Oklahoma Insurance Commissioner Glen Mulready addressed upcoming legislative changes in an Aug. 26 bulletin to insurers. The legislative changes, which go in effect on Nov. 1, include updates to contact information, due diligence search and delivery and storage of electronic documents.
SB 542
36 O.S. § 109(C).
Current Contact Information Required – All persons and organizations subject to the jurisdiction of the Commissioner shall keep any contact information deemed necessary by the Commissioner on file with the Insurance Department. Contact information shall be kept current and be submitted electronically in the manner and form prescribed by the Commissioner, along with any applicable fees. Any change in contact information shall be submitted within twenty (20) days of the change.
Disclaimer: This legislative change does not supersede any other applicable provision of the insurance code. In the event of a conflict between the provisions of 36 O.S. §109(C) and any other section of the insurance code, the latter shall control.
36 O.S. § 607(E).
Current Contact Information Required – Insurers under the jurisdiction of the Insurance Commissioner shall keep any contact information deemed necessary by the Commissioner on file with the Insurance Department. Contact information shall be kept current and submitted electronically in the manner and form prescribed by the Commissioner, along with any applicable fees. Any change in contact information shall be submitted within twenty (20) days of the change. Instructions on how to change company contact information can be found here:
https://www.oid.ok.gov/wp-content/uploads/2021/07/Company-Contact-Changes_2021.pdf
Legislative Changes effective November 1, 2024
HB 3091
36 O.S. § 1106.1(A).
Due Diligence search is not required unless – A surplus lines licensee or broker is not required to make a due diligence search to determine whether the full amount or type of insurance can be obtained from admitted insurers when the surplus lines licensee or broker is seeking to procure or place non-admitted insurance for an exempt commercial purchaser, unless the licensee or broker procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight.
HB 1505
36 O.S. § 123.
Delivery and storage of electronic documents – An insurer may elect to post a policy or endorsement that does not contain personally identifiable information on its website provided it complies with the requirements set forth in 36 O.S. § 123(L). After expiration of the policy or endorsement, the insurer must archive it in accordance with the Oklahoma Insurance Department’s record retention requirements. For property and casualty policies, the insurer must archive the policy or endorsement for a period of five (5) years after expiration. For life and health policies, the insurer must archive the policy or endorsement for a period of ten (10) years after expiration.
Source: Oklahoma Insurance Department
Topics Oklahoma
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