OK State Laws
180 days
The Commissioner may issue a temporary license for a period of -----
financial or market conduct
The Commissioner may require a ------ examination during any investigation of a licensee
5
If the insurance producer is determined to be ineligible for appointment, the Commissioner will notify the insurer and the authorized representative of the insurer within ---- days of its determination.
3 / 2
---- credit hours must be in ethics, and at least ---- of the required hours must be on state/federal legislative updates
The Insurance Department
---- will retain the authority to initiate and prosecute any civil action it deems necessary or advisable.
The Oklahoma Insurance Department
----- must establish standards for the safeguards to ensure the information's security and confidentiality are protected from harm and from unauthorized access.
90
A binder is not valid beyond the issuance of the policy, or beyond ---- days from its effective date, whichever is the shorter period.
6
A maximum of ---- excess credit hours can carry forward into the next licensure period.
writing
A named insured or applicant has the right to reject uninsured motorist coverage in ----
2 years
A newly licensed producer completes the credit hours ----after his/her license was issued.
30
A penalty for selling, soliciting, negotiating, or procuring surplus lines insurance in this state without a surplus lines broker license will be waived if the Commissioner receives an application for licensure as a surplus lines broker within ----days from the effective date of the policy at issue.
90 days
A person licensed as an insurance producer in another state who moves to this state must make application to become a resident licensee within ----- of establishing legal residence in Oklahoma.
5 days
If the employer fails or neglects to provide medical treatment within ---- after receiving actual knowledge of an injury, the injured employee may select a physician to provide medical treatment at the employer's expense.
30
A producer must notify the Commissioner within ---- days of any change in legal name, address, or email address.
30 / $50
A producer must notify the Commissioner within ---- days of any change in legal name, address, or email address. Failure to do so will result in a ---- penalty.
24
A producer, limited lines producer, surplus lines broker, customer service representative, managing general agent and consultant must renew their licenses every ---- months
$15 million / $4.5 million
A surplus lines insurer must have capital and surplus of ----, unless its home jurisdiction requires a higher amount. The Commissioner may permit a lower amount of capital and surplus, but in no case may the amount be less than ----.
$100-$5,000
A violation of the Unfair Claims Settlement Practices Act can result in a civil penalty of ---- for each occurrence.
12:01 a.m
All auto liability policies expire at ----. Central Standard Time on the expiration date stated in the policy.
3 years
All insurance companies writing automobile or motorcycle liability and physical damage insurance in Oklahoma must allow a discount in premium charges for ----- after an insured successfully completes a motor vehicle accident prevention course.
3
All records as to any particular transactions must be kept available and open to the inspection of the Commissioner at any time during business hours during the --- years immediately following the date of completion of the transaction
insurer / insured / insured / insurer
An ---- must furnish, upon written request of any ----, forms of proof of loss for completion by the ----. The ---- cannot have any responsibility for completion of these forms.
$100-$1,000
In addition to or in lieu of any applicable denial, probation, censure, suspension or revocation of a license, a person may, after opportunity for hearing, be subject to a civil fine of ---- for each occurrence.
12 months
An insurance producer license will remain in effect unless revoked or suspended as long as the license fee is paid and education requirements for resident individual producers are met by the due date. An individual insurance producer who allows their license to lapse may, within ----- from the due date of the renewal fee, reinstate the same license without the necessity of passing a written examination unless the license was revoked, suspended, or continuation thereof was refused by the Commissioner.
10 / 20
An insurer must give at least ---- days' notice before cancelling, and at least ---- days' notice before nonrenewing, an insurance policy.
first-named insured / 45
An insurer must give the ---- at least ---- days' notice before nonrenewing a commercial policy.
45
An insurer must give the named insured at least ---- days' notice of any premium increase, deductible change, or limit reduction on a commercial policy.
