§36-1101. Representation of unauthorized insurers prohibited.
363 words·~2 min read·
/ok/title-36-insurance/36-1101·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 in the Unauthorized Insurers and Surplus Lines Insurance Act; or
2. Inspect or examine any risk or collect or receive any premium on behalf of any nonadmitted insurer without being a surplus lines broker or licensee as defined in the Unauthorized Insurers and Surplus Lines Insurance Act.
B. Any person transacting insurance or acting as a surplus lines broker or licensee in violation of this section shall be liable to the insured for the performance of any contract between the insured and the insurer resulting from the transaction.
C. This section shall not apply as to reinsurance, to surplus line insurance lawfully procured pursuant to the Unauthorized Insurers and Surplus Lines Insurance Act, to transactions exempt under Section 606 of this title (Authorization of Insurers and General Qualifications), or to professional services of an adjuster or attorney-at-law from time to time with respect to claims under policies lawfully solicited, issued, and delivered outside of Oklahoma.
D. The investigation and adjustment of any claim in this state arising under an insurance contract issued by a nonadmitted insurer shall not be deemed to constitute the transacting of the business of insurance in this state.
E. Nonadmitted insurers shall contract with the trustees of any fund which will insure residents in this state in a manner consistent with the requirements, nature and scope of the Unauthorized Insurers and Surplus Lines Insurance Act. Added by Laws 1957, p. 256, § 1101, operative July 1, 1957. Amended by Laws 1976, c. 98, § 1, emerg. eff. May 10, 1976; Laws 2010, c. 222, § 10, eff. Nov. 1, 2010; Laws 2011, c. 278, § 7 and Laws 2011, c. 360, § 7; Laws 2012, c. 45, § 4, emerg. eff. April 16, 2012. NOTE: Laws 2011, c. 278, § 7 and Laws 2011, c. 360, § 7 made identical changes to this section.