§36-1106. Surplus lines - Brokers.
461 words·~2 min read·
/ok/title-36-insurance/36-1106·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If insurance required to protect the interest of the insured for the amount of insurance, coverage terms and solvency requirements of the insured cannot be procured from admitted insurers after inquiry in the market available to the insurance producer, then insurance may be procured from surplus lines insurers subject to the following conditions:
1. The surplus lines insurer shall meet the requirements of the Unauthorized Insurers and Surplus Lines Insurance Act and the following conditions:
a. the insurer has capital and surplus or its equivalent
under the laws of its domiciliary jurisdiction which
equals the greater of:
(1)the minimum capital and surplus requirements
under the laws of this state for nonadmitted
insurers, or
(2)Fifteen Million Dollars ($15,000,000.00),
b. the requirements of subparagraph a of this paragraph
may be satisfied by an insurer's possessing less than
the minimum capital and surplus upon an affirmative
finding of acceptability by the Insurance
Commissioner. The finding shall be based upon such
factors as quality of management, capital and surplus
of any parent company, company underwriting profit and
investment income trends, market availability and
company record and reputation within the industry. In
no event shall the Insurance Commissioner make an
affirmative finding of acceptability when the
nonadmitted insurer's capital and surplus is less than
Four Million Five Hundred Thousand Dollars
($4,500,000.00), and
c. the insurer, if an alien insurer, is listed on the
National Association of Insurance Commissioners
Nonadmitted Insurers Quarterly Listing; and
2. The insurance shall be procured through a licensed surplus lines licensee or broker licensed in the insurer's home state. An Oklahoma surplus lines license is required only where Oklahoma is the home state of the insured.
For the purposes of carrying out the provisions of the Nonadmitted and Reinsurance Reform Act of 2010, the Insurance Commissioner is authorized to utilize the national insurance producer database of the National Association of Insurance Commissioners, or any other equivalent uniform national database, for the licensure of an individual or entity as a surplus lines licensee or broker and for renewal of such license. Added by Laws 1957, p. 257, § 1106, operative July 1, 1957. Amended by Laws 1986, c. 134, § 3, emerg. eff.
April 17, 1986; Laws 1991, c. 146, § 1, eff. Sept. 1, 1991; Laws 1993, c. 79, § 4, eff. Sept. 1, 1993; Laws 2006, c. 94, § 1, eff. Nov. 1, 2006; Laws 2010, c. 222, § 15, eff. Nov. 1, 2010; Laws 2011, c. 278, § 11; Laws 2011, c. 360, § 11; Laws 2012, c. 45, § 9, emerg. eff. April 16, 2012; Laws 2012, c. 365, § 2, emerg. eff. June 8, 2012; Laws 2014, c. 415, § 1, emerg. eff. June 3, 2014; Laws 2018, c. 95, § 2, eff. Nov. 1, 2018.