Publication Date
2022-05-19
effective date
2022-05-19
jurisdiction
Oklahoma Makes Changes to Surplus Lines
Adjustments were made to the surplus lines requirements.
Here is a summary of the changes: - (Addition) Insurance may be procured from a surplus lines insurer if they meet the capital requirements and on the Insurance Commissioners Non-admitted insurers list if an alien insurer. - (Addition) A surplus line broker is not required to make a due diligence search if the broker is seeking to procure flood insurance with a non-admitted broker. - (Addition) Exempt from surplus tax if the policy is sold to a federally recognized Indian tribe covering risks wholly owned by the tribe, OR if the portion of insurance on motor transit operation covering the operations in other states. - (Addition) 6% tax premium applies to gross premiums less return premiums on all renewal policies - (Addition) Report must be filed within 30 days of the procurement of coverage For more information on the reporting form and payment of tax, visit the state website.
AgentSync Actions
Our compliance experts are constantly searching for and analyzing industry updates. Their findings are then recorded in the Regulatory Updates section of the Compliance Library to explain how the update impacts the insurance industry. If a change impacts an AgentSync product, this will be highlighted to inform you that the product is being updated to ensure you remain in compliance.
icon
analyzed
icon
pending
icon
effective
info
This update has been reviewed by AgentSync compliance experts for industry impact and necessary automation in the AgentSync platform.
categories
Licensing