Oklahoma Insurance coverage Commissioner Glen Mulready addressed upcoming legislative modifications in an Aug. 26 bulletin to insurers. The legislative modifications, which go in impact on Nov. 1, embrace updates to contact data, due diligence search and supply and storage of digital paperwork.
SB 542
36 O.S. § 109(C).
Present Contact Info Required – All individuals and organizations topic to the jurisdiction of the Commissioner shall preserve any contact data deemed mandatory by the Commissioner on file with the Insurance coverage Division. Contact data shall be stored present and be submitted electronically within the method and type prescribed by the Commissioner, together with any relevant charges. Any change involved data shall be submitted inside twenty (20) days of the change.
Disclaimer: This legislative change doesn’t supersede another relevant provision of the insurance coverage code. Within the occasion of a battle between the provisions of 36 O.S. §109(C) and another part of the insurance coverage code, the latter shall management.
36 O.S. § 607(E).
Present Contact Info Required – Insurers underneath the jurisdiction of the Insurance coverage Commissioner shall preserve any contact data deemed mandatory by the Commissioner on file with the Insurance coverage Division. Contact data shall be stored present and submitted electronically within the method and type prescribed by the Commissioner, together with any relevant charges. Any change involved data shall be submitted inside twenty (20) days of the change. Directions on learn how to change firm contact data might be discovered right here:
https://www.oid.ok.gov/wp-content/uploads/2021/07/Company-Contact-Changes_2021.pdf
Legislative Adjustments efficient November 1, 2024
HB 3091
36 O.S. § 1106.1(A).
Due Diligence search will not be required except – A surplus traces licensee or dealer will not be required to make a due diligence search to find out whether or not the complete quantity or kind of insurance coverage might be obtained from admitted insurers when the excess traces licensee or dealer is searching for to acquire or place non-admitted insurance coverage for an exempt industrial purchaser, except the licensee or dealer procuring or putting the excess traces insurance coverage has disclosed to the exempt industrial purchaser that such insurance coverage could or will not be out there from the admitted market which will present better safety with extra regulatory oversight.
HB 1505
36 O.S. § 123.
Supply and storage of digital paperwork – An insurer could elect to publish a coverage or endorsement that doesn’t comprise personally identifiable data on its web site offered it complies with the necessities set forth in 36 O.S. § 123(L). After expiration of the coverage or endorsement, the insurer should archive it in accordance with the Oklahoma Insurance coverage Division’s document retention necessities. For property and casualty insurance policies, the insurer should archive the coverage or endorsement for a interval of 5 (5) years after expiration. For all times and well being insurance policies, the insurer should archive the coverage or endorsement for a interval of ten (10) years after expiration.
Supply: Oklahoma Insurance coverage Division
Subjects
Oklahoma
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