Okla. Stat. tit. 36, § 36-6071
This is the official text of Okla. Stat. tit. 36, § 36-6071, 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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Payment of commissions to officers or directors of life
Official statutory text
insurance companies - Restrictions.
No life insurance company transacting business in this State
shall pay, or contract to pay, directly or indirectly, to its
president, vice president, secretary, treasurer, actuary, medical
director or other physician charged with the duty of examining risks
or applications for insurance or to any officer of the company other
than a designated agency officer directly responsible for the
production and maintenance of premium income, agent or solicitor,
any commission or other compensation contingent upon the writing or
procuring of any policy of insurance in such company, or procuring
an application therefor by any person whomsoever, or contingent upon
the payment of any renewal premium, or upon the assumption of any
life insurance risk by such company. This section shall not prevent
the payment or receipt of renewal or other deferred commissions to
or by any person solely because such person has ceased to hold a
license to act as an agent. Should any company violate any
provision of this article, it shall be the duty of the Insurance
Commissioner to revoke its certificate of authority to transact
business in this State.
No life insurance company transacting business in this State
shall pay, or contract to pay, directly or indirectly, to its
president, vice president, secretary, treasurer, actuary, medical
director or other physician charged with the duty of examining risks
or applications for insurance or to any officer of the company other
than a designated agency officer directly responsible for the
production and maintenance of premium income, agent or solicitor,
any commission or other compensation contingent upon the writing or
procuring of any policy of insurance in such company, or procuring
an application therefor by any person whomsoever, or contingent upon
the payment of any renewal premium, or upon the assumption of any
life insurance risk by such company. This section shall not prevent
the payment or receipt of renewal or other deferred commissions to
or by any person solely because such person has ceased to hold a
license to act as an agent. Should any company violate any
provision of this article, it shall be the duty of the Insurance
Commissioner to revoke its certificate of authority to transact
business in this State.
Status: in_force · Read it on the official government site
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