Okla. Stat. tit. 36, § 36-6461
This is the official text of Okla. Stat. tit. 36, § 36-6461, 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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Violations - Penalties
Official statutory text
A. A risk retention group which violates any provision of the
Oklahoma Risk Retention Act shall be subject to fines and penalties
applicable to licensed insurers generally, including but not limited
to revocation of license and the authority to transact insurance
business in this state.
Oklahoma Statutes - Title 36. Insurance Page 1207
B. A risk retention group doing business in this state that is
not licensed pursuant to the Oklahoma Risk Retention Act shall be
considered an unauthorized insurer and shall be subject to the
provisions of applicable sections of the Insurance Code pertaining
to unauthorized insurers.
C. A purchasing group that is registered pursuant to the
Oklahoma Risk Retention Act and which violates any provision of said
act shall be subject to a fine of up to One Thousand Dollars
($1,000.00) and censure, suspension, or revocation of license or by
both such fine and licensure proceedings, after notice and hearing.
D. A purchasing group doing business in this state which is not
registered shall be considered an unauthorized insurer and subject
to the provisions of applicable sections of the Insurance Code
pertaining to unauthorized insurers.
Oklahoma Risk Retention Act shall be subject to fines and penalties
applicable to licensed insurers generally, including but not limited
to revocation of license and the authority to transact insurance
business in this state.
Oklahoma Statutes - Title 36. Insurance Page 1207
B. A risk retention group doing business in this state that is
not licensed pursuant to the Oklahoma Risk Retention Act shall be
considered an unauthorized insurer and shall be subject to the
provisions of applicable sections of the Insurance Code pertaining
to unauthorized insurers.
C. A purchasing group that is registered pursuant to the
Oklahoma Risk Retention Act and which violates any provision of said
act shall be subject to a fine of up to One Thousand Dollars
($1,000.00) and censure, suspension, or revocation of license or by
both such fine and licensure proceedings, after notice and hearing.
D. A purchasing group doing business in this state which is not
registered shall be considered an unauthorized insurer and subject
to the provisions of applicable sections of the Insurance Code
pertaining to unauthorized insurers.
Status: in_force · Read it on the official government site
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