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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 15. CONTRACTS

  § 15-141.7. Application for license - Investigation of applicant - Audited financial statements.  

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  • A.  An application for license as a service warranty association shall be made to, and filed with, the Insurance Commissioner on printed forms as prescribed and furnished by the Insurance Commissioner.

    B.  In addition to information relative to its qualifications as required under Section 5 of this act, the Commissioner may require that the application show:

    1.  The location of the home office of the applicant;

    2.  The name and residence address of each director or officer of the applicant; and

    3.  Other pertinent information as may be required by the Commissioner.

    C.  The Commissioner may require that the application, when filed, be accompanied by:

    1.  A copy of the articles of incorporation of the applicant, certified by the public official having custody of the original, and a copy of the bylaws of the applicant, certified by the chief executive officer of the applicant;

    2.  A copy of the most recent financial statement of the applicant, verified under oath of at least two of its principal officers; and

    3.  A license fee as required pursuant to Section 4 of this act.

    D.  Upon completion of the application for license, the Commissioner shall examine the application and make such further investigation of the applicant as the Commissioner deems advisable.  If the Commissioner finds that the applicant is qualified, the Commissioner shall issue to the applicant a license as a service warranty association.  If the Commissioner does not find the applicant to be qualified the Commissioner shall refuse to issue the license and shall give the applicant written notice of the refusal, setting forth the grounds of the refusal.

    E.  1.  Any entity that claims one or more of the exclusions from the definition of service warranty provided in paragraph 14 of Section 2 of this act shall file audited financial statements and other information as requested by the Commissioner to document and verify that the contracts of the entity are not included within the definition of service warranty.

    2.  Any entity that begins claiming an exclusion exemption as provided by paragraph 14 of Section 2 of this act shall file audited financial statements and other information as requested by the Commissioner prior to conducting or continuing business in this state.

    3.  Any entity approved for an exclusion exemption as provided by paragraph 14 of Section 2 of this act may be required by the Commissioner to provide subsequent audited financial statements and other information ascertained by the Commissioner to be necessary to determine continued qualification for an exclusion exemption as provided by paragraph 14 of Section 2 of this act.

    4.  Other information requested by the Commissioner may include, but is not limited to, SEC filings, audited financial statements of affiliates, and organizational data and organizational charts.

Added by Laws 2012, c. 150, § 7, eff. Nov. 1, 2012.