INSURANCE COMMISSIONER QUALIFICATIONS
2022 Okla. Sess. Law Serv. Ch. 178 (S.B. 1245) (WEST)
2022 Okla. Sess. Law Serv. Ch. 178 (S.B. 1245) (WEST)
OKLAHOMA 2022 SESSION LAW SERVICE
Fifty-Eighth Legislature, 2022 Second Regular Session
CHAPTER 178
S.B. No. 1245
INSURANCE COMMISSIONER QUALIFICATIONS
An Act relating to insurance; amending 36 O.S. 2021, Section 302, which relates to the Insurance Commissioner; prohibiting the Insurance Commissioner from being financially interested in certain entities; updating statutory language; and providing an effective date.
SUBJECT: Insurance Commissioner qualifications
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
<< OK ST T. 36 ยง 302 >>
SECTION 1. AMENDATORY 36 O.S. 2021, Section 302, is amended to read as follows:
Section 302. The Insurance Commissioner of the State of Oklahoma this state shall be at least twenty-five (25) years of age and a resident of the State of Oklahoma this state for at least five (5) years, and have had at least five (5) years' experience in the insurance industry in administration, sales, servicing or regulation. The Insurance Commissioner shall not be financially interested, directly or indirectly, in any insurer, agency, or insurance transaction, or other entity that is regulated by the Insurance Department, except as a policyholder or claimant under a policy.
SECTION 2. This act shall become effective November 1, 2022.
Approved May 3, 2022.
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