance policy"
includes a preliminary
				  report, binder, or commitment. For purposes of this definition, a commitment or
				  binder means any written instrument, or verbal representation which creates an
				  obligation (whether conditional or not) to issue a title insurance
				  policy.
"Title insurer"
means any foreign or domestic
				  stock insurer authorized by its corporate charter to engage in the business of
				  title insurance, pursuant to 36 O.S. §
									5001
				  et seq.
Amended at 15 Ok Reg
				  3228, eff 7-13-98
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 20 - Title Insurance › Subchapter 3 - Oklahoma Title Insurance Policies › Section 365:20-3-2 - Satutory requirements

Current through Vol. 41, No. 20, July 1,
				2024
No title insurer shall issue, permit or cause to be issued,
				  either directly or by an agent, a binder, commitment or policy of title
				  insurance until either the title insurance company or its authorized agent
				  shall have obtained an opinion of title by an attorney licensed to practice law
				  in the State of Oklahoma based upon an examination of a duly certified abstract
				  of title prepared by a bonded and licensed abstractor. For purposes of this
				  section, a duly certified abstract means an abstract certified by a licensed
				  and bonded abstractor with a Certificate date of not more than one-hundred
				  eighty (180) days prior to the effective date of the title insurance policy.
				  The above statutory requirements will not be satisfied by an examination or
				  certification merely of copies of documents found in a search of the title
				  record, or of the records of the Court Clerk or County Clerk.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 20 - Title Insurance › Subchapter 3 - Oklahoma Title Insurance Policies › Section 365:20-3-3 - Documentation

Current through Vol. 41, No. 20, July 1, 2024
(a) All title insurers engaged in the
				business of title insurance in this state, other than reinsurance, shall attach
				to or include in the title insurer's copy of the title insurance policy the
				following:
(1) A signed and dated copy of the
				preliminary abstractor's certificate as required by 74 O.S. §
										227.10, et
				seq., along with the final title report or final abstractor's certificate shall
				be reproduced and attached to each policy.
(2) A copy of an opinion of title covering
				the real property insured under said policy shall be reproduced and attached to
				each policy. Said opinion of title shall be issued by an attorney licensed to
				practice in this state; and the Oklahoma Bar Association Number of the attorney
				issuing the opinion shall be prominently displayed upon the opinion.
(3) The title insurance policy shall be
				countersigned in accordance with the provisions of 36 O.S. §
										5001(C).
				The function of making a title insurance coverage decision, based upon the
				title opinion of a licensed attorney, is the "countersignature" function. The
				countersignature function shall not be exercised by anyone other than an
				individual licensed title agent. In accordance with the provisions of 36 O.S.
				§
										5001(C),
				only an individual actively and lawfully engaged in the real estate title
				business, possessing a current license, and maintaining an office in the state
				shall be permitted to exercise the countersignature function.
(4) If the title insurance policy is being
				issued directly by the title insurer, all of the requirements in (a)(1), (a)(2)
				and (a)(3) of this rule shall be attached to or included in the title insurer's
				copy of the policy, concurrently with the issuance thereof. If the title
				insurance policy is issued by a duly appointed agent of the title insurer, all
				of the requirements in (a)(1), (a)(2) and (a)(3) of this rule must be furnished
				to the title insurer not later than one hundred eighty (180) days from the
				effective date of the title insurance policy. In the case where a loan policy,
				owner's policy or leasehold policy are simultaneously issued, the required
				documentation need only be attached to the owner's policy. The documentation
				required under this section shall be permanently maintained by the title
				insurer in a manner which is readily accessible and open to inspection by the
				Insurance Commissioner or his duly authorized representative.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 20 - Title Insurance › Subchapter 3 - Oklahoma Title Insurance Policies › Section 365:20-3-4 - Penalties for non-compliance

Current through Vol. 41, No. 20,
				July 1, 2024
Failure to comply with this section may result after hearing
				  in censure, suspension or revocation of the certificate of authority of the
				  title insurer or of a fine of not more than Five Thousand Dollars ($5,000.00)
				  for each occurrence pursuant to 36 O.S. §
									619.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 20 - Title Insurance › Subchapter 3 - Oklahoma Title Insurance Policies › Section 365:20-3-5 - Reporting requirements

