§36-402. Persons prohibited from engaging in business of insurance
182 words·~1 min read·
/ok/title-36-insurance/36-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
- Exception - Penalty.
A. No person who has been convicted of any criminal felony involving dishonesty or a breach of trust, or who has been convicted of an offense under Section 1033 of Title 18 of the United States Code, shall engage or participate in the business of insurance in this state or do any of the acts of an insurance business as set forth in Section 4 of this act.
B. A person described in subsection A of this section may engage in the business of insurance or participate in such business if such person has the written consent of the Insurance Commissioner.
C. A person who violates subsection A of this section or any rule promulgated pursuant thereto is subject to a civil penalty of not more than Ten Thousand Dollars ($10,000.00) for each act of violation and for each day of violation.
D. The business of insurance includes title insurers for purposes of the Crimes by or Affecting Persons Engaged in the Business of Insurance Act. Added by Laws 2008, c. 184, § 2, eff. July 1, 2008.