§ 3309. Penalties
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 3309
§ 3309. Penalties
Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this act1 shall be required, after notice and hearing, to pay a penalty of One Thousand Dollars ($1,000.00) for each day's delay, to be recovered by the Insurance Commissioner. The maximum penalty under this section is Twenty-five Thousand Dollars ($25,000.00). The Insurance Commissioner may reduce the penalty if the insurer demonstrates to the Insurance Commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Credits
Laws 2015, c. 228, § 9, eff. Jan. 1, 2016.
Footnotes
Title 36, § 3301 et seq.
36 Okl. St. Ann. § 3309, OK ST T. 36 § 3309
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |