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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2403 By: Russ
COMMITTEE SUBSTITUTE
An Act relating to licenses and certificates;
amending 36 O.S. 2011, Section 617, which relates to
insurance certificates; requiring suspension of
license or certificate for failure to qualify for
renewal; imposing reinstatement fees; allowing
termination of license or certificate after certain
time period; providing exemp tion; amending 36 O.S.
2011, Section 618, which relates to mandatory
revocation or suspension; requiring suspension of
license or certificate for failure to qualify for
renewal; imposing reinstatement fees; allowing
termination of license or certificate af ter certain
time period; providing exemption; amending 36 O.S.
2011, Section 619, which relates to revocation or
suspension of insurance certificate; requiring
suspension of certificate for failure to qualify for
renewal; imposing reinstatement fees; allow ing
termination of certificate after certain time period;
providing exemption; amending Section 2, Chapter 321,
O.S.L. 2014, as amended by Section 2, Chapter 145,
O.S.L. 2015 (36 O.S. Supp. 2020, Section 1415.3),
which relates to insurance navigators; requ iring
suspension of registration for failure to qualify for
renewal; imposing reinstatement fees; allowing
termination of registration after certain time
period; providing exemption; amending 36 O.S. 2011,
Sections 1435.13, as amended by Section 3, Chapter
294, O.S.L. 2019 and 1435.29, as amended by Section
7, Chapter 11, O.S.L. 2012 (36 O.S. Supp. 2020,
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Sections 1435.13 and 1435.29), which relate to the
Oklahoma Producer Licensing Act; requiring suspension
of license for failure to qualify for renewal;
imposing reinstatement fees; allowing termination of
license after certain time period; providing
exemption; providing continuing education exemption;
amending 36 O.S. 2011, Section 2727.1, which relates
to fraternal benefit societies; requiring suspension
of license for failure to qualify for renewal;
imposing reinstatement fees; allowing termination of
license after certain time period; providing
exemption; amending 36 O.S. 2011, Section 4055.4,
which relates to the Viatical Settlements Act of
2008, requiring suspension of license for failure to
qualify for renewal; imposing reinstatement fees;
allowing termination of license after certain time
period; providing exemption; amending 36 O.S. 2011,
Sections 6217, as last amended by Section 14, Chapter
269, O.S.L. 2013 and 6220, as last amended by Section
10, Chapter 294, O.S.L. 2019 (36 O.S. Supp. 2020,
Sections 6217 and 6220), which relate to the
Insurance Adjusters Licensing Act; providing
continuing education exemption; requiring suspension
of license for failure to qualify for renewal;
imposing reinstatement fees; allowing termination of
license after certain time period; providing
exemption; amending 36 O.S. 2011, Sections 6560 and
6561, which relate to the Hospital and Medical
Services Utilization Review Act ; requiring suspension
of license for failure to qualify for renewal;
imposing reinstatement fees; allowing termination of
license after certain time period; providing
exemption; amending 59 O.S. 2011, Sections 1304, as
amended by Section 1, Chapter 150, O .S.L. 2013,
1308.1, as amended by Section 1, Chapter 259, O.S.L.
2019 and 1309, as last amended by Section 3, Chapter
110, O.S.L. 2015 (59 O.S. Supp. 2020, Sections 1304,
1308.1 and 1309), which relate to bail bondsmen;
requiring suspension of license for failure to
qualify for renewal; imposing reinstatement fees;
allowing termination of license after certain time
period; providing exemption; providing continuing
education exemption; eliminating automatic
expiration; and providing an effective date.
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BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2011, Section 617, is
amended to read as follows:
Section 617. A. All certificates of authority shall, beginning
November 1, 2002, be perpetual and automatically renewed as of March
1 of each year, unless the insurer fails to qualify for renewal
pursuant to the requirements of the Insurance Code. If the insurer
or holder of the license or certificate fails to qualify for a
renewal, the license or ce rtificate shall be suspended. Once the
insurer or holder of the license or certificate meets the
requirements for renewal, the license or certificate shall be
reinstated after the insurer or holder of the license or certificate
pays a fee of Two Hundred F ifty Dollars ($250.00) if the license or
certificate has been suspended for less than twelve (12) months and
a fee of Five Hundred Dollars ($500.00) if the license or
certificate has been suspended for less than twenty -four (24)
months. The Department sha ll only terminate a license or
certificate that failed to renew after the twenty -four-month
suspension period required under this subsection and upon
notification by first -class mail. The provisions of this subsection
shall not apply to an insurer or hold er of a license or certificate
that willfully and knowingly violates any provision of this Code as
to which refusal, suspension, or revocation is mandatory.
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B. The Insurance Commissioner may amend a certificate of
authority at any time to accord with chan ges in the insurer's
charter or insuring powers.
SECTION 2. AMENDATORY 36 O.S. 2011, Section 618, is
amended to read as follows:
Section 618. A. The Insurance Commissioner shall refuse to
renew or shall revoke or suspend an insu rer's certificate of
authority:
1. If such action is required by any provision of this Code ,;
or
2. If the insurer no longer meets the requirements for the
authority originally granted, on account of deficiency in assets or
otherwise.
B. If the insurer or holder of the license or certificate fails
to qualify for a renewal, the license or certificate shall be
suspended. Once the insurer or holder of the license or certificate
meets the requirements for renewal, the license or certificate shall
be reinstated after the insurer or holder of the license or
certificate pays a fee of Two Hundred Fifty Dollars ($250.00) if the
license or certificate has been suspended for less than twelve (12)
months and a fee of Five Hundred Dollars ($500.00) if the license or
certificate has been suspended for less than twenty -four (24)
months. The Department shall only terminate a license or
certificate that failed to renew after the twenty -four-month
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suspension period required under this subsection and upon
notification by first-class mail. The provisions of this subsection
shall not apply to an insurer or holder of a license or certificate
that willfully and knowingly violates any provision of this Code as
to which refusal, suspension, or revocation is mandatory.