$30
An insurer or authorized representative of an insurer must pay a ---- appointment fee for each insurance producer appointed by the insurer
$100-$5,000
An insurer that violates the Unfair Claim Settlement Act is subject to discipline by the Commissioner and a possible fine of -----.
Oklahoma State Bureau of Investigation
Anti-Fraud Unit If the Unit determines that a violation of any criminal law of this state may have occurred, it may refer the matter to the ------ for further investigation.
competent, trustworthy, financially responsible, and of good personal and business reputation.
Any applicant must also demonstrate to the Commissioner that the they are ----- competent, trustworthy, financially responsible, and of good personal and business reputation.
10 / personal delivery or by mail with return receipt requested.
Any licensee who ceases to maintain residency in this state shall, within --- days after terminating residency, deliver their license to the Commissioner by -----
$5,000 / 1-5
Any person convicted of violating (or aiding/conspiring in violating) insurance laws will be guilty of a felony and will be fined up to ---- or be imprisoned for ---- years, or be both fined and imprisoned.
$30
Appointment Fee ---- annually, per license (paid by the insurer).
Twisting
Attempting to induce the lapse, forfeiture, exchange, conversion, or surrender of a policy or annuity through misrepresentation.
compulsory
Automobile liability insurance is -----. There is no coverage for an insured, their resident spouse, or resident relative who is occupying an owned or non-owned vehicle that is not covered by an active insurance policy.
$500
CE Failure to comply may result in censure, suspension, nonrenewal of license or a civil penalty of up to ----, or both.
10
CE credit is electronically reported within ---- business days of course completion.
March 1
Certificates must be renewed annually before ----.
25% / 12
Controlled business is said to have occurred if the producer's commissions from policies sold to the persons listed above exceed ---- of the producer's aggregate commissions earned during any ---- month period.
24 / 24
Each producer must comply with state continuing education requirements by completing ---- credit hours every ---- months (the amount of time for a licensing period) in approved courses.
30
Producers and insurers must respond to any inquiry from the Commissioner within ---- days from the date of the inquiry.
insurer
Every insurance producer, customer service representative, or limited lines producer who solicits or negotiates an application for insurance of any kind will, in any controversy between the insured/the insured's beneficiary and the insurer, be regarded as representing only the -----.
3
Every licensee must keep at their place of business all records pertaining to transactions authorized by their license. These records must be kept available and open to the inspection of the Commissioner at any time during business hours during the ----- years immediately following the date of completion of the transaction.
insured or the insured's beneficiary
Every surplus lines insurance broker who solicits an application for insurance of any kind will, in any controversy between the insured or the insured's beneficiary and the insurer issuing any policy upon such application, be regarded as representing the only ----
$200
Evidence of financial responsibility must be shown when there is an accident involving any bodily injury or property damage in excess of ----.
$500 / 6-12
Except for those persons exempt from licensure, it's unlawful for any person to do or perform any of the acts of an insurance producer, limited lines producer, managing general agent, surplus lines insurance broker, insurance consultant, or customer service representative without being licensed. Any person convicted of violating the provisions of this section is guilty of a misdemeanor and will be fined up to ----- or imprisonment in the county jail for ----- months, or be punished by both.
12
For good cause shown, the Commissioner may grant an extension of time. The extension cannot exceed ---- months.
30
Insurers must respond within---- days to any pertinent written communication, including email and other electronic communications, from a claimant if the communication reasonably suggests that a response is expected.
Coercion of Borrowers
It is the borrower's right to seek insurance from anywhere, so lending institution cannot make insurance mandatory from a specific insurer and/or producer.
$500 / 6-12
It is unlawful for any insurer to discriminate among or between the insurance producers it has appointed. Any person or company convicted of violating any of these laws will be guilty of a misdemeanor and punished by a fine of no more than ---- or imprisonment in the county jail ---- months, or be fined and imprisoned.
Defamation
It's illegal to make any false oral or written statement that is intended to injure someone in the insurance business.
