Okla. Stat. tit. 36, § 36-1435.3
This is the official text of Okla. Stat. tit. 36, § 36-1435.3, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Agency of insurance producer - Authority - Commissions
Official statutory text
A. Every insurance producer, as defined pursuant to paragraph 7
of Section 1435.2 of this title, or limited lines producer who
solicits or negotiates an application for insurance of any kind
shall, in any controversy between the insured or the insured's
beneficiary and the insurer, be regarded as representing the insurer
and not the insured or the insured's beneficiary. This provision
shall not affect the apparent authority of an insurance producer.
B. Every surplus lines insurance broker who solicits an
application for insurance of any kind shall, in any controversy
between the insured or the insured's beneficiary and the insurer
issuing any policy upon such application, be regarded as
representing the insured or the insured's beneficiary and not the
Oklahoma Statutes - Title 36. Insurance Page 333
insurer. Any company which directly or through its agents delivers
in this state to any insurance broker, a policy of insurance
pursuant to the application or request of such broker, acting for an
insured other than himself or herself, shall be deemed to have
authorized such broker to receive on its behalf, payment of any
premium which is due on such policy of insurance at the time of its
issuance or delivery.
C. Every licensed insurance producer shall be entitled to
commissions on all premiums collected for group insurance policies
negotiated by the insurance producer on behalf of an insurer and an
insurer shall be required to pay such commissions to the insurance
producer, except entitlement to commissions shall automatically
terminate without notice, effective on the date of the occurrence of
any of the following events:
1. The insurance producer's license to engage in accident and
health insurance business is terminated or revoked by this state or
any other public authority for cause. As used in this paragraph,
"cause" shall be defined as perpetration by the insurance producer
of fraud or embezzlement;
2. Material breach of the insurance producer's contract with
the account or insurer, excluding production requirements;
3. Termination of the insurance producer's "Agent of Record"
relationship with the employer or account; or
4. Death of the insurance producer, unless the contract between
the insurer states otherwise or the right to the commission has
vested.
Recovery of such commissions shall be through civil action. In any
action brought pursuant to this subsection, the court may award
reasonable attorney fees to the prevailing party.
of Section 1435.2 of this title, or limited lines producer who
solicits or negotiates an application for insurance of any kind
shall, in any controversy between the insured or the insured's
beneficiary and the insurer, be regarded as representing the insurer
and not the insured or the insured's beneficiary. This provision
shall not affect the apparent authority of an insurance producer.
B. Every surplus lines insurance broker who solicits an
application for insurance of any kind shall, in any controversy
between the insured or the insured's beneficiary and the insurer
issuing any policy upon such application, be regarded as
representing the insured or the insured's beneficiary and not the
Oklahoma Statutes - Title 36. Insurance Page 333
insurer. Any company which directly or through its agents delivers
in this state to any insurance broker, a policy of insurance
pursuant to the application or request of such broker, acting for an
insured other than himself or herself, shall be deemed to have
authorized such broker to receive on its behalf, payment of any
premium which is due on such policy of insurance at the time of its
issuance or delivery.
C. Every licensed insurance producer shall be entitled to
commissions on all premiums collected for group insurance policies
negotiated by the insurance producer on behalf of an insurer and an
insurer shall be required to pay such commissions to the insurance
producer, except entitlement to commissions shall automatically
terminate without notice, effective on the date of the occurrence of
any of the following events:
1. The insurance producer's license to engage in accident and
health insurance business is terminated or revoked by this state or
any other public authority for cause. As used in this paragraph,
"cause" shall be defined as perpetration by the insurance producer
of fraud or embezzlement;
2. Material breach of the insurance producer's contract with
the account or insurer, excluding production requirements;
3. Termination of the insurance producer's "Agent of Record"
relationship with the employer or account; or
4. Death of the insurance producer, unless the contract between
the insurer states otherwise or the right to the commission has
vested.
Recovery of such commissions shall be through civil action. In any
action brought pursuant to this subsection, the court may award
reasonable attorney fees to the prevailing party.
Status: in_force · Read it on the official government site
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