SECTION 3. AMENDATORY 36 O.S. 2011, Section 619, is
amended to read as follows:
Section 619. A. The Except as otherwise provided in this
section, the Insurance Commissioner may , after opportunity for a
hearing, refuse to renew, or may revoke or suspend an insurer's
certificate of authority, in addition to other grounds in this Code,
if the insurer:
1. Violates any provision of this Code other than those as to
which refusal, suspension, or revocation is mandatory;
2. Knowingly fails to co mply with any lawful rule or order of
the Insurance Commissioner;
3. Is found by the Insurance Commissioner to be in unsound
condition or in such condition as to render its further transaction
of insurance in this state hazardous to its policyholders or t o the
people of this state;
4. Without reasonable cause compels claimants under its
policies to accept less than the amount due them or to bring suit
against it to secure full payment;
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5. Refuses to be examined or to produce its accounts, records,
and files for examination by the Insurance Commissioner when
required;
6. Fails to pay any final judgment rendered against it in this
state within thirty (30) days after the judgment becomes final; or
7. Is affiliated with and under the same general management or
interlocking directorate or ownership as another insurer which
transacts direct insurance in this state without having a
certificate of authority therefor, except as permitted to a surplus
line insurer pursuant to Sections 1101 through 1120 of this tit le.
B. In addition to or in lieu of any applicable revocation or
suspension of an insurer's certificate of authority, any insurer who
knowingly and willfully violates this Code may be subject to a civil
penalty of not more than Five Thousand Dollars ($5,0 00.00) for each
occurrence.
C. In addition to or in lieu of any sanction, the Commissioner
may require an insurer to restrict its insurance writings, obtain
additional contributions to surplus, withdraw from the state,
reinsure all or part of its business , increase capital, surplus,
deposits or any other account for the security of policyholders or
creditors, or provide independent actuarial review.
D. If the insurer fails to qualify for a renewal, the insurance
certificate shall be suspended. Once the i nsurer meets the
requirements for renewal, the insurance certificate shall be
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reinstated after the insurer pays a fee of Two Hundred Fifty Dollars
($250.00) if the certificate has been suspended for less than twelve
(12) months and a fee of Five Hundred Do llars ($500.00) if the
certificate has been suspended for less than twenty -four (24)
months. The Department shall only terminate a certificate that
failed to renew after the twenty -four-month suspension period
required under this subsection and upon notif ication by first-class
mail. The provisions of this subsection shall not apply to an
insurer that willfully and knowingly violates any provision of this
Code as to which refusal, suspension, or revocation is mandatory.
SECTION 4. AMENDATORY Section 2, Chapter 321, O.S.L.
2014, as amended by Section 2, Chapter 145, O.S.L. 2015 (36 O.S.
Supp. 2020, Section 1415.3), is amended to read as follows:
Section 1415.3 A. No navigator shall provide assistance with
regard to health benefit plans as a navigator in this state under
the provisions of the federal act unless registered in accordance
with this act. The Insurance Commissioner must maintain a registry
of navigators.
B. An individual applying for a navigator registration shall
make application on a form developed by the Commissioner and shall
declare under penalty of refusal, suspension, or revocation of the
registration that the statements made in the application are true,
correct, and complete to the best of the applicant's knowle dge. The
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Commissioner may not allow any applicant to register who does not
meet or conform to the following qualifications or requirements:
1. The applicant shall establish to the satisfaction of the
Commissioner that he or she has read and will comply w ith written
materials provided by the Commissioner concerning ethics, consumer
privacy, the insurance laws of this state, and any other topic or
topics the Commissioner deems necessary and attests to such
understanding and intent to comply with all state s tatutes and
rules;
2. The applicant shall attest to an understanding of the
disclosure and recordkeeping requirements of the registry and the
ability to provide and maintain such documents;
3. An applicant shall be not less than eighteen (18) years of
age and of good moral character;
4. The applicant shall successfully complete a criminal history
and regulatory background investigation in the manner that the
Commissioner requires;
5. The applicant shall identify the entity with which he or she
is, or will be, affiliated and supervised; and
6. The applicant shall pay a registration fee prescribed by the
Commissioner not to exceed Fifty Dollars ($50.00).
C. An entity applying for a navigator entity registration shall
make application on a form developed by the Commissioner and shall
declare under penalty of refusal, suspension or revocation of the
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registration that the statements made in the application are true,
correct and complete to the best of the applicant's knowledge. The
Commissioner shall not is sue a registration to any entity applicant
that does not meet or conform to the following qualifications or
requirements:
1. Establishes policies and procedures to ensure that acts that
may be performed only by a registered navigator or licensed producer
are performed by persons who are appropriately registered or
licensed;
2. Acknowledges and accepts legal responsibility for the acts
of the individual navigators that it employs, supervises, or is
affiliated with that are performed in this state and that are within
the scope of the navigator's apparent authority; and
3. Pays a registration fee prescribed by the Commissioner not
to exceed Fifty Dollars ($50.00).
D. The Except as otherwise required under this subsection, the
registration of an individual n avigator or navigator entity shall
expire one year after issuance. An individual applicant for a
renewal registration shall provide proof that he or she has
completed continuing education as required under the federal act and
shall establish to the satisf action of the Commissioner that he or
she has read and will comply with written materials provided by the
Commissioner concerning ethics, consumer privacy, the insurance laws
of this state and any other topic or topics the Commissioner deems
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necessary and attests to such understanding and intent to comply
with all state statutes and rules. If the navigator fails to
qualify for a renewal, the registration shall be suspended. Once
the navigator meets the requirements for renewal, the registration
shall be reinstated after the navigator pays a fee of Two Hundred
Fifty Dollars ($250.00) if the registration has been suspended for
less than twelve (12) months and a fee of Five Hundred Dollars
($500.00) if the registration has been suspended for less than
twenty-four (24) months. The Department shall only terminate a
registration that failed to renew after the twenty -four-month
suspension period required under this subsection and upon
notification by first -class mail. The provisions of this subsection
shall not apply to a navigator that willfully and knowingly violates
any provision of this Code as to which refusal, suspension, or
revocation is mandatory.
E. A registered individual navigator must:
1. Provide a disclaimer in a form prescribed by the
Commissioner to each individual or group whom the navigator assists,
which shall include the name of the navigator and the navigator
entity;
2. Record the name and contact information for each individual
or group whom the navigator assists in enrolling on the exchang e and
the date of contact and provide such information to the navigator
entity immediately;
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3. Allow for an on-site inspection of operations and records
specifically related to the fulfillment of the enrollment or
assistance with enrollment duties as requ ired by this act by the
navigator at any time, including providing summary reports as
requested by the Commissioner, which shall not include personally
identifiable information. Provided, however, a registered
individual navigator shall, upon inquiry by t he Commissioner, verify
the name, contact information, and date of contact for an individual
or group assisted in enrolling on the exchange by the navigator;
4. Report to the Commissioner any administrative action taken
by a governmental agency against th e navigator in this state or in
any other jurisdiction within thirty (30) calendar days of the final
disposition of the matter;
5. Report to the Commissioner any criminal prosecution of the
navigator taken in any jurisdiction within thirty (30) calendar d ays
of the initial pretrial hearing date; and
6. Notify the Commissioner within ten (10) calendar days of any
action by an exchange or related party that restricts or terminates
the navigator's authorization to act as a navigator.
