A. A purchasing group which intends to do business in this state shall, prior to doing business, furnish to the Insurance Commissioner notice which shall, on forms prescribed by the National Association of Insurance Commissioners:
1. Identify the state in which the group is domiciled;
2. Identify all other states in which the group intends to do business;
3. Specify the lines and classifications of liability insurance which the purchasing group intends to purchase;
4. Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of the company or companies;
5. Identify the principal place of business of the group;
6. Specify the method by which the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state; and
7. Provide such other information as may be required by the Commissioner of this state to verify that the purchasing group is qualified to do business in this state as a purchasing group.
B. A purchasing group shall notify the Insurance Commissioner of any changes in any of the information prescribed in subsection A of this section within ten (10) days of such change;
C. The purchasing group shall register with and designate the Commissioner of this state as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be assessed in an amount determined by the Commissioner, except that such requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the federal Products Liability Risk Retention Act of 1981
and:
a. was domiciled before April 1, 1986, and
b. is domiciled on and after October 27, 1986, in any state;
2. Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state;
3. Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or
4. Was a purchasing group pursuant to the requirements of the federal Product Liability Risk Retention Act of 1981 before October 27, 1986.
D. Each purchasing group that is required to give notice pursuant to subsection A of this section also shall furnish such information as may be required by the Insurance Commissioner or designee to:
1. Verify that the entity qualifies as a purchasing group;
2. Determine where the purchasing group is located; and
3. Determine appropriate tax treatment.
Credits
Laws 1987, c. 157, § 8, emerg. eff. June 25, 1987; Laws 2004, c. 334, § 5, emerg. eff. May 25, 2004; Laws 2021, c. 314, § 8, eff. Nov. 1, 2021.
36 Okl. St. Ann. § 6458, OK ST T. 36 § 6458
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
