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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 36. INSURANCE

  § 36-1464. Requirements for licensure - Fees - Errors and omissions policy - Violations, fines and penalties.  

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  • A.  1.  To be licensed as a resident life or accident and health insurance broker, an individual or legal entity shall have been a licensed resident agent or agency in this state continuously for at least two (2) years immediately prior to application and such agent's license shall remain in effect in order to maintain the broker's license.  A nonresident life or accident and health insurance broker applicant may receive a license in this state if they are licensed and in good standing in their home state, and if the home state of the applicant awards nonresident licenses to residents of this state on the same basis.

    2.  Any applicant for a broker's license shall have no Oklahoma Insurance Code violations or record with the Insurance Commissioner or an insurance regulatory body of another state and shall not have been convicted, or pleaded guilty or nolo contendere to any felony or to a misdemeanor involving moral turpitude or dishonesty.

    3.  The fee for a life or accident and health insurance broker's license shall be Fifty Dollars ($50.00).  The license may be renewed each year for the same fee.  Late application for renewal of a license shall require a fee of double the amount of the original current license fee.  The fees shall be placed in the State Insurance Commissioner Revolving Fund.

    B.  1.  Every applicant for a life or accident and health insurance broker's license shall file with the Commissioner and, upon approval of the application, maintain in force while licensed and for at least two (2) years following termination of the license, evidence satisfactory to the Commissioner of an errors and omissions policy covering the individual applicant in an amount of not less than One Hundred Thousand Dollars ($100,000.00) annual aggregate for all claims made during the policy period, or covering the applicant under a blanket liability policy insuring other life or accident and health insurance agents or brokers in an amount of not less than Five Hundred Thousand Dollars ($500,000.00) annual aggregate for all claims made during the policy period.

    2.  Such policy shall be issued by an insurance company authorized to do business in this state, shall be continuous in form, and shall provide coverage acceptable to the Commissioner for errors and omissions of the life or accident and health insurance broker.  The policy carrier shall notify the Commissioner of any lapse or termination of errors and omissions coverage.

    3.  Failure to maintain a policy in force shall result in automatic termination of licensure, and the license shall be returned by its lawful custodian to the Commissioner for further cancellation.

    C.  Life or accident and health insurance brokers shall be subject to the same violations, fines, and penalties as stated in Section 1435.13 of this title.  Violations of the provisions of the Oklahoma Life, Accident and Health Insurance Broker Act may result, after notice and hearing, in censure, suspension, or revocation of license or a civil penalty of not less than One Hundred Dollars ($100.00), nor more than One Thousand Dollars ($1,000.00), or a combination thereof for each occurrence.

Added by Laws 1983, c. 165, § 4, eff. Nov. 1, 1983.  Amended by Laws 1984, c. 173, § 7, emerg. eff. May 7, 1984; Laws 1985, c. 258, § 5, eff. Nov. 1, 1985; Laws 1997, c. 418, § 86, eff. Nov. 1, 1997; Laws 2010, c. 222, § 26, eff. Nov. 1, 2010; Laws 2013, c. 269, § 3, eff. Nov. 1, 2013.