Okla. Stat. tit. 47, § 47-230.30

A. No license shall be issued by the Commission to any carrier

until after the carrier shall have filed with the Commission a

liability insurance policy or bond covering public liability and

property damage, issued by some insurance or bonding company or

insurance carrier authorized pursuant to this section and which has

complied with all of the requirements of the Commission, which bond

or policy shall be approved by the Commission, and shall be in a sum

Oklahoma Statutes - Title 47. Motor Vehicles Page 782

and amount as fixed by a proper order of the Commission; and the

liability and property damage insurance policy or bond shall bind

the obligor thereunder to make compensation for injuries to, or

death of, persons, and loss or damage to property, resulting from

the operation of any carrier for which the carrier is legally

liable. A copy of the policy or bond shall be filed with the

Commission, and, after judgment against the carrier for any damage,

the injured party may maintain an action upon the policy or bond to

recover the same, and shall be a proper party to maintain such

action.

B. Every motor carrier shall file with the Commission a cargo

insurance policy or bond covering any goods or property being

transported, issued by some insurance or bonding company or

insurance carrier authorized as set forth below, and which has

complied with all of the requirements of the Commission, which bond

or policy shall be approved by the Commission, and shall be in a sum

and amount as fixed by a proper order of the Commission. The cargo

insurance must be filed with the Commission prior to a license being

issued by the Commission, unless the motor carrier has been exempted

from this requirement.

Intrastate motor carriers of sand, rock, gravel, asphaltic

mixtures or other similar road building materials shall not be

required to file cargo insurance and shall be required to maintain

liability insurance limits of Three Hundred Fifty Thousand Dollars

($350,000.00) combined single limit.

No carrier, whose principal place of business is in Oklahoma,

shall conduct any operations in this state unless the operations are

covered by a valid primary bond or insurance policy issued by a

provider authorized or approved by the State Insurance Commissioner.

No carrier shall conduct any operations in this state unless the

operations are covered by a valid bond or insurance policy issued by

a provider authorized and approved by a National Association of

Insurance Commissioners and certified by the State Insurance

Commission.

C. Each carrier shall maintain on file, in full force, all

insurance required by the laws of this state and the rules of the

Commission during the operation of the carrier and that the failure

for any cause to maintain the coverage in full force and effect

shall immediately, without any notice from the Commission, suspend

the rights of the carrier to operate until proper insurance is

provided. Any carrier suspended for failure to maintain proper

insurance shall have a reasonable time, not exceeding sixty (60)

days, to have its license reactivated, and to provide proper

insurance upon showing:

1. No operation during the period in which it did not have

insurance; and

2. Furnishing of proper insurance coverage.

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D. Any carrier who fails to reactivate its license within sixty
proper

insurance shall have a reasonable time, not exceeding sixty (60)

days, to have its license reactivated, and to provide proper

insurance upon showing:

1. No operation during the period in which it did not have

insurance; and

2. Furnishing of proper insurance coverage.

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D. Any carrier who fails to reactivate its license within sixty

(60) days after the suspension, as above provided, shall have the

license canceled, by operation of law, without any notice from the

Commission. No license so canceled shall be reinstated or otherwise

made operative except that the Commission may reinstate the license

of a carrier upon proper showing that the carrier was actually

covered by proper insurance during the suspension or cancellation

period, and that failure to file with the Commission was not due to

the negligence of the carrier. Any carrier desiring to file for

reinstatement of its license shall do so within ninety (90) days of

its cancellation by law.

E. The Commission shall, in its discretion, permit the filing

of certificates of insurance coverage or such form as may be

prescribed by the Commission, in lieu of copies of insurance

policies or bonds, with the proviso that if the certificates are

authorized the insurance company or carrier so filing it, upon

request of the Commission, will, at any time, furnish an

authenticated copy of the policy which the certificate represents,

and further provided that thirty (30) days prior to effective

cancellation or termination of the policy of insurance for any

cause, the insurer shall so notify the Commission in writing of the

facts or as deemed necessary by the Commission.