Okla. Stat. tit. 36, § 36-6220.1
This is the official text of Okla. Stat. tit. 36, § 36-6220.1, 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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Prohibition on pecuniary interest in construction
Official statutory text
businesses - Penalties - Exceptions.
A. No adjuster may, directly or indirectly, own or have a
pecuniary interest in any business entity which provides
construction or reconstruction related services on behalf of an
insurance claimant or insured for which the adjuster is providing
services, nor may the adjuster, directly or indirectly, own or have
a pecuniary interest in any other business entity which furnishes
any supplies, material, services, or equipment purchased by or on
behalf of the claimant or insured in settlement of the claim, other
than usual and customary supplies, materials, services, or equipment
utilized in the adjusting process.
B. Any person who violates the provisions of this section shall
be subject to disciplinary action or a civil fine, or both, as set
forth in Section 6220 of this title.
C. This section shall not apply to an adjuster providing
services on a claim which is located in a municipality having a
population of less than six thousand (6,000) persons; provided,
however, the adjuster shall give written disclosure of the potential
conflict of interest to both the insured and insurer prior to the
performance of any adjuster services.
D. The restrictions set forth in subsection A of this section
shall apply regardless of whether the person or entity has obtained
power of attorney from an insurance claimant or has entered into any
other agreement with an insurance claimant to act on the behalf of
the claimant.
A. No adjuster may, directly or indirectly, own or have a
pecuniary interest in any business entity which provides
construction or reconstruction related services on behalf of an
insurance claimant or insured for which the adjuster is providing
services, nor may the adjuster, directly or indirectly, own or have
a pecuniary interest in any other business entity which furnishes
any supplies, material, services, or equipment purchased by or on
behalf of the claimant or insured in settlement of the claim, other
than usual and customary supplies, materials, services, or equipment
utilized in the adjusting process.
B. Any person who violates the provisions of this section shall
be subject to disciplinary action or a civil fine, or both, as set
forth in Section 6220 of this title.
C. This section shall not apply to an adjuster providing
services on a claim which is located in a municipality having a
population of less than six thousand (6,000) persons; provided,
however, the adjuster shall give written disclosure of the potential
conflict of interest to both the insured and insurer prior to the
performance of any adjuster services.
D. The restrictions set forth in subsection A of this section
shall apply regardless of whether the person or entity has obtained
power of attorney from an insurance claimant or has entered into any
other agreement with an insurance claimant to act on the behalf of
the claimant.
Status: in_force · Read it on the official government site
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