§ 1100.1. Definitions
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 1100.1
§ 1100.1. Definitions
As used in the Unauthorized Insurers and Surplus Lines Insurance Act:
d. if more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the term “home state” means the home state, as determined pursuant to division (1) of subparagraph a of this paragraph, of the member affiliated group that has the largest percentage of premium attributed to it under such insurance contract, or
e. when the group policyholder pays one hundred percent (100%) of the premium from its own funds, the term “home state” means the home state, as determined pursuant to division (1) of subparagraph a of this paragraph, of the group policyholder. When the group policyholder does not pay one hundred percent (100%) of the premium from its own funds, the term “home state” means the home state, as determined pursuant to division (1) of subparagraph a of this paragraph, or of the group member;
6. “Nonadmitted insurance” means any property and casualty insurance permitted in a state to be placed directly through a surplus lines licensee or broker with a nonadmitted insurer eligible to accept such insurance. For purposes of the Unauthorized Insurers and Surplus Lines Insurance Act, nonadmitted insurance includes independently procured insurance and surplus lines insurance;
10. “Surplus lines licensee” or “surplus lines broker” means an individual, firm or corporation that is licensed in the insured's home state to sell, solicit, or negotiate insurance, including the agent of record on a nonadmitted insurance policy, on properties, risks or exposures located or to be performed in a state allowing nonadmitted insurers to do business.
Credits
Laws 2011, c. 278, § 5; Laws 2011, c. 360, § 5; Laws 2012, c. 45, § 2, emerg. eff. April 16, 2012.
36 Okl. St. Ann. § 1100.1, OK ST T. 36 § 1100.1
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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