§ 1435.21. Licensure for purposes of writing controlled business prohibited
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 1435.21
§ 1435.21. Licensure for purposes of writing controlled business prohibited
b. insurance covering the licensee or relatives of the licensee to the second degree or a corporation, association, or partnership of which the licensee or a member of the licensee's immediate family is an officer, director, substantial stockholder, partner, associate, or employee, or the officers, directors, substantial stockholders, partners, or employees of such a corporation, association, or partnership. A vendor's or lender's interest in property sold or being sold pursuant to contract or which is security for any loan shall not be deemed for the purpose of this provision to constitute property or an interest of the vendor or lender.
B. A license shall be deemed to have been or intended to be used for the purpose of writing controlled business if the Commissioner finds that during any twelve-month period the aggregate commissions earned from controlled business has exceeded twenty-five percent (25%) of the aggregate commissions earned on all business written by the applicant or licensee during the same period.
Credits
Laws 1997, c. 418, § 63, eff. Nov. 1, 1997. Renumbered from Title 36, § 1424.14 and amended by Laws 2001, c. 156, §§ 21, 35, eff. Nov. 1, 2001.
36 Okl. St. Ann. § 1435.21, OK ST T. 36 § 1435.21
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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