The Oklahoma Bulletin addresses upcoming legislative changes

Oklahoma Insurance Commissioner Glen Mulready addressed the upcoming legislative changes to insurers in an Aug. 26 bulletin. The legislative changes, which take effect on November 1, include updates to contact information, search and delivery and storage of electronic documents.

SB 542

36 OS § 109(C).

Current contact information is required – All persons and organizations under the Commissioner’s jurisdiction shall maintain any contact information deemed necessary by the Commissioner on file with the Department of Insurance. Contact information will be kept up-to-date and will be transmitted electronically in the manner and form prescribed by the Commissioner, together with any applicable fees. Any changes to contact information will be posted within twenty (20) days of the change.

Disclaimer: This legislative amendment does not supersede any other applicable provision of the insurance code. In the event of a conflict between the provisions of 36 OS §109(C) and any other insurance code section, the latter shall control.

36 OS § 607(E).

Current contact information is required – Insurers under the jurisdiction of the Commissioner of Insurance shall maintain any contact information deemed necessary by the Commissioner on file with the Department of Insurance. Contact information will be kept up-to-date and transmitted electronically in the manner and form prescribed by the Commissioner, together with any applicable fees. Any changes to contact information will be posted within twenty (20) days of the change. Instructions on how to change your company contact information can be found here:

https://www.oid.ok.gov/wp-content/uploads/2021/07/Company-Contact-Changes_2021.pdf

Legislative changes in force on November 1, 2024

HB 3091

36 OS § 1106.1(A).

No due diligence search is required unless – The licensee or surplus lines broker is not required to conduct a due diligence search to determine whether the total amount or type of insurance can be obtained from admitted insurers when the licensee or surplus lines broker attempts to purchase or place non-admitted insurance to an exempt commercial purchaser, unless the licensee or broker purchasing or placing excess lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available in the admitted market that may provide greater protection with greater regulatory oversight.

HB 1505

36 OS § 123.

Delivery and storage of electronic documents – An insurer may choose to post a policy or endorsement that does not contain personally identifiable information on its website, provided it complies with the requirements set forth in 36 OS § 123(L). After the policy or endorsement expires, the insurer must archive it in accordance with the record retention requirements of the Oklahoma Department of Insurance. For property and casualty policies, the insurer must archive the policy or endorsement for a period of five (5) years after expiration. For life and health policies, the insurer must archive the policy or endorsement for a period of ten (10) years after expiration.

Source: Oklahoma Department of Insurance

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Oklahoma