On Apr. 25, OKL LEG passed bill, broker due diligence, tax reporting.
OKL LEG passed House bill HB 3091 re surplus lines insurer requirements with State.
Statutes to Amend
Amend Statutes, Title 36 (Insurance) OKL INS 36-902 (discriminatory rates), OKL INS 36-908 (penalties), OKL INS 36-1106.1 (diligence), OKL INS 36-1107 (multistate risk).
OKL INS 36-1114 (broker statement), OKL INS 36-1250.9 (periodic report), OKL INS 36-1450 (license violations), OKL INS 36-1682 (purpose of act), OKL INS 36-2122 (dividend to stockholders) and OKL INS 36-6060.4 (child immunization coverage).
Key Bill Provisions
Require surplus lines broker conduct due diligence on insurer when licensee or broker requesting surplus lines discloses adequate coverage may not be available in market.
Require Oklahoma-based surplus lines licensee/broker make tax, fee and informational filings electronically with the State, prior law did neither required tax data nor e-filings.
Authorized appointed independent hearing examiners to impose penalties for violations
Removed the minimum penalty requirement for statute, rule, or order violations.
Legislative History
On Feb. 5, 2024, bill introduced in House; on Mar. 11, 2024, bill passed in the House.
On Mar. 12, 2024, bill introduced in Senate; Apr. 24, 2024, bill passed in the Senate.
On Apr. 25, 2024, bill was delivered to the governor; pending governor review.
Effectiveness
Provisions of Oklahoma House bill HB 3091 come into effect on Fri., Nov. 1, 2024.
Apr. 29, 2024 OKL LEG Governor Approval
On Apr. 29, 2024, OKL LEG reported governor approved HB3091, effective Nov. 1.
Regulators
OKL LEG
Entity Types
IB; Ins
Reference
Bill, 4/29/2024; Bill, HB3091, 4/25/2024; Citation: OKL INS 36;
