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ENGROSSED SENATE AMENDMENTS
TO
ENGROSSED HOUSE
BILL NO. 2403 By: Russ of the House
and
Quinn of the Senate
An Act relating to licenses and certificates;
amending 36 O.S. 2011, Section 617, which relates to
***amending 36 O.S. 2011, Section 619, wh ich relates
to revocation or suspension of insurance certificate;
***amending 36 O.S. 2011, Section 2727.1, which
relates to fraternal benefit societies; requiring
inactivation of license for failure to qualify for
renewal; imposing reinstatement fee ; *** providing
continuing education exemption; requiring
inactivation of license for failure to qualify for
renewal; imposing reinstatement fee; allowing ***
date.
AMENDMENT NO. 1. Page 1, strike the title, enacting clause and
entire bill and insert
“An Act relating to licenses and certificates;
amending 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), which relates to the Oklahoma
Producer Licensing Act; requiring certain
notification before termination of certain license;
providing exemption; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2011, Section 1435.13, as
amended by Section 3, Ch apter 294, O.S.L. 2019 (36 O.S. Supp. 2020,
Section 1435.13), is amended to read as follows:
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Section 1435.13. A. The Insurance Commissioner may place on
probation, censure, suspend, revoke or refuse to issue or renew a
license issued pursuant to the Okla homa 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, misappropriating 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, untrustworthines s or financial
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irresponsibility in the conduct of business in this state or
elsewhere;
9. Having an insurance producer license, or its equivalent,
denied, suspended, censured, placed on probation or revoked in any
other state, province, district or territ ory;
10. Forging another’s name to an application for insurance 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 accepti ng 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 inquiry 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 application 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 appl icant’s or licensee’s license.
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The applicant or licensee may make written demand upon the Insurance
Commissioner within thirty (30) days of the date of notification of
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. The Insurance Department shall only terminate a license
issued pursuant to the Oklahoma Producer Licensing Act that failed
to renew after a twelve -month inactive period upon notification by
first-class mail ninety (90) days prior to termination of the
license. 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 entity 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 corporatio n and the
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 heari ng, be subject to a civil fine of
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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 be
enforced.
E. Every licensee l icensed 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 to any
particular transactions sh all 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 e xamination 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 an y penalty or remedy
authorized by the Oklahoma Producer Licensing Act and Title 36 of
the Oklahoma Statutes this title against any person who is under
investigation for or charged with a violation of the Oklahoma
Producer Licensing Act or Title 36 of the Oklahoma Statutes this
title even if the person’s license or registration has been
surrendered or has lapsed by operation of law.
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G. Files pertaining to investigations or legal matters which
contain information concurring a current and ongoing investigatio n
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 Insurance C ode,
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 date , 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 business telep hone numbers are the same,
such addresses or telephone numbers shall be considered a public
record.
H. The Commissioner shall promptly notify all appointing
insurers, where applicable, and the licensee regarding any censure,
suspension, revocation or term ination of license by the
Commissioner.
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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 it s 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 pu rsuant 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 2. This act shall become effective November 1, 2021. ”
Passed the Senate the 14th day of April, 2021.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2021.
Presiding Officer of the House
of Representatives
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ENGROSSED HOUSE
BILL NO. 2403 By: Russ of the House
and
Quinn of the Senate
An Act relating to licenses and certificates;
amending 36 O.S. 2011, Section 617, which relates to
insurance certificates; requiring inactivation of
license for failure to qualify for renewal; imposing
reinstatement fee; allowing termination of license
after certain time period; providing exemption;
amending 36 O.S. 2011, Section 618, which relates to
mandatory revocation or suspension; requiring
inactivation of license for failure to qualify for
renewal; imposing reinstatement fee; allowing
termination of license after certain time period;
providing exemption; amending 36 O.S. 2011, Section
619, which relates to revocation or suspension of
insurance certificate; requiring inactivation of
certificate for failure to qual ify for renewal;
imposing reinstatement fee ; allowing termination of
certificate 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, Sections 1435.13 and
1435.29), which relate to the Oklahoma Producer
Licensing Act; requiring inactivation of license for
failure to qualify for renewal; imp osing
reinstatement fee; allowing termination of lic ense
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 inactivation of license
for failure to qualify for rene wal; imposing
reinstatement fee; 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
inactivation of license for failure to qualify for
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renewal; imposing reinstatement fee; 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
inactivation of license for failure to qualify for
renewal; imposing reinstatemen t fee; 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
inactivation of license for failure to qualify for
renewal; imposing reinstatement fee ; 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, Chap ter 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 inactivation of license for
failure to qualify for rene wal; imposing
reinstatement fee; allowing termination of license
after certain time period; providing exemption;
providing continuing education exemption; eliminating
automatic expiration; and providing an effective
date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAH OMA:
SECTION 3. 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
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1 of each year, unless the insurer fails to qualify for renewal
pursuant to the requirements of the Insurance Code .