Current through Vol. 41, No. 20, July 1,
				2024
(a) Every title
				insurance agent shall report in writing to the insurer the amount of title
				insurance premium actually charged, and the title insurer shall pay to the
				State of Oklahoma the amount of tax due on such reported title insurance
				premium.
(b) Every title insurer
				holding a Certificate of Authority from the Oklahoma Department of Insurance
				shall conduct a policy inventory audit, in accordance with its accepted company
				practice, of each of its licensed agents periodically, but at least every two
				years. Such policy inventory audit is defined as an audit of the unused forms
				in the possession of each of its licensed title insurance agents so as to
				determine that all used policy forms have been reported to the title insurer. A
				report of each such audit shall be made to the Oklahoma Insurance Department in
				writing in a form acceptable to the Insurance Commissioner. Interested parties
				may upon request obtain a copy of an approved title policy inventory audit
				report form from the Oklahoma Insurance Department.
(c) The reporting requirements contained in
				this rule shall become effective January 1, 1998.
Added at 14 Ok Reg 2960,
				  eff 7-14-97
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 1 - General Provisions › Section 365:25-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this chapter provide regulations relating to the
				  licensure of agents, adjusters, bail bondsmen, insurance companies, prepaid
				  funeral benefits, viatical and life settlements providers and brokers in the
				  State of Oklahoma.
Amended at 19 Ok Reg
				  1310, eff 7-14-02
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 1 - General Provisions › Section 365:25-1-2 - Severability

Current through Vol. 41, No. 20, July 1, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstance is for any reason held to be invalid, the
				  remainder of the section and the application of such provisions to the persons
				  or circumstances shall not be affected thereby.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-1 - Insurance producers continuing education

Current through Vol.
				41, No. 20, July 1, 2024
(a)
Purpose.
The purpose of this
				section is to set forth the requirements for continuing education, which an
				insurance producer must meet and to set forth the requirements for approval by
				the Insurance Commissioner of a proposed continuing education course.
(b)
Definitions.
The following
				words or terms, when used in this section, shall have the following meaning,
				unless the context clearly indicates otherwise:
(1)
"CE"
means continuing
				education.
(2)
"Certificate
				of course completion"
means a document acceptable to the Commissioner
				which signifies satisfactory completion of the course and reflects hours of
				credit earned.
(3)
"Continuing Education Advisory Committee"
means the committee
				established by the Commissioner for the purpose of reviewing and recommending
				approval or disapproval of continuing education courses.
(4)
"Credit hour"
means at least
				fifty (50) minutes classroom instruction unless a correspondence or self-study
				course.
(5)
"Instructor"
means a person who presents course materials approved
				for continuing education credit hours, and who has experience, training, and/or
				education in the course subject matter and has been approved by the
				Commissioner.
(6)
"Instructor
				Qualification Form"
means a form acceptable to the Commissioner and
				completed by the instructor which documents qualifications of the
				instructor.
(7)
"Licensee"
means a natural person who is licensed by the
				Commissioner as an insurance producer.
(8)
"Provider"
means a person,
				corporation, professional association or its local affiliates, an insurance
				company or any other entity which is approved by the Commissioner and provides
				approved continuing education to insurance producers.
(9)
"Provider Course Completion
				Form"
means a form acceptable to the Commissioner and completed by the
				provider which documents completion of an approved course by a producer or
				producers.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-1.1 - Application for resident producer license [REVOKED]

Current
				through Vol. 41, No. 20, July 1, 2024
Added at 25 Ok Reg 172,
				  eff 11-1-07 (emergency); Added at 25 Ok Reg 1660, eff 7-14-08; Revoked at 28 Ok
				  Reg 1964, eff 7-14-11
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-1.2 - Provisional producer licensees [REVOKED]

Current through Vol. 41,
				No. 20, July 1, 2024
Added at 25 Ok Reg 172,
				  eff 11-1-07 (emergency); Added at 25 Ok Reg 1660, eff 7-14-08; Amended at 27 Ok
				  Reg 1551, eff 7-14-10; Revoked at 28 Ok Reg 1964, eff
				  7-14-11
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-1.3 - Approved insurance company training program [REVOKED]

