§ 6220.1. Prohibition on pecuniary interest in construction businesses--Penalties--Exceptions
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2019
Effective: November 1, 2019
36 Okl.St.Ann. § 6220.1
§ 6220.1. Prohibition on pecuniary interest in construction businesses--Penalties--Exceptions
A. No adjuster may, directly or indirectly, own or have a pecuniary interest in any business entity which provides construction or reconstruction related services on behalf of an insurance claimant or insured for which the adjuster is providing services, nor may the adjuster, directly or indirectly, own or have a pecuniary interest in any other business entity which furnishes any supplies, material, services, or equipment purchased by or on behalf of the claimant or insured in settlement of the claim, other than usual and customary supplies, materials, services, or equipment utilized in the adjusting process.
C. This section shall not apply to an adjuster providing services on a claim which is located in a municipality having a population of less than six thousand (6,000) persons; provided, however, the adjuster shall give written disclosure of the potential conflict of interest to both the insured and insurer prior to the performance of any adjuster services.
Credits
Laws 1995, c. 243, § 1, eff. Nov. 1, 1995; Laws 2015, c. 297, § 6, eff. Nov. 1, 2015; Laws 2019, c. 294, § 11, eff. Nov. 1, 2019.
36 Okl. St. Ann. § 6220.1, OK ST T. 36 § 6220.1
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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