B. The Insurance Commissioner may amend a certificate of
authority at any time to accord with changes in the insurer's
charter or insuring powers. If the insurer or holder of the license
fails to qualify for a renewal, the license shall be inactive. If
the license has been inactive for less than twelve (12) months and
the insurer or holder of the license meets the requirements for
renewal, the license shall be reinstated after the insurer or holder
of the license pays a fee of Two Hundred Fifty Dollars ($250.00 ) and
no reexamination shall be required . After the license has been
inactive for more than twelve (12) months, the license shall be
terminated. The Department shall only terminate a license that
failed to renew after the twelve-month inactive period required
under this subsection and upon notification by first -class mail
ninety (90) days prior to termination of any license. The
provisions of this subsection shall not apply to an insurer or
holder of a license that willfully and knowingly violates any
provision of this Code as to which refusal, suspension or revocation
is mandatory.
SECTION 4. AMENDATORY 36 O.S. 2011, S ection 618, is
amended to read as follows:
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Section 618. A. The Insurance Commissioner shall refuse to
renew or shall revoke or suspend an insurer'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 fails to qualify for
a renewal, the license shall be inactive. If the license has been
inactive for less than twelve (12) months and the insurer or holder
of the license meets the requirements for renewal, the license shall
be reinstated after the insurer or holder of the license pays a fee
of Two Hundred Fifty Dollars ($250.00 ) and no reexamination shall be
required. After the license has been inactive for more than twelve
(12) months, the license shall be terminated. The Department shall
only terminate a license that failed to renew after the twelve-month
inactive period required under t his subsection and upon notification
by first-class mail ninety (90) days prior to termination of any
license. The provisions of this subsection shall not apply to an
insurer or holder of 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 5. 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 comply 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 furt her transaction
of insurance in this state hazardous to its policyholders or to 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 p ayment;
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
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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 permitte d to a surplus
line insurer pursuant to Sections 1101 through 1120 of this title.
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 ($5,000.00) 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 contribut ions 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 qu alify for a renewal, the insurance
certificate shall be inactive. If the insurance certificate has
been inactive for less than twelve (12) months and the insurer meets
the requirements for renewal, the insurance certificate shall be
reinstated after the i nsurer pays a fee of Two Hundred Fifty Dollars
($250.00) and no reexamination shall be required . After the
insurance certificate has been inactive for more than twelve (12)
months, the insurance certificate shall be terminated. The
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Department shall only terminate an insurance certificate that failed
to renew after the twelve-month inactive period required under this
subsection and upon notification by first -class mail ninety (90)
days prior to termination of any insurance certificate. 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 6. 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,
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 Commissione r;
3. Obtaining or attempting to obtain a license through
misrepresentation or fraud;
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4. Improperly withholding, misappropriating 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 in this state or
elsewhere;
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 insurance 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;
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14. Failing to pay state i ncome tax or comply with any
administrative or court order directing payment of state income tax;
15. Failing to respond to an inquiry from the Department as
required in Section 1250.4 of this title; or
16. Any cause for which an original issuance of a l icense could
have been refused.
B. 1. In the event that the action by the Insurance
Commissioner is to nonrenew or to deny an application for a license,
the Insurance Commissioner shall notify the applicant or licensee
and advise the applicant or license e, in writing, of the reason for
the denial or nonrenewal of the applicant's or licensee's license.
The applicant or licensee may make written demand upon the Insurance
Commissioner within thirty (30) days of the date of notification of
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 inactive. If the license has been inactive for less than
twelve (12) months and 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 ) and no reexamination
shall be required. After the license has been inactive for more
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than twelve (12) months, the license shall be terminated. The
Department shall only terminate a license that failed to renew after
the twelve-month inactive period required under this subsection and
upon notification by first -class mail ninety (90) days prior to
termination of any license. 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 entity 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
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 be
enforced.
E. Every licensee licensed pursuant to the pr ovisions of the
Oklahoma Producer Licensing Act shall keep at the licensee's place
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of business the usual and customary records pertaining to
transactions authorized by the license. All records as to 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 inve stigation 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 this title against any person who is under
investigation for or charged with a violation of the Oklahoma
Producer Licensing Act or Title 36 of the Oklahoma Statutes this
title 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 investigation
of allegations of violat ions 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 Insurance Code,
or against whom an ac tion for alleged violations of the Oklahoma
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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 date, 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 business telephone numbers are the same,
such addresses or telephone numbers shall be considered a public
record.
H. The Commissioner shall promptly notify all appointing
insurers, where applicable, and the licensee regarding any censure,
suspension, revocation 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 af filiates and the
Insurance Commissioner of each state for whom the Commissioner has
executed a certificate of licensure status.
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J. The Commissioner may issue a duplicate license for any lost,
stolen or destroyed license issued pursuant to the Oklahoma Pro ducer