Current
				through Vol. 41, No. 20, July 1, 2024
Added at 25 Ok Reg 172,
				  eff 11-1-07 (emergency); Added at 25 Ok Reg 1660, eff 7-14-08; Revoked at 28 Ok
				  Reg 1964, eff 7-14-11
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-1.4 - Producer training requirements for long-term care insurance

Current through Vol. 41, No. 20, July 1, 2024
(a)
Selling, soliciting or negotiating
				long-term care insurance.
(1) An
				individual may not sell, solicit or negotiate long-term care insurance unless
				the individual is licensed as an insurance producer for accident and health or
				sickness or life and has completed a one-time training course. The training
				shall meet the requirements set forth in subsection (b) of this
				section.
(2) An individual already
				licensed and selling, soliciting or negotiating long-term care insurance on the
				effective date of this regulation may not continue to sell solicit or negotiate
				long-term care insurance unless the individual has completed a one-time
				training course as set forth in subsection (b) of this section, within one-year
				from July 14, 2008.
(3) In addition
				to the one-time training course required in paragraphs (a)(1) and (2) above, an
				individual who sells, solicits or negotiates long-term care insurance shall
				complete ongoing training as set forth in subsection (b) of this
				section.
(4) The training
				requirements of subsection (b) of this section may be approved as continuing
				education courses under Section
				1435.29 of
				Title 36 of the Oklahoma Statutes.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-2 - Insurance agency name [REVOKED]

Current through Vol. 41, No. 20,
				July 1, 2024
Amended at 15 Ok Reg
				  1210, eff 1-30-98 (emergency); Amended at 15 Ok Reg 3229, eff 7-13-98; Revoked
				  at 18 Ok Reg 3644, eff 9-20-01 (emergency); Revoked at 19 Ok Reg 1310, eff
				  7-14-02
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-3 - Licensing of incorporated insurance agency

Current through Vol.
				41, No. 20, July 1, 2024
(a)
Purpose.
The purpose of this
				section is to set forth the rule regarding a corporation to submit its Articles
				of Incorporation for approval by the Insurance Commission prior to obtaining an
				insurance producer's license.
(b)
Filing of articles of incorporation.
A resident business entity
				shall file its articles of incorporation or other organizational documents with
				the Secretary of State for approval. A resident business entity shall file a
				certified copy of its articles of incorporation or other organizational
				documents with the Insurance Commissioner prior to licensure.
Amended at 15 Ok Reg
				  1210, eff 1-30-98 (emergency); Amended at 15 Ok Reg 3229, eff 7-13-98; Amended
				  at 24 Ok Reg 2217, eff 7-14-07; Amended at 25 Ok Reg 1660, eff
				  7-14-08
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-4 - Knowledge of producer imputed to the insurer

Current through
				Vol. 41, No. 20, July 1, 2024
(a)
Purpose.
The purpose of this
				section is to prohibit the inclusion of language in insurance contract which
				purports to abrogate or limit the imputation of knowledge of the producer to
				the insurer.
(b)
Person
				soliciting policy deemed agent of issuing company.
(1) Any person who solicits and procures an
				application for insurance, and policies issued in consequence thereof, shall be
				regarded as the agent of the company issuing the policy. All provisions in the
				application and policy contracts to the contrary are void and are of no
				effect.
(2) No application form or
				contract of insurance shall be approved by the Commissioner of Insurance of the
				State of Oklahoma which purports to abrogate, impinge upon, interfere with, or
				any way prejudice the imputation of knowledge communicated to the agent, acting
				within the scope of his employment, to the insurer.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-5 - Relating to the use of pictures of the Insurance Commissioner and/or insurance department personnel and/or any other pictorial or printed material of the Insurance Commissioner's office as promotional material in the sale of stock, subscriptions to stock, or policies of insurance by companies with the State of Oklahoma

