Any order, ruling, finding, decision or other act of the Oklahoma Insurance Department made pursuant to the Property and Casualty Competitive Loss Cost Rating Act shall be subject to judicial review. Added by Laws 2004, c. 519, § 24, eff. Nov. 1, 2004. Amended by Laws 2007, c. 125, § 7, eff. July 1, 2007.
Title 36 of the Oklahoma Statutes shall be known and may be cited as the Oklahoma Insurance Code. Amended by Laws 1983, c. 68, § 1, eff. Nov. 1, 1983.
“Insurance” is a contract whereby one undertakes to indemnify another or to pay a specified amount upon determinable contingencies. Laws 1957, p. 215, § 102.
A. “Insurer” includes every person engaged in the business of making contracts of insurance or indemnity. B. A nonprofit hospital service and medical indemnity corporation is an insurer within the meaning of this Code. C. Burial associations shall be deemed not to be insurers. Laws 1957, p. 215, § 103.
“Person” includes an individual, company, insurer, association, organization, society, reciprocal or inter-insurance exchange, partnership, syndicate, business trust, corporation, Lloyd’s association, and entity, and association, group or department of underwriters and any farmer’s educational and cooperative union. Added by Laws 1957, p. 216, § 104, operative July 1, 1957. Amended by Laws 2004, c. 16, § […]
“Transact” with respect to insurance includes any of the following: 1. Solicitation and inducement. 2. Preliminary negotiations. 3. Effectuation of a contract of insurance. 4. Transaction of matters subsequent to effectuation of the contract and arising out of it. Laws 1957, p. 216, § 105.
A. When used with reference to administration of this Code, “Insurance Commissioner” or “Commissioner” means the Insurance Commissioner of the State of Oklahoma. Laws 1957, p. 216, § 106.
When used with reference to the administration of the Oklahoma Insurance Code, “State Insurance Board”, “Insurance Board” or “Board” means the State Board for Property and Casualty Rates established by Section 331, Article 3, of this Code. For purposes of the laws of this state and the Oklahoma Insurance Code, the term “Board” or “any […]
When used with reference to the administration of the Oklahoma Insurance Code, “Pharmacy Choice Commission” means the Patient’s Right to Pharmacy Choice Commission established by Section 10 of this act. Added by Laws 2021, c. 472, § 1, emerg. eff. May 11, 2021.
Unless the context otherwise requires, “Insurance Department” or “Department” means the Insurance Department established by Section 301, Article 3 of this Code. Laws 1957, p. 216, § 108.
No person shall transact a business of insurance in Oklahoma without complying with the applicable provisions of this Code. Laws 1957, p. 216, § 109.
No provision of the Oklahoma Insurance Code, Section 101 et seq. of this title, shall apply to: 1. Nonprofit hospital service and medical indemnity corporations, except as stated in Sections 601 et seq. and 2601 et seq. of this title; 2. Fraternal benefit societies, except as stated in Section 2701.1 et seq. of this title; […]
A. Sections 1100 through 1120 of Title 36 of the Oklahoma Statutes shall be known and may be cited as the “Unauthorized Insurers and Surplus Lines Insurance Act”. B. The purpose and effect of the Unauthorized Insurers and Surplus Lines Insurance Act shall relate back to the effective date of implementation of the Nonadmitted and […]
As used in the Unauthorized Insurers and Surplus Lines Insurance Act: 1. “Admitted insurer” means, with respect to a state, an insurer that is licensed to transact the business of insurance in such state; 2. “Home state” means: a.except as provided in subparagraphs b through e of this paragraph, with respect to an insured: (1)the […]
A. For the purposes of carrying out the Nonadmitted and Reinsurance Reform Act of 2010, the Insurance Commissioner is authorized in the Insurance Commissioner’s sole discretion and judgment to enter into the Nonadmitted Insurance Multi-State Agreement or any other multistate agreement or compact with the same function and purpose, in order to: 1. Facilitate the […]
A. No person in Oklahoma shall in any manner: 1. Represent or assist any nonadmitted insurer in the soliciting, procuring, placing, or maintenance of any nonadmitted insurance coverage upon or with relation to any subject of insurance resident, located, or to be performed in Oklahoma without being a surplus lines licensee or broker as defined […]
A. An Oklahoma domestic insurer possessing policyholder surplus of at least Fifteen Million Dollars ($15,000,000.00) may, pursuant to a resolution by its board of directors, and with the written approval of the Insurance Commissioner, be designated as a domestic surplus line insurer. Such insurers may write surplus line insurance in this state and in any […]
A contract of insurance effectuated by a surplus lines insurer in violation of this Code shall be voidable except at the instance of the insured. Added by Laws 1957, p. 256, § 1102, operative July 1, 1957. Amended by Laws 2010, c. 222, § 11, eff. Nov. 1, 2010; Laws 2015, c. 49, § 1, […]
A. Delivery, effectuation, or solicitation of any insurance contract, by mail or otherwise, within this state by a surplus lines insurer, or the performance within this state of any other service or transaction connected with the insurance by or on behalf of the insurer, shall be deemed to constitute an appointment by the insurer of […]
Sections 1103 and 1105 of this article shall not apply to reinsurance, nor to any action or proceeding against a surplus lines insurer arising out of: 1. Ocean marine and foreign trade insurance, 2. Insurance on subjects located, resident, or to be performed wholly outside this state, or on vehicles or aircraft owned and principally […]
