Okla. Stat. tit. 36, § 36-1475
This is the official text of Okla. Stat. tit. 36, § 36-1475, 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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Financial examination and on-site reviews - Binding
Official statutory text
authority for contracts - Notice of appointment or termination -
Review of books and records - Appointments to board.
A. The insurer shall have on file an independent financial
examination, in a form acceptable to the Insurance Commissioner, of
each managing general agent with which it has done business.
B. The insurer shall periodically, at least semi-annually,
conduct an on-site review of the underwriting and claims processing
operations of the managing general agent.
C. Binding authority for all reinsurance contracts or
participation in insurance or reinsurance syndicates shall rest with
an officer of the insurer, who shall not be affiliated with the
managing general agent.
D. Within thirty (30) days of entering into or termination of a
contract with a managing general agent, the insurer shall provide
written notification of such appointment or termination to the
Oklahoma Statutes - Title 36. Insurance Page 382
Insurance Commissioner. Notices of appointment of a managing
general agent shall include:
1. A statement of duties which the applicant is expected to
perform on behalf of the insurer;
2. The lines of insurance for which the applicant is to be
authorized to act; and
3. Any other information the Commissioner may request.
E. An insurer shall review its books and records each quarter
to determine if any agent or broker has become a managing general
agent as defined in Section 2 of this act. If the insurer
determines that an agent or broker has become a managing general
agent, the insurer shall promptly notify the agent or broker and the
Insurance Commissioner of such determination, and the insurer and
agent or broker shall fully comply with the provisions of this act
within thirty (30) days of such notification.
F. An insurer shall not appoint to its board of directors an
officer, director, employee, sub-agent, sub-broker or controlling
shareholder of its managing general agents. This subsection shall
not apply to relationships governed by the insurance holding company
act, Section 1651 et seq. of this title.
Review of books and records - Appointments to board.
A. The insurer shall have on file an independent financial
examination, in a form acceptable to the Insurance Commissioner, of
each managing general agent with which it has done business.
B. The insurer shall periodically, at least semi-annually,
conduct an on-site review of the underwriting and claims processing
operations of the managing general agent.
C. Binding authority for all reinsurance contracts or
participation in insurance or reinsurance syndicates shall rest with
an officer of the insurer, who shall not be affiliated with the
managing general agent.
D. Within thirty (30) days of entering into or termination of a
contract with a managing general agent, the insurer shall provide
written notification of such appointment or termination to the
Oklahoma Statutes - Title 36. Insurance Page 382
Insurance Commissioner. Notices of appointment of a managing
general agent shall include:
1. A statement of duties which the applicant is expected to
perform on behalf of the insurer;
2. The lines of insurance for which the applicant is to be
authorized to act; and
3. Any other information the Commissioner may request.
E. An insurer shall review its books and records each quarter
to determine if any agent or broker has become a managing general
agent as defined in Section 2 of this act. If the insurer
determines that an agent or broker has become a managing general
agent, the insurer shall promptly notify the agent or broker and the
Insurance Commissioner of such determination, and the insurer and
agent or broker shall fully comply with the provisions of this act
within thirty (30) days of such notification.
F. An insurer shall not appoint to its board of directors an
officer, director, employee, sub-agent, sub-broker or controlling
shareholder of its managing general agents. This subsection shall
not apply to relationships governed by the insurance holding company
act, Section 1651 et seq. of this title.
Status: in_force · Read it on the official government site
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