Current through Vol. 41, No. 20, July 1,
				2024
(a)
Purpose.
The purpose of this section is to prohibit the use of
				pictures of the Insurance Commissioner or Insurance Department personnel in
				connection with the advertisement of the sale of stock or policies, and to
				prohibit the use of such pictures for any other purpose without prior
				approval.
(b)
Use of
				pictorial or printed material of Commissioner or Department restricted.
No insurer, insurer in process of organization, or any other person or
				corporation shall use, on or after the effective date of this section, any
				pictures of the Insurance Commissioner of this state, or pictures of any of the
				personnel of the State Insurance Department, or any other pictorial or printed
				material of the Insurance Department in connection with the advertisement or
				sale of shares of stock, pre-organizational subscriptions, and/or policies of
				insurance; nor shall any such insurer, insurer in process of organization or
				any other person or corporation use any such material for purposes other than
				those above expressly prohibited without first securing prior approval in
				writing from the Insurance Commissioner.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-6 - Management and commission contracts; approval by Insurance Commissioner [REVOKED]

Current through Vol. 41, No. 20, July 1,
				2024
Revoked at 24 Ok Reg
				  2217, eff 7-14-07
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-7 - Advance commissions to officers

Current through Vol. 41, No.
				20, July 1, 2024
(a)
Purpose.
The purpose of this section is to prohibit the payment of
				excess or unearned commissions by a domestic insurance company to its
				officers.
(b)
Advance
				commissions to officers prohibited.
No domestic insurance company shall
				pay to any of its officers any commissions in excess of those earned, or
				otherwise advance to any of its officers any sums of money in anticipation of
				commissions not then earned.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-8 - Inducement of lapse, surrender or cancellation of existing permanent life insurance coverages prohibited

Current through Vol. 41, No. 20,
				July 1, 2024
(a)
Purpose.
The purpose of this section is to set forth the
				regulations regarding comparisons of existing permanent life insurance policies
				with other policies and to require that all recommendations for replacement of
				existing permanent life insurance policies be constructive.
(b)
Inducement of lapse, surrender or
				cancellation of existing permanent life insurance coverages prohibited.
(1)
Replacement of policies.
No
				person subject to the provisions of 36 O.S. §
										1201 et
				seq. (1981), shall indiscriminately advocate or recommend in any life insurance
				sales presentation or proposal that the prospect surrender or permit to lapse
				any existing permanent life insurance policies for the purpose of replacing
				such policies with other insurance, alone or in conjunction with some form of
				equity investment.
(2)
Comparison of policies.
No person subject to the provisions of 36
				O.S. §
										1201 et
				seq. (1981), shall directly or indirectly encourage any other person to
				surrender or permit to lapse any existing permanent life insurance policies for
				the purpose of inducing such other person to purchase other insurance, alone or
				in conjunction with some form on equity investment, by drawing a comparison
				between the benefits contained in such existing insurance program and the
				benefits which might accrue under some proposed substitute program of insurance
				or insurance and equity investments, unless such comparison be fully,
				completely, and accurately stated.
(3)
Written statement of
				comparison.
Any comparison shall be in writing and in not less than
				duplicate copies, one of which shall be left with the prospect and the other of
				such copies shall be retained by the general agent of the person preparing the
				same for not less than three years. Such records shall be subject to
				examination by the Insurance Commissioner.
(4)
Recommendations for replacement
				shall be constructive.
Sales presentation by life insurance producers
				shall in every instance be prospective and constructive. Destruction of
				existing programs of permanent insurance shall not be advocated directly or
				indirectly by any licensed life insurance producer to the detriment of the
				insured under such permanent plan of insurance.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-9 - "Twisting" defined and prohibited

Current through Vol. 41, No.
				20, July 1, 2024
(a)
Purpose.
The purpose of this section is to define and prohibit
				"twisting". A determination that a licensee has engaged in twisting shall
				result in a penalty pursuant to Section
				1435.13
				of Title 36.
(b)
"Twisting"
				defined and prohibited.
(1)
"Twisting" defined.
twisting includes:
(A) persuading a policyholder to drop an
				existing permanent policy in one company to replace it in another to the
				detriment of the policyholder.
(B)
				any misrepresentation, fraudulent or unfair incomplete comparisons made to
				induce and which tends to induce, lapse or surrendering of a policy.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-10 - Participating contracts of life insurance