F. A registered navigat or entity must:
1. Maintain a record of all individuals employed or overseen as
a navigator for a period of three (3) years following the
termination of the employment or oversight of the individual as a
navigator;
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2. Maintain all records required to be provided to the
navigator entity by registered navigators for a period of three (3)
years following the termination of the employment or oversight of
each individual as a navigator;
3. Allow for an on-site inspection of operations and records
specifically related to the fulfillment of the enrollment or
assistance with enrollment duties as required by this act by the
navigator at any time, including providing summary reports as
requested by the Commissioner, which shall not include personally
identifiable information. Provided, however, a registered navigator
entity shall, upon inquiry by the Commissioner, verify the name,
contact information, and date of contact for an individual or group
assisted in enrolling on the exchange by any navigator employed or
overseen by the navigator entity;
4. Provide the Commissioner with a list of all individual
navigators that it employs, supervises or is affiliated with, in a
manner prescribed by the Commissioner; and
5. Report to the Commissioner any termination of empl oyment,
engagement, affiliation or other relationship with an individual
navigator within thirty (30) days, using a format prescribed by the
Commissioner, if the navigator is terminated for failing to comply
with any requirement of this title.
G. Any person who acts as a navigator without holding an active
registration at the time of the action shall be guilty of a
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misdemeanor and shall be punished by the imposition of a fine of not
more than Two Hundred Fifty Dollars ($250.00) or imprisonment in the
county jail for not less than three (3) months nor more than six (6)
months, or be punished by both such fine and imprisonment.
H. Any navigator who violates the provisions of this act shall
be subject to a civil fine of not less than Fifty Dollars ($50.00)
nor more than Five Hundred Dollars ($500.00) for each occurrence.
I. Any navigator entity that allows an individual who is
employed or overseen by the navigator entity to interact with
individuals or groups performing any of the functions of a navigator
without an active registration shall be subject to a civil fine of
not more than Five Hundred Dollars ($500.00) for each individual or
group with whom the unregistered individual interacts as a navigator
and a civil fine of not more than Fifty Dollars ($50.00 ) for each
day the unregistered individual performs acts as a navigator.
J. Any navigator entity that fails to retain the documentation
required by this act shall be subject to a civil fine of not less
than Fifty Dollars ($50.00) nor more than Five Hundre d Dollars
($500.00) for each occurrence.
SECTION 5. AMENDATORY 36 O.S. 2011, Section 1435.13, as
amended by Section 3, Chapter 294, O.S.L. 2019 (36 O.S. Supp. 2020,
Section 1435.13), is amended to read as follows:
Section 1435.13 A. The Except as otherwise provided in this
section, the Insurance Commissioner may place on probation, censure,
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suspend, revoke or refuse to issue or renew a license issued
pursuant to the Oklahoma Producer Licensing Act or may levy a civil
penalty in accordance with subsection D of this section or any
combination of actions, for any one or more of the following causes:
1. Providing incorrect, misleading, incomplete or materially
untrue information in the license application;
2. Violating any insurance laws, or violating any regulation,
subpoena or order of the Insurance Commissioner or of another
state's Insurance Commissioner;
3. Obtaining or attempting to obtain a license through
misrepresentation or fraud;
4. Improperly withholding, misappropriati ng or converting any
monies or properties received in the course of doing insurance
business;
5. Intentionally misrepresenting the terms of an actual or
proposed insurance contract or application for insurance;
6. Having been convicted of a felony;
7. Having admitted or been found to have committed any
insurance unfair trade practice or fraud;
8. Using fraudulent, coercive, or dishonest practices, or
demonstrating incompetence, untrustworthiness or financial
irresponsibility in the conduct of business i n this state or
elsewhere;
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9. Having an insurance producer license, or its equivalent,
denied, suspended, censured, placed on probation or revoked in any
other state, province, district or territory;
10. Forging another's name to an application for insur ance or
to any document related to an insurance transaction;
11. Improperly using notes or any other reference material to
complete an examination for an insurance license;
12. Knowingly accepting insurance business from an individual
who is not licensed;
13. Failing to comply with an administrative or court order
imposing a child support obligation;
14. Failing to pay state income tax or comply with any
administrative or court order directing payment of state income tax;
15. Failing to respond to an i nquiry from the Department as
required in Section 1250.4 of this title; or
16. Any cause for which an original issuance of a license could
have been refused.
B. 1. In the event that the action by the Insurance
Commissioner is to nonrenew or to deny an a pplication for a license,
the Insurance Commissioner shall notify the applicant or licensee
and advise the applicant or licensee, in writing, of the reason for
the denial or nonrenewal of the applicant's or licensee's license.
The applicant or licensee ma y make written demand upon the Insurance
Commissioner within thirty (30) days of the date of notification of
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the notification by the Insurance Commissioner for a hearing before
the Insurance Commissioner or an independent hearing examiner to
determine the reasonableness of the Insurance Commissioner's action.
The hearing shall be heard within a reasonable time period and shall
be held pursuant to the Oklahoma Administrative Procedures Act.
2. If the licensee fails to qualify for a renewal, the license
shall be suspended. Once the licensee meets the requirements for
renewal, the license shall be reinstated after the licensee pays a
fee of Two Hundred Fifty Dollars ($250.00) if the license has been
suspended for less than twelve (12) months and a fee of Fiv e Hundred
Dollars ($500.00) if the license has been suspended for less than
twenty-four (24) months. The Department shall only terminate a
license that failed to renew after the twenty -four-month suspension
period required under this subsection and upon n otification by
first-class mail. The provisions of this subsection shall not apply
to a licensee that willfully and knowingly violates any provision of
this Code as to which refusal, suspension, or revocation is
mandatory.
C. The license of a business en tity may be suspended, revoked
or refused if the Insurance Commissioner finds, after opportunity
for hearing, that an individual licensee's violation was known or
should have been known by one or more of the partners, officers or
managers acting on behalf of the partnership or corporation and the
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violation was neither reported to the Insurance Commissioner nor
corrective action taken.
