Okla. Stat. tit. 36, § 36-5104
This is the official text of Okla. Stat. tit. 36, § 36-5104, 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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Transactions to be authorized in writing - Required
Official statutory text
provisions.
Transactions between an RB and the insurer the RB represents in
such capacity shall be entered into only pursuant to a written
authorization, specifying the responsibilities of each party. The
authorization shall, at a minimum, contain provisions that:
1. The insurer may terminate the authority of the RB at any
time;
2. The RB shall render accounts to the insurer accurately
detailing all material transactions, including information necessary
to support all commissions, charges and other fees received by, or
owing, to the RB, and remit all funds due to the insurer within
thirty (30) days of receipt;
3. All funds collected for the insurer's account shall be held
by the RB in a fiduciary capacity in a bank which is a qualified
U.S. financial institution;
4. The RB shall comply with Section 26 of this act;
5. The RB shall comply with the written standards established
by the insurer for the cession or retrocession of all risks; and
6. The RB shall disclose to the insurer any relationship with
any reinsurer to which business will be ceded or retroceded.
Transactions between an RB and the insurer the RB represents in
such capacity shall be entered into only pursuant to a written
authorization, specifying the responsibilities of each party. The
authorization shall, at a minimum, contain provisions that:
1. The insurer may terminate the authority of the RB at any
time;
2. The RB shall render accounts to the insurer accurately
detailing all material transactions, including information necessary
to support all commissions, charges and other fees received by, or
owing, to the RB, and remit all funds due to the insurer within
thirty (30) days of receipt;
3. All funds collected for the insurer's account shall be held
by the RB in a fiduciary capacity in a bank which is a qualified
U.S. financial institution;
4. The RB shall comply with Section 26 of this act;
5. The RB shall comply with the written standards established
by the insurer for the cession or retrocession of all risks; and
6. The RB shall disclose to the insurer any relationship with
any reinsurer to which business will be ceded or retroceded.
Status: in_force · Read it on the official government site
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