Current through Vol. 41,
				No. 20, July 1, 2024
(a)
Purpose.
The purpose of this section is to prohibit life insurance
				producers and life insurance companies from making or inferring any untrue
				statements regarding participating life insurance policies or statements that
				infer or state an individual prospect is being offered any advantage not
				available to members of the general public.
(b)
Participating contracts of life
				insurance.
(1) No life insurance
				producer or life insurance company, stock or mutual, doing business in the
				State of Oklahoma shall infer or state to prospects for participating life
				insurance policies that any specific amount of dividends or benefits are
				guaranteed or are payable by reason of the participating feature contained in
				any life insurance contract.
(2) No
				life insurance producer or life insurance company shall employ any sales
				literature in the State of Oklahoma which infers or states that an individual
				prospect for insurance is being offered any advantage or benefit not available
				to members of the public generally who are equivalent underwriting
				risks.
(3) Violation of any of the
				provisions of this section will subject the producers and companies concerned
				to appropriate administrative sanctions provided for by 36 O.S. §
										1207(1981).
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-11 - Motor service club agent's license [REVOKED]

Current through
				Vol. 41, No. 20, July 1, 2024
Amended at 13 Ok Reg
				  3411, eff 8-15-96; Amended at 15 Ok Reg 1210, eff 1-30-98 (emergency); Amended
				  at 15 Ok Reg 3229, eff 7-13-98; Revoked at 24 Ok Reg 2217, eff
				  7-14-07
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-12 - Insurance consultants and surplus lines insurance brokers

Current through Vol. 41, No. 20, July 1, 2024
(a)
Purpose.
The purpose of this
				section is to require surplus lines brokers and insurance consultants to post
				bonds with the Insurance Commissioner in the amounts specified.
(b)
Definitions.
The following
				words or terms, when used in this section, shall have the following meaning,
				unless the context clearly indicates otherwise:
(1)
"Bond"
means a surety bond
				in the penal sum as determined in accordance with (d) of this section which
				shall be obtained in favor of the Commissioner from authorized corporate
				sureties approved by the Commissioner and conditioned upon the licensee
				conducting his/its business in accordance with applicable law. Any surety
				issuing such bond shall notify the Commissioner of any reductions or
				cancellations in the bond of any licensee. No such bond shall be terminated
				unless at least thirty days written notice thereof is given by the surety to
				the licensee and the Commissioner. All surety protection under such bond shall
				insure to the benefit of any party aggrieved by the acts of the licensee
				thereunder.
(2)
"Commissioner"
means the Insurance Commissioner of the State of
				Oklahoma.
(3)
"Gross
				fee"
means the total of all fees received by any Insurance Consultant
				derived by offering any advice, counsel, opinion or service with respect to the
				benefits, advantages or disadvantages promised under any policy of insurance
				that could be issued or delivered in this state.
(4)
"Gross premium"
means the
				total of all premiums received by any Surplus Lines Insurance Broker less those
				reductions permitted by 36 O.S. §
										1115.
(5)
"Insurance consultant"
means
				an individual, partnership or corporation who, for a fee, holds himself or
				itself out to the public as engaged in the business of offering any advice,
				counsel, opinion or service with respect to the benefits, advantages or
				disadvantages promised under any policy of insurance that could be issued or
				delivered in this state.
(6)
"Person"
means any individual, partnership or corporation or other
				entity.
(7)
"Surplus lines
				insurance broker"
means an individual, partnership or corporation who
				solicits, negotiates or procures a policy of insurance in an insurance company
				not licensed to transact business in this state which cannot be procured from
				insurers licensed to do business in this state. All transactions under such
				license shall be subject to 36 O.S. §§
										1101
				et seq.
(8)
"Resident"
means any individual or business entity that either resides in the State of
				Oklahoma or maintains its principal place of business in the State of
				Oklahoma.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-13 - Surplus line insurance with non-admitted insurer; approval prior to issuance; collection and remittance of taxes; claims for tax adjustments; procedures; forms