D. In addition to or in lieu of any applicable denial,
probation, censure, suspension or revocation of a license, a person
may, after opportunity for hearing, be subject to a civil fine of
not less than One Hundred Dollars ($100.00) nor more than One
Thousand Dollars ($1,000.00) for each occurrence. The penalty may
be enforced in the same manner in which civil judgments may b e
enforced.
E. Every licensee licensed pursuant to the provisions of the
Oklahoma Producer Licensing Act shall keep at the licensee's place
of business the usual and customary records pertaining to
transactions authorized by the license. All records as t o any
particular transactions shall be kept available and open to the
inspection of the Commissioner at any time during business hours
during the three (3) years immediately following the date of
completion of the transaction. The Commissioner may require a
financial or market conduct examination during any investigation of
a licensee. The cost of such examination shall be apportioned among
all of the appointing insurers of the licensee.
F. The Insurance Commissioner shall retain the authority to
enforce the provisions of and impose any penalty or remedy
authorized by the Oklahoma Producer Licensing Act and Title 36 of
the Oklahoma Statutes against any person who is under investigation
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for or charged with a violation of the Oklahoma Producer Licensing
Act or Title 36 of the Oklahoma Statutes even if the person's
license or registration has been surrendered or has lapsed by
operation of law.
G. Files pertaining to investigations or legal matters which
contain information concurring a current and ongoing in vestigation
of allegations of violations of the Oklahoma Insurance Code by a
licensed agent shall not be available for public inspection without
proper judicial authorization; however, a licensee under
investigation for alleged violations of the Oklahoma I nsurance Code,
or against whom an action for alleged violations of the Oklahoma
Insurance Code has been commenced, may view evidence and complaints
pertaining to the investigation, other than privileged information,
at reasonable times at the Commissioner' s office. All qualification
examination materials, booklets and answers for any license
authorized to be issued by the Commissioner under any statute shall
not be available for public inspection. The residence address,
residence telephone number, birth d ate, and Social Security number
of a licensee shall not be available for public inspection. A
separate business or mailing address provided by the licensee shall
be considered a public record. If the residence and business
addresses or residence and busi ness telephone numbers are the same,
such addresses or telephone numbers shall be considered a public
record.
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H. The Commissioner shall promptly notify all appointing
insurers, where applicable, and the licensee regarding any censure,
suspension, revocati on or termination of license by the
Commissioner.
I. Upon suspension, revocation or termination of the license of
a resident or nonresident of this state, the Commissioner shall
notify the Central Office of the National Association of Insurance
Commissioners, or its appropriate nonprofit affiliates and the
Insurance Commissioner of each state for whom the Commissioner has
executed a certificate of licensure status.
J. The Commissioner may issue a duplicate license for any lost,
stolen or destroyed license issued pursuant to the Oklahoma Producer
Licensing Act upon an affidavit of the licensee prescribed by the
Commissioner concerning the facts of such loss, theft or
destruction.
SECTION 6. AMENDATORY 36 O.S. 2011, Section 1435.29, as
amended by Section 7, Chapter 11, O.S.L. 2012 (36 O.S. Supp. 2020,
Section 1435.29), is amended to read as follows:
Section 1435.29 A. 1. Each insurance producer, with the
exception of title producers and, aircraft title producers ,
producers that have maintained an insurance producer license for
thirty (30) or more years or any other producer exempt by rule,
shall, biennially, complete not less than twenty -one (21) clock
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hours of continuing insurance education. Such education may include
a written or oral examination.
2. Each customer service representative shall, biennially,
complete not less than ten (10) clock hours of continuing insurance
education.
3. Licensees, with the exception of title producers and
aircraft title producers or any other pr oducer exempt by rule, shall
complete, in addition to the foregoing, three (3) clock hours of
ethics course work in this same period.
4. Each title producer and aircraft title producer shall,
biennially, complete not less than sixteen (16) clock hours of
continuing insurance education, two (2) hours of which shall be
ethics course work, which shall cover the line for which the
producer is licensed. Such education may include a written or oral
examination.
B. 1. The Insurance Commissioner shall approve c ourses and
providers of continuing education. The Insurance Department may use
one or more of the following to review and provide a nonbinding
recommendation to the Insurance Commissioner on approval or
disapproval of courses and providers of continuing e ducation:
a. employees of the Insurance Commissioner,
b. a continuing education advisory committee, or
c. an independent service whose normal business
activities include the review and approval of
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continuing education courses and providers. The
Commissioner may negotiate agreements with such
independent service to review documents and other
materials submitted for approval of courses and
providers and provide the Commissioner with its
nonbinding recommendation. The Commissioner may
require such independen t service to collect the fee
charged by the independent service for reviewing
materials provided for review directly from the course
providers.
The Insurance Commissioner has sole authority to approve courses
and providers of continuing education. If the Insurance
Commissioner uses one of the entities listed above to provide a
nonbinding recommendation, the Commissioner shall adopt or decline
to adopt the recommendation within thirty (30) days of receipt of
the recommendation. In the event the Insurance C ommissioner takes
no action within said thirty -day period, the recommendation made to
the Commissioner will be deemed to have been adopted by the
Commissioner.
The Insurance Commissioner may certify providers and courses
offered for license examination stu dy. The Insurance Department
shall use employees of the Insurance Commissioner to review and
certify license examination study program providers and courses.
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2. Each insurance company shall be allowed to provide
continuing education to insurance producer s and customer service
representatives as required by this section; provided that such
continuing education meets the general standards for education
otherwise established by the Insurance Commissioner.
3. An insurance producer who, during the time period prior to
renewal, participates in a professional designation program,
approved by the Insurance Commissioner, shall be deemed to have met
the biennial requirement for continuing education.
The curriculum for the program shall total a minimum of twenty -
four (24) hours within a twenty -four-month period. Each approved
professional designation program included in this section shall be
reviewed for quality and compliance every three (3) years in
accordance with standardized criteria promulgated by rule.
Continuation of approved status is contingent upon the findings of
the review. The list of professional designation programs approved
under this paragraph shall be made available to producers and
providers annually.
4. The Insurance Department may promulgate rules providing that
courses or programs offered by professional associations shall
qualify for presumptive continuing education credit approval. The
rules shall include standardized criteria for reviewing the
professional associations' mission, membershi p, and other relevant
information, and shall provide a procedure for the Department to
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disallow all or part of a presumptively approved course.
Professional association courses approved in accordance with this
paragraph shall be reviewed every three (3) y ears to determine
whether they continue to qualify for continuing education credit.
