§ 3102. Deposit of security prior to doing business--Qualifications--Issuance of certificates--...
Oklahoma Statutes AnnotatedTitle 36. InsuranceEffective: November 1, 2018
Effective: November 1, 2018
36 Okl.St.Ann. § 3102
§ 3102. Deposit of security prior to doing business--Qualifications--Issuance of certificates--Expiration date
A. No company shall sell, or offer for sale, any motor club service without first having deposited with the Commissioner the sum of Fifty Thousand Dollars ($50,000.00), in cash or securities approved by the Commissioner, or, in lieu thereof, a corporate surety bond, approved by the Commissioner, in the form described by the Commissioner, payable to the State of Oklahoma, in the sum of One Hundred Thousand Dollars ($100,000.00), and conditioned upon the faithful performance in the sale or rendering of motor club service and payment of any fines or penalties levied against it for failure to comply with the provisions of Section 3101 et seq. of this title. Provided, however, that the aggregate liability of the surety for all breaches of the conditions of the bond and for the payment of all fines and penalties shall, in no event, exceed the amount of the bond.
4. A copy of its latest financial statement, or report of independent audit, as the Commissioner may require; or, in the event that neither is available, its most recent audited and certified operating statement and balance sheet. Any such certified operating statement, audit or audited and certified operating statement and balance sheet shall be verified by the person compiling or making the same and by an executive officer of the applicant;
Credits
Laws 1973, c. 127, § 2, emerg. eff. May 9, 1973; Laws 2018, c. 95, § 6, eff. Nov. 1, 2018.
36 Okl. St. Ann. § 3102, OK ST T. 36 § 3102
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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