Current through Vol. 41, No. 20, July 1,
				2024
(a)
Purpose.
The purpose of this section is to set forth the
				requirements regarding the procurement of policies from non-admitted
				carriers.
(b)
Placement with
				licensed broker.
No licensed insurance producer, solicitor, broker or
				general agent shall place, or cause to be placed with any nonadmitted insurer
				any policy of insurance upon property and/or any other risks, or any insurable
				interest therein, having a situs in the State of Oklahoma, except through a
				duly licensed surplus line broker; and, then, any such policy shall only be
				procured by strict compliance with the applicable statutes of this State and
				the Rules issued under the authority of the Insurance Department of the State
				of Oklahoma.
(c)
Application
				for placement.
(1) After procuring any
				surplus lines insurance, surplus line brokers shall execute and file affidavits
				and reports with the Insurance Commissioner as required pursuant to Section
				1107
				of Title 36 on Form SL-3(a-d). All Forms SL-3 (a-d) shall be retained in the
				files of the brokers, to support the policy issued thereunder, for a period of
				not less than three years.
(2) All
				applications (Form SL-3) shall be completely filled out and verified under oath
				by the broker submitted for each policy for which approval for issuance is
				sought; provided, that in the event any group insurance is determined to
				constitute a surplus line of insurance, a specific method of reporting
				additional individual certificates issued or cancelled under such group policy
				shall be agreed upon between the Insurance Commissioner and the broker
				concerned.
(3) After procuring
				surplus lines insurance, an insured filing a direct placement shall execute and
				file affidavits and reports with the Insurance Commissioner as required by 36
				O.S. §
										1115
				on form DSL-3 (a-d).
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-14 - Insurance adjusters continuing education

Current through Vol.
				41, No. 20, July 1, 2024
(a)
Purpose.
The purpose of this
				section is to set forth the requirements for continuing education which an
				insurance adjuster must meet, and to set forth the requirements for approval by
				the Insurance Commissioner of a proposed continuing education course.
(b)
Definitions.
The following
				words or terms, when used in this section, shall have the following meaning,
				unless the context clearly indicates otherwise:
(1)
"CE"
means continuing
				education.
(2)
"Certificate
				of course completion"
means a document acceptable to the Commissioner
				which signifies satisfactory completion of the course and reflects hours of
				credit earned.
(3)
"Continuing Education Advisory Committee"
means the committee
				established by the Commissioner for the purpose of reviewing and recommending
				approval or disapproval of continuing education courses.
(4)
"Credit hour"
means at least
				fifty (50) minutes of classroom instruction, unless a correspondence or
				self-study course.
(5)
"Instructor"
means a person who presents course materials approved
				for continuing education credit hours, and who has experience, training, and/or
				education in the course subject matter and has been approved by the
				Commissioner.
(6)
"Instructor
				Qualification Form"
means a form acceptable to the Commissioner and
				completed by the instructor which documents qualifications of the
				instructor.
(7)
"Licensee"
means a natural person who is licensed by the Commissioner as an
				insurance adjuster.
(8)
"Provider"
means a person, corporation, professional association
				or its local affiliates, an insurance company or any other entity which is
				approved by the Commissioner and provides approved continuing education to
				insurance adjusters.
(9)
"Provider Course Completion Form"
means a form acceptable to the
				Commissioner and completed by the provider which documents completion of an
				approved course by an adjuster or adjusters.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-15 - Variable product licensing

Current through Vol. 41, No. 20,
				July 1, 2024
(a)
				Producers who wish to sell a variable life product shall have passed
				successfully the Oklahoma Life Insurance examination and shall provide proof of
				current FINRA registration with series 6 or 7 and series 63 or 66, or any other
				exam FINRA deems to be substantially equivalent that is approved by the
				Commissioner in his or her discretion.
(b) No test shall be required of an applicant
				for a variable annuity license if:
(1) The
				applicant provides proof of current FINRA registration with series 6 or 7 and
				series 63 or 66, or any other exam FINRA deems to be substantially equivalent
				that is approved by the Commissioner in his or her discretion, and
(2) The applicant shall pay an additional
				license fee as required by 36 O.S. § 1435.23(A)(4)(b) with the submission
				of an application as prescribed by the Insurance Commissioner.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-16 - Examination exemptions