5. Subject to approval by the Commissioner, the active
membership of the licensed producer or broker in local, regional,
state, or national professional insurance organiza tions or
associations may be approved for up to one (1) annual hour of
instruction. The hour shall be credited upon timely filing with the
Commissioner, or designee of the Commissioner, and appropriate
written evidence acceptable to the Commissioner of su ch active
membership in the organization or association.
6. The active service of a licensed producer as a member of a
continuing education advisory committee, as described in paragraph 1
of this subsection, shall be deemed to qualify for continuing
education credit on an hour -for-hour basis.
C. 1. Annual fees and course submission fees shall be set
forth as a rule by the Commissioner. The fees are payable to the
Insurance Commissioner. Provided, public -funded educational
institutions, federal agencies , nonprofit organizations, not -for-
profit organizations, and Oklahoma state agencies shall be exempt
from this subsection.
2. The Commissioner may assess a civil penalty, after notice
and opportunity for hearing, against a continuing education provider
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who fails to comply with the requirements of the Oklahoma Producer
Licensing Act, of not less than One Hundred Dollars ($100.00) nor
more than Five Hundred Dollars ($500.00), for each occurrence. The
civil penalty may be enforced in the same manner in which civil
judgments may be enforced.
D. Failure of an insurance producer or customer service
representative to comply with the requirements of the Oklahoma
Producer Licensing Act may, after notice and opportunity for
hearing, result in censure, suspension, n onrenewal of license or a
civil penalty of up to Five Hundred Dollars ($500.00) or by both
such penalty and civil penalty. Said civil penalty may be enforced
in the same manner in which civil judgments may be enforced.
E. Limited lines producers and nonr esident agents who have
successfully completed an equivalent or greater requirement shall be
exempt from the provisions of this section.
F. Members of the Legislature shall be exempt from this
section.
G. The Commissioner shall adopt and promulgate such rules as
are necessary for effective administration of this section.
SECTION 7. AMENDATORY 36 O.S. 2011, Section 2727.1, is
amended to read as follows:
Section 2727.1 A. Societies which are authorized prior to the
effective date of this act to transact business in this state may
continue such business until the last day of February next
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succeeding the effective date of this act. The authority of such
societies and of all societies licensed on and after the effective
date of this act may be renewed annually, to terminate in all cases
on the last day of the succeeding February. However, a license so
issued shall continue in full force and effect until the new license
is issued or specifically refused. For each such license or ren ewal
the society shall pay to the Insurance Commissioner the fee stated
in Section 321 of Title 36 of the Oklahoma Statutes. A duly
certified copy or duplicate of such license shall be prima facie
evidence that the licensee is a fraternal benefit society within the
meaning of this article.
B. If the society fails to qualify for a renewal, the license
shall be suspended. Once the licensee meets the requirements for
renewal, the license shall be reinstated after the society pays a
fee of Two Hundred Fifty Dollars ($250.00) if the license has been
suspended for less than twelve (12) months and a fee of Five Hundred
Dollars ($500.00) if the license has been suspended for less than
twenty-four (24) months. The Department shall only terminate a
license that failed to renew after the twenty -four-month suspension
period required under this subsection and upon notification by
first-class mail. The provisions of this subsection shall not apply
to a society that willfully and knowingly violates any provision of
this Code as to which refusal, suspension or revocation is
mandatory.
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SECTION 8. AMENDATORY 36 O.S. 2011, Section 4055.4, is
amended to read as follows:
Section 4055.4 A. The Insurance Commissioner may refuse to
issue, suspend, revoke or refuse to renew the license of a viatical
settlement provider or viatical settlement broker if the
Commissioner finds that:
1. There was any material misrepresentation in the application
for the license;
2. The licensee or any officer, partner, me mber or key
management personnel has been convicted of fraudulent or dishonest
practices, is subject to a final administrative action or is
otherwise shown to be untrustworthy or incompetent;
3. The viatical settlement provider demonstrates a pattern of
unreasonable payments to viators;
4. The licensee or any officer, partner, member or key
management personnel has been found guilty of, or has pleaded guilty
or nolo contendere to, any felony, or to a misdemeanor involving
fraud or moral turpitude, regardl ess of whether a judgment of
conviction has been entered by the court;
5. The viatical settlement provider has entered into any
viatical settlement contract that has not been approved pursuant to
the Viatical Settlements Act of 2008;
6. The viatical sett lement provider has failed to honor
contractual obligations set out in a viatical settlement contract;
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7. The licensee no longer meets the requirements for initial
licensure;
8. The viatical settlement provider has assigned, transferred
or pledged a viaticated policy to a person other than a viatical
settlement provider licensed in this state, viatical settlement
purchaser, an accredited investor or qualified institutional buyer
as defined respectively in Rule 501(a) or Rule 144A promulgated
under the Federal Securities Act of 1933, as amended, financing
entity, special purpose entity, or related provider trust; or
9. The licensee or any officer, partner, member or key
management personnel has violated any provision of the Viatical
Settlements Act of 2008 .
B. The Commissioner may suspend, revoke or refuse to renew the
license of a viatical settlement broker or a life insurance producer
operating as a viatical settlement broker pursuant to the Viatical
Settlements Act of 2008 if the Commissioner finds that the viatical
settlement broker or life insurance producer has violated the
provisions of the Viatical Settlements Act of 2008 or has otherwise
engaged in bad-faith conduct with one or more viators.
C. If the Commissioner denies a license application or
suspends, revokes or refuses to renew the license of a viatical
settlement provider, viatical settlement broker or suspends,
revokes, or refuses to renew a license of a life insurance producer
operating as a viatical settlement broker pursuant to the Viatic al
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Settlements Act of 2008 the Commissioner shall conduct a hearing in
accordance with the Administrative Procedures Act.
D. If the licensee fails to qualify for a renewal, the license
shall be suspended. Once the licensee meets the requirements for
renewal, the license shall be reinstated after the licensee pays a
fee of Two Hundred Fifty Dollars ($250.00) if the license has been
suspended for less than twelve (12) months and a fee of Five Hundred
Dollars ($500.00) if the license has been suspended for l ess than
twenty-four (24) months. The Department shall only terminate a
license that failed to renew after the twenty -four-month suspension
period required under this subsection and upon notification by
first-class mail. The provisions of this subsection shall not apply
to a licensee that willfully and knowingly violates any provision of
this Code as to which refusal, suspension or revocation is
mandatory.
SECTION 9. AMENDATORY 36 O.S. 2011, Section 6217, as
last amended by Secti on 14, Chapter 269, O.S.L. 2013 (36 O.S. Supp.