False Information and Advertising
It's illegal to make, publish, circulate, or place before the public in any other way an advertisement, announcement or statement containing any assertion, representation or statement with respect to the business of insurance or with respect to any person in the conduct of his or her insurance business which is untrue, deceptive or misleading.
Inducement
It's illegal to provide any of the following in connection with an insurance transaction: Employment Special profits Tangible property worth more than $100 An insurance contract on credit
90
It's the duty of the insurer receiving a proof of loss to submit a written offer of settlement or rejection of the claim to the insured within ---- days of receipt of that proof of loss.
False Statements and Entries
Knowingly placing before the public any false material statement as to the financial condition or dealings of any person engaged in insurance is illegal. This also includes knowingly omitting true, material facts pertaining to any insurance transaction, in a book, report or statement.
Boycott, Coercion, or Intimidation
This act consists of entering into action resulting in an unreasonable restraint of, or monopoly in the insurance business (making the purchase of insurance from a particular source the condition to another business transaction).
6 months
No license issued without an examination can be in effect for more than -----.
60
Proof of loss The forms must be provided to the insurer within ---- days of the insured receiving them.
30 / 20
Once an examination has been completed, a written report is filed with the Department of Insurance within ---- days. The Department of Insurance then submits a copy of the report to the insurer, giving the insurer ----- days to make a written rebuttal if desired.
10
Service of process, other than a subpoena, upon any nonresident licensee is sufficient, provided notice of the service and a copy of the process are sent within ---- days thereafter to the licensee at the licensee's last-known address of record or principal place of business by mail with return receipt requested.
False Financial Statements
This consists of filing with a supervisory public official, or making a false public financial statement pertaining to any insurance transaction in Oklahoma. It includes deliberately omitting true statements of material facts.
15
To appoint a producer as its agent, the appointing insurer, or an authorized representative of the insurer, must file, in a format approved by the Insurance Commissioner, a notice of appointment within ---- days from the date the agency contract is executed or the first insurance application is submitted
30
The applicant or licensee may make written demand upon the Insurance Commissioner within ----- days of the date of notification of said notification by the Insurance Commissioner for a hearing before the Insurance Commissioner or an independent hearing examiner to determine the reasonableness of the Insurance Commissioner's action.
45
The commissioner may place on probation, censure, suspend, revoke or refuse to issue or renew a license if a producer fails to notify the Commissioner of the change (address change) within ---- days.
Rebating
To offer company stock, securities, employment, rebate, or premium advantages in dividends as an inducement to purchase insurance or offering prizes or property in excess of $100 that are not specified in the contract.
Oklahoma Administrative Procedures Act.
The hearing shall be heard within a reasonable time period and shall be held pursuant to the -----
$25,000 / $50,000 / $25,000
The required minimum limits are ---- per person and ---- per accident for bodily injury and ---- per accident for property damage.
25 / 5 / 5
To run for Commissioner, a person must be at least ---- years of age, have been an Oklahoma resident for at least --- years, and have at least ---- years of experience in the insurance industry.
30
Upon receipt of the notice of appointment, the Insurance Commissioner will verify within a reasonable time not to exceed ---- days that the insurance producer is eligible for appointment.
Anti-Fraud Unit
Violations of any laws pertaining to insurance fraud or any insurance product or insurance organization that has been used as an instrument of criminal activity may be investigated by the ----
60
When any insurance policy contains a provision that the insured must provide a written sworn proof of loss within ---- days from the date of the loss to the insurer, or it's required by law to be provided, the insurer cannot blame the failure of insured to provide the proof of loss as a defense in any litigation or court proceeding, unless the insurer can prove it furnished the insured with two blank forms for the execution of proof of loss.
community or trade area
the border of which is contiguous with the state line of this state, the applicant may qualify as a resident in such other state and may hold a resident license from each state, so long as both states are party to a reciprocal dual licensing agreement.