Current through Vol. 41, No. 20, July 1,
				2024
(a) The following
				applicants are cognizant of and capable of fulfilling the responsibilities of
				the license without an examination:
(1)
				limited lines producers,
(2)
				surplus lines brokers,
(3) aircraft
				title producer license if the applicant was licensed as a title insurance
				producer prior to November 1, 2006, and
(4) a person licensed as an insurance
				producer in another state who moves to this state and makes application to
				become a resident licensee within ninety (90) days of establishing legal
				residence. The examination exemption shall apply for the lines of authority
				held in the prior state.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-17 - Agriculture Revenue Insurance License [REVOKED]

Current through
				Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2858,
				  eff 8-4-03 (emergency); Added at 21 Ok Reg 1668, eff 7-14-04; Revoked at 28 Ok
				  Reg 1964, eff 7-14-11
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-18 - Compensation and education for sale of Medicare Advantage (including private fee for service plans) or Medicare prescription drug products and plans

Current through Vol. 41, No. 20, July 1, 2024
Compensation; selling, soliciting or negotiating
				  Medicare Advantage products and plans.
(1)
Applicability.
The
				provisions of this section shall apply only to insurance companies and
				producers who solicit, negotiate or sell Medicare Advantage including private
				fee for service plans) or Medicare Prescription Drug products and
				plans.
(2)
Insurance
				companies.
An insurance company shall not pay or offer to pay
				compensation to producers based on the number of sales of Medicare Advantage
				products and plans. An insurance company may pay a commission for each sale,
				but compensation shall not be tiered or based on a sales threshold.
(3)
Producers.
A producer shall
				not accept compensation based on the number of sales of Medicare Advantage
				products and plans. A producer may receive a commission for each sale, but
				compensation shall not be tiered or based on a sales threshold. An individual
				may not sell, solicit or negotiate Medicare Advantage (including private fee
				for service plans) or Medicare Prescription Drug products and plans unless the
				individual is licensed as an insurance producer for accident and
				health.
Added at 25 Ok Reg 1685, eff 7-14-08 ; Amended at 26 Ok
					 Reg 1645, eff 7-14-09 ; Amended at 28 Ok Reg 1964, eff 7-14-11 ; Amended at 30
					 Ok Reg 1797, eff 7-14-13
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-19 - Medicare Part D volunteer counselors

Current through Vol. 41,
				No. 20, July 1, 2024
(a)
				To qualify for an exemption from the licensure requirements of the Oklahoma
				Producer Licensing Act of the Oklahoma Insurance Code pursuant to Section
				1435.5(B)(8)
				of Title 36 of the Oklahoma statutes, partner organizations using volunteer
				counselors to assist Medicare beneficiaries with enrollment in Medicare Part D
				plans pursuant to the Federal Medicare Prescription Drug, Improvement and
				Modernization Act of 2008 shall file with the Insurance Commissioner the
				following supporting documentation prior to conducting enrollment assistance
				activity:
(1) The name, address and other
				pertinent contact information for the partner organization along with a list of
				persons acting as volunteer counselors who intend to assist in the enrollment
				of Medicare beneficiaries in Medicare Part D;
(2) A description of the training received by
				each volunteer counselor named in the list required by paragraph (1) of this
				subsection;
(3) A statement signed
				by each volunteer counselor named in the list required by paragraph (1) of this
				subsection stating:
(A) My name is [insert
				name of volunteer counselor] and my personal address is [insert personal
				address];
(B) I have received and
				read the Medicare Part D Prescription Drug Plan training materials provided by
				[insert partner organization name];
(C) I have not received and will not accept
				commissions or other valuable consideration from any person or plan for the
				enrollment assistance provided by me to Medicare beneficiaries;
(D) I will not disclose or use confidential
				information obtained as a result of my association with, or access to, any
				person with Medicare for any other purpose not directly required by CMS and the
				Oklahoma Insurance Department;
(E)
				I understand and acknowledge that the exemption from the licensure requirements
				of the Oklahoma Producer Licensing Act of the Oklahoma Insurance Code is
				strictly limited to my service as a volunteer counselor assisting in the
				enrollment of Medicare beneficiaries in Medicare Part D Prescription Drug
				Plans; and
(4) Any other
				information the Insurance Commissioner may request from a partner organization
				or volunteer counselor to assist in the verification of compliance with the
				requirements of Section
				1435.5(B)(8)
				of Title 36 of the Oklahoma statutes.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-20 - Vehicle protection product warrantor; fee; forms