2020, Section 6217), is amended to read as follows:
Section 6217. A. All licenses issued pursuant to the
provisions of the Insurance Adjusters Licensing Act shall continue
in force not longer than twenty -four (24) months. The renewal dates
for the licenses may be staggered throughout the year by notifying
licensees in writing of the expiration and renewal date being
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assigned to the licensees by the Insurance Commissioner and by
making appropriate adjustment s in the biennial licensing fee.
B. Any licensee applying for renewal of a license as an
adjuster shall have completed not less than twenty -four (24) clock
hours of continuing insurance education, of which three (3) hours
shall be in ethics, within the pr evious twenty-four (24) months
prior to renewal of the license , provided that anyone who has
maintained a license as an adjuster for thirty (30) or more years
shall be exempt from any continuing insurance education
requirements. The Insurance Commissioner shall approve courses and
providers of continuing education for insurance adjusters as
required by this section.
The Insurance Department may use one or more of the following to
review and provide a nonbinding recommendation to the Insurance
Commissioner on approval or disapproval of courses and providers of
continuing education:
1. Employees of the Insurance Commissioner;
2. A continuing education advisory committee. The continuing
education advisory committee is separate and distinct from the
Advisory Board established by Section 6221 of this title; or
3. An independent service whose normal business activities
include the review and approval of continuing education courses and
providers. The Commissioner may negotiate agreements with such
independent service to review documents and other materials
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submitted for approval of courses and providers and present the
Commissioner with its nonbinding recommendation. The Commissioner
may require such independent service to collect the fee charged by
the independent service for reviewing materials provided for review
directly from the course providers.
C. An adjuster who, during the time period prior to renewal,
participates in an approved professional designation program shall
be deemed to have met the bienni al requirement for continuing
education. Each course in the curriculum for the program shall
total a minimum of twenty -four (24) hours. Each approved
professional designation program included in this section shall be
reviewed for quality and compliance e very three (3) years in
accordance with standardized criteria promulgated by rule.
Continuation of approved status is contingent upon the findings of
the review. The list of professional designation programs approved
under this subsection shall be made a vailable to producers and
providers annually.
D. The Insurance Department may promulgate rules providing that
courses or programs offered by professional associations shall
qualify for presumptive continuing education credit approval. The
rules shall include standardized criteria for reviewing the
professional associations' mission, membership, and other relevant
information, and shall provide a procedure for the Department to
disallow a presumptively approved course. Professional association
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courses approved in accordance with this subsection shall be
reviewed every three (3) years to determine whether they continue to
qualify for continuing education credit.
E. The active service of a licensed adjuster as a member of a
continuing education advisory com mittee, as described in paragraph 2
of subsection B of this section, shall be deemed to qualify for
continuing education credit on an hour -for-hour basis.
F. 1. Each provider of continuing education shall, after
approval by the Commissioner, submit an an nual fee. A fee may be
assessed for each course submission at the time it is first
submitted for review and upon submission for renewal at expiration.
Annual fees and course submission fees shall be set forth as a rule
by the Commissioner. The fees are payable to the Insurance
Commissioner and shall be deposited in the State Insurance
Commissioner Revolving Fund, created in Section 307.3 of this title,
for the purposes of fulfilling and accomplishing the conditions and
purposes of the Oklahoma Producer L icensing Act and the Insurance
Adjusters Licensing Act. Public -funded educational institutions,
federal agencies, nonprofit organizations, not -for-profit
organizations and Oklahoma state agencies shall be exempt from this
subsection.
2. The Commissioner may assess a civil penalty, after notice
and opportunity for hearing, against a continuing education provider
who fails to comply with the requirements of the Insurance Adjusters
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Licensing Act, of not less than One Hundred Dollars ($100.00) nor
more than Five Hundred Dollars ($500.00), for each occurrence. The
civil penalty may be enforced in the same manner in which civil
judgments may be enforced.
G. Subject to the right of the Commissioner to suspend, revoke,
or refuse to renew a license of an adjuster , any such license may be
renewed by filing on the form prescribed by the Commissioner on or
before the expiration date a written request by or on behalf of the
licensee for such renewal and proof of completion of the continuing
education requirement set f orth in subsection B of this section,
accompanied by payment of the renewal fee.
H. If the request, proof of compliance with the continuing
education requirement and fee for renewal of a license as an
adjuster are filed with the Commissioner prior to the expiration of
the existing license, the licensee may continue to act pursuant to
said license, unless revoked or suspended prior to the expiration
date, until the issuance of a renewal license or until the
expiration of ten (10) days after the Commissioner has refused to
renew the license and has mailed notice of said refusal to the
licensee. Any request for renewal filed after the date of
expiration may be considered by the Commissioner as an application
for a new license.
I. If the licensee fails to qua lify for a renewal, the license
shall be suspended. Once the licensee meets the requirements for
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renewal, the license shall be reinstated after the licensee pays a
fee of Two Hundred Fifty Dollars ($250.00) if the license has been
suspended for less than twelve (12) months and a fee of Five Hundred
Dollars ($500.00) if the license has been suspended for less than
twenty-four (24) months. The Department shall only terminate a
license that failed to renew after the twenty -four-month suspension
period required under this subsection and upon notification by
first-class mail. The provisions of this subsection shall not apply
to a licensee that willfully and knowingly violates any provision of
this Code as to which refusal, suspension or revocation is
mandatory.
SECTION 10. AMENDATORY 36 O.S. 2011, Section 6220, as
last amended by Section 10, Chapter 294, O.S.L. 2019 (36 O.S. Supp.
