§ 1475. Financial examination and on-site reviews--Binding authority for contracts--Notice of a...
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 1475
§ 1475. Financial examination and on-site reviews--Binding authority for contracts--Notice of appointment or termination--Review of books and records--Appointments to board
E. An insurer shall review its books and records each quarter to determine if any agent or broker has become a managing general agent as defined in Section 2 of this act.1 If the insurer determines that an agent or broker has become a managing general agent, the insurer shall promptly notify the agent or broker and the Insurance Commissioner of such determination, and the insurer and agent or broker shall fully comply with the provisions of this act within thirty (30) days of such notification.
F. An insurer shall not appoint to its board of directors an officer, director, employee, sub-agent, sub-broker or controlling shareholder of its managing general agents. This subsection shall not apply to relationships governed by the insurance holding company act, Section 1651 et seq. of this title.
Credits
Laws 1991, c. 134, § 5, eff. July 1, 1991.
Footnotes
Title 36, § 1472.
36 Okl. St. Ann. § 1475, OK ST T. 36 § 1475
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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