Current
				through Vol. 41, No. 20, July 1, 2024
Registrants making filings pursuant to the Vehicle Protection
				  Product Act, 36 O.S. §
									6650, et
				  seq., shall register and pay a fee of Two Hundred Dollars ($200.00) upon
				  initial registration. Said registrants shall register and pay a fee of Two
				  Hundred Dollars ($200.00) for annual registrations on or before July 15. The
				  first annual registration shall be filed and the fee paid on or before July 15
				  of the year 2009. Registrants filing late shall pay a late fee in an amount
				  equal to the initial and annual registration fee in addition to the initial and
				  annual registration fees required herein.
Added at 26 Ok Reg 1645,
				  eff 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-20.1 - Prior approval of vehicle protection product contract forms

Current through Vol. 41, No. 20, July 1, 2024
No vehicle protection product form or related form shall be
				  issued or used in this state unless the form has been filed with and approved
				  by the Insurance Commissioner.
Added at 28 Ok Reg 1964,
				  eff 7-14-11
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-20.2 - Cancellation language for vehicle protection product contract forms

Current through Vol. 41, No. 20, July 1, 2024
If a vehicle protection product contract contains a
				  cancellation provision, the cancellation provision shall provide for a refund
				  as described in this section. In the event the contract is canceled by the
				  warranty holder, return of premium shall be based upon ninety percent (90%) of
				  the unearned pro rata premium less the actual cost of any service provided
				  under the contract. In the event the contract is canceled by the vehicle
				  protection product warrantor, return of premium shall be based upon one hundred
				  percent (100%) of unearned pro rata premium less the actual cost of any service
				  provided under the contract.
Added at 28 Ok Reg 1964,
				  eff 7-14-11
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-20.3 - Disapproval of any vehicle protection product contract form

Current through Vol. 41, No. 20, July 1, 2024
The Commissioner shall disapprove any vehicle protection
				  product form filed pursuant to this section if the form:
(1) Violates the Vehicle Protection Product
				Act;
(2) Is misleading in any
				respect; or
(3) Is reproduced so
				that any material provision is substantially illegible.
Added at 28 Ok Reg 1964,
				  eff 7-14-11
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 3 - Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors › Section 365:25-3-21 - Training and education requirements for the sale of annuities

Current through Vol. 41, No. 20, July 1, 2024
(a) Training and education requirements for
				producers who sell, solicit or negotiate annuities.
(1) An insurance producer shall not sell,
				solicit or negotiate the sale of an annuity product in this state unless the
				insurance producer has adequate knowledge of the product to recommend the
				annuity and the insurance producer is in compliance with the insurer's
				standards for product training. An insurance producer may rely on
				insurer-provided, product-specific training standards and materials to comply
				with this subsection.
(2) An
				insurance producer who engages in the sale, solicitation or negotiation of
				annuity products shall be licensed as a producer with a Life line of Authority
				and complete a one-time, four (4) hour credit training course as set forth in
				subsection (b). The course shall be approved by the Insurance Department and
				provided by an Insurance Department-approved education provider. The continuing
				education as required by this paragraph shall be applied as a continuing
				education course under Section
				1435.29 of
				Title 36 of the Oklahoma Statutes.
(3) Insurance producers who currently hold a
				life insurance line of authority on the effective date of this regulation and
				who desire to sell annuities shall complete the training requirements of this
				subsection within twelve (12) months after July 14, 2010.
(4) Individuals who obtain a life insurance
				line of authority on or after the July 14, 2010 may not engage in the sale,
				solicitation or negotiation of annuities until the annuity training course
				required under subsection (a)(2) has been completed.