2020, Section 6220), is amended to read as follows:
Section 6220. A. The Commissioner may censure, suspen d,
revoke, or refuse to issue or renew a license after hearing for any
of the following causes:
1. Material misrepresentation or fraud in obtaining an
adjuster's license;
2. Any cause for which original issuance of a license could
have been refused;
3. Misappropriation, conversion to the personal use of the
licensee, or illegal withholding of monies required to be held by
the licensee in a fiduciary capacity;
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4. Material misrepresentation of the terms and effect of any
insurance contract, with intent to deceive, or engaging in, or
attempting to engage in, any fraudulent transaction with respect to
a claim or loss that the licensee or the trainee is adjusting and,
in the case of a public adjuster, misrepresentation of the services
offered or the fees or c ommission to be charged;
5. Conviction of or pleading guilty or nolo contendere to a
felony pursuant to the laws of this state, any other state, the
United States, or any foreign country;
6. If in the conduct of business affairs, the licensee or
trainee has shown himself to be, and is so deemed by the
Commissioner, incompetent, untrustworthy or a source of injury to
the public;
7. Refusal to comply with any lawful order of the Commissioner;
8. Violation of any provision of the Insurance Adjusters
Licensing Act;
9. Adjusting losses or negotiating claim settlements arising
pursuant to provisions of insurance contracts on behalf of an
insurer or insured without proper licensing from the Commissioner
and authority from the licensed insurer or the insured pa rty;
10. Failing to respond to any inquiry (including electronic
communications) from the Department within thirty (30) calendar days
of receipt of such inquiry;
11. Forging another's name to any document;
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12. Improperly using notes or any other referen ce material to
complete an examination for an insurance license;
13. Having admitted or been found to have committed any
insurance unfair trade practice or insurance fraud;
14. Having an insurance adjuster license or its equivalent
denied, suspended, cen sured, placed on probation or revoked in any
other state, province, district or territory;
15. Failing to inform the Department, by any means acceptable
to the Department, of a change of address, change of legal name or
change of information submitted on the application within thirty
(30) days of the change; or
16. Providing services as a public adjuster, company adjuster
or independent adjuster on the same claim.
B. In addition to or in lieu of any applicable denial,
suspension, or revocation of a licen se, any person violating the
provisions of the Insurance Adjusters Licensing Act may be subject
to a civil fine of not more than One Thousand Dollars ($1,000.00)
for each violation. This fine may be enforced in the same manner in
which civil judgment may be enforced.
C. If the license of an adjuster is suspended, revoked, or not
renewed, the licensee shall surrender the license to the
Commissioner.
D. The Commissioner shall not reinstate a license to any person
whose license has been suspended, revoked, or refused renewal until
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the Commissioner determines that the cause or causes for the
suspension, revocation, or nonrenewal of the license no longer
exist.
E. The Department shall retain the authority to enforce the
provisions of and impose any penalty or remedy authorized by this
title against any person who is under investigation for or charged
with a violation even if the person's license or registration has
been surrendered or has lapsed by operation of law.
F. It shall be unlawful for any person, fir m, association,
company or corporation to act as an adjuster without first obtaining
a license pursuant to the Insurance Adjusters Licensing Act. Any
person convicted of violating the provisions of this subsection
shall be guilty of a misdemeanor and shal l be punished as set forth
in Section 10 of Title 21 of the Oklahoma Statutes. The restriction
set forth in this subsection shall apply regardless of whether the
person, firm, association, company or corporation has obtained power
of attorney from an insu rance claimant or has entered into any other
agreement with an insurance claimant to act on the behalf of the
claimant.
G. If the licensee fails to qualify for a renewal, the license
shall be suspended. Once the licensee meets the requirements for
renewal, the license shall be reinstated after the licensee pays a
fee of Two Hundred Fifty Dollars ($250.00) if the license has been
suspended for less than twelve (12) months and a fee of Five Hundred
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Dollars ($500.00) if the license has been suspended for les s than
twenty-four (24) months. The Department shall only terminate a
license that failed to renew after the twenty -four-month suspension
period required under this subsection and upon notification by
first-class mail. The provisions of this subsection s hall not apply
to a licensee that willfully and knowingly violates any provision of
this Code as to which refusal, suspension or revocation is
mandatory.
SECTION 11. AMENDATORY 36 O.S. 2011, Section 6560, is
amended to read as foll ows:
Section 6560. A. A Except as otherwise provided in this
section, a certificate expires is suspended on the first anniversary
of its effective date unless the certificate is renewed for a one -
year term as provided in this section.
B. Before the certificate expires is suspended, a certificate
may be renewed for an additional one -year term, if the applicant:
1. Otherwise is entitled to the certificate;
2. Pays the Insurance Commissioner an annual renewal fee in the
amount of Five Hundred Dollars ($50 0.00);
3. Submits to the Commissioner:
a. a renewal application on the form that the
Commissioner requires, and
b. satisfactory evidence of compliance with any
requirement for certificate renewal;
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4. Establishes and maintains a complaint system which has been
approved by the Commissioner and which provides reasonable
procedures for the resolution of written complaints concerning
utilization review; and
5. Maintains records of written complaints for five (5) years
from the time the complaints are filed an d submits to the
Commissioner a summary report at such times and in such format as
the Commissioner may require.
C. If the applicant fails to qualify for a renewal as provided
in subsection B of this section, the certificate shall be suspended.
Once the applicant meets the requirements for renewal, the
certificate shall be reinstated after the applicant pays a fee of
Two Hundred Fifty Dollars ($250.00) if the certificate has been
suspended for less than twelve (12) months and a fee of Five Hundred
Dollars ($500.00) if the certificate has been suspended for less
than twenty-four (24) months. The Department shall only terminate a
certificate that failed to renew after the twenty -four-month
suspension period required under this subsection and upon
notification by first-class mail. The provisions of this subsection
shall not apply to a certificate that willfully and knowingly
violates any provision of this Code as to which refusal, suspension
or revocation is mandatory.
SECTION 12. AMENDATORY 36 O.S. 2011, Section 6561, is
amended to read as follows:
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Section 6561. A. The Insurance Commissioner may refuse to
issue or renew or may suspend or revoke a certificate if the holder
does not comply with performance assurances under this secti on,
violates any provision of the Hospital and Medical Services
Utilization Review Act, or violates any rule adopted pursuant
thereto.
B. The Commissioner shall deny or refuse to renew a certificate
to any applicant if, upon review of the application, the
Commissioner finds that the applicant proposing to conduct
utilization review does not:
1. Have available the services of a sufficient number of
qualified medical professionals supervised by appropriate health
care providers to carry out the applicant's utilization review
activities. Said sufficiency shall be based on standards and
criteria pursuant to the provisions of subparagraph b of paragraph 1
of Section 8 of this act;
2. Meet any applicable rules the Commissioner adopted pursuant
to the Hospital and Medical Services Utilization Review Act relating
to the qualifications of private review agents or the performance of
utilization review; and
3. Provide assurances satisfactory to the Commissioner that:
a. the procedure and policies of the private rev iew agent
shall protect the confidentiality of medical records,
and
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b. the review agent shall be reasonably accessible in
this state to patients, hospitals and health care
providers as required by this act.
C. Before denying, not renewing, or revoking a c ertificate, the
Commissioner shall provide the applicant or certificate holder with
reasonable time to supply additional information demonstrating
compliance with the requirements of the Hospital and Medical
Services Utilization Review Act and the opportun ity to request a
hearing. If an applicant or certificate holder requests a hearing,
the Commissioner shall send a hearing notice and conduct a hearing
in accordance with the Administrative Procedures Act.
D. Any person aggrieved by a final decision of th e Commissioner
in a contested case may appeal the decision as provided for in the
Administrative Procedures Act.
E. If the applicant fails to qualify for a renewal as provided
in subsection B of this section, the certificate shall be suspended.
Once the applicant meets the requirements for renewal, the
certificate shall be reinstated after the applicant pays a fee of
Two Hundred Fifty Dollars ($250.00) if the certificate has been
suspended for less than twelve (12) months and a fee of Five Hundred
Dollars ($500.00) if the certificate has been suspended for less
than twenty-four (24) months. The Department shall only terminate a
certificate that failed to renew after the twenty -four-month
suspension period required under this subsection and upon
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notification by first-class mail. The provisions of this subsection
shall not apply to a certificate that willfully and knowingly
violates any provision of this Code as to which refusal, suspension
or revocation is mandatory.
SECTION 13. AMENDATORY 59 O.S. 2011, Section 1304, as
amended by Section 1, Chapter 150, O.S.L. 2013 (59 O.S. Supp. 2020,
Section 1304), is amended to read as follows:
Section 1304. A. Each bail bondsman license issued shall
expire be suspended biennially at 12:00 o'c lock midnight on the last
day of the birth month of the bondsman, unless revoked or suspended
prior thereto by the Insurance Commissioner.
B. If the bondman fails to qualify for a renewal as provided in
section 1309 of this title, the license shall be sus pended. Once
the bondsman meets the requirements for renewal, the license shall
be reinstated after the applicant pays a fee of Two Hundred Fifty
Dollars ($250.00) if the license has been suspended for less than
twelve (12) months and a fee of Five Hundre d Dollars ($500.00) if
the license has been suspended for less than twenty -four (24)
months. The Department shall only terminate a license that failed
to renew after the twenty -four-month suspension period required
under this subsection and upon notificat ion by first-class mail.
The provisions of this subsection shall not apply to a license that
willfully and knowingly violates any provision of this Code as to
which refusal, suspension or revocation is mandatory.
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SECTION 14. AMENDATORY 59 O.S. 2011, Section 1308.1, as
amended by Section 1, Chapter 259, O.S.L. 2019 (59 O.S. Supp. 2020,
Section 1308.1), is amended to read as follows:
Section 1308.1 A. In order to be eligible to take the
examination required to be licensed as a bail bondsman, each person
shall complete not less than sixteen (16) clock hours of education
in subjects pertinent to the duties and responsibilities of a bail
bondsman, including all laws and regulations related thereto.
Further, each licensee shall complet e biennially not less than
sixteen (16) clock hours of continuing education in the subjects
prior to renewal of the license , provided that licensees that have
maintained a license as a bail bondsman for thirty (30) or more
years shall be exempt from any co ntinuing education requirements .
Such continuing education shall not include a written or oral
examination.
Provided, any person licensed as a bail bondsman prior to
November 1, 1989, shall not be required to complete sixteen (16)
clock hours of education prior to licensure but shall be subject to
the sixteen-hour continuing education requirement in order to renew
the license, except that a licensed bail bondsman who is sixty -five
(65) years of age or older and who has been licensed as a bail
bondsman for fifteen (15) years or more shall be exempt from both
the education and continuing education requirements of this section.
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B. Education shall be provided for bail bondsman licensure as
required by this section; provided that the Insurance Commissioner
shall approve the courses offered and provided further such
education meets the general standards for education established by
the Insurance Commissioner.
The education provider shall submit biennially a fee of Two
Hundred Dollars ($200.00), payable to the Ins urance Commissioner
which shall be deposited with the State Treasurer for the purposes
of fulfilling and accomplishing the conditions and purposes of this
section.
C. Any person who falsely represents to the Insurance
Commissioner that compliance with thi s section has been met shall be
subject, after notice and hearing, to the penalties and fines set
out in Section 1310 of this title.
D. The Commissioner shall adopt and promulgate such rules as
are necessary for effective administration of this section.
SECTION 15. AMENDATORY 59 O.S. 2011, Section 1309, as
last amended by Section 3, Chapter 110, O.S.L. 2015 (59 O.S. Supp.
2020, Section 1309), is amended to read as follows:
Section 1309. A. A renewal license shall be issued by the
Insurance Commissioner to a licensee who has continuously maintained
same in effect, without further examination, upon payment of a
renewal fee of Two Hundred Dollars ($200.00) for a cash, property,
surety, or professional bail bondsman or One Thousand Do llars
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($1,000.00) for a multicounty agent bondsman, and proof of
completion of sixteen (16) hours of continuing education as required
by Section 1308.1 of this title. The renewal fee for licenses
expiring September 15, 2012, shall be prorated to the birth month of
the bondsman. Thereafter the renewal fee shall be submitted
biennially by the last day of the birth month of the bondsman. Such
licensee shall in all other respects be required to comply with and
be subject to the provisions of Section 1301 et seq. of this title.
B. An individual holding a professional bondsman license or
multicounty agent bondsman license shall also provide an annual
audited financial statement prepared by an accounting firm or
individual holding a permit to practice public ac counting in this
state in accordance with the Statements on Auditing Standards
promulgated by the Auditing Standards Board of the American
Institute of Certified Public Accountants showing assets,
liabilities, and net worth, the annual statement to be as o f a date
not earlier than June 30. The statements shall be attested to by an
unqualified opinion of the accounting firm or individual holding a
permit to practice public accounting in this state that prepared the
statement or statements. The statement sh all be submitted annually
by the last day of September.
C. An individual holding a property bondsman license shall also
provide an annual county assessor's written statement stating the
property's assessed value for each property used to post bonds and a
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written statement from any lien holder stating the current payoff
amount on each lien for each property used to post bonds. The
written statements shall be submitted annually by the last day of
September.
D. If the license is not renewed or the renewal f ee is not paid
by the last day of the birth month of the bondsman, the license
shall expire be suspended automatically pursuant to Section 1304 of
this title. After expiration, the license may be reinstated for up
to one (1) year following the expiration date. If after the one -
year date the license has not been reinstated, the licensee shall be
required to apply for a license as a new applicant.
E. Reinstatement fees shall be double the original fee.
SECTION 16. This act shall become effe ctive November 1, 2021.
COMMITTEE REPORT BY: COMMITTEE ON INSURANCE, dated 02/24/2021 - DO
PASS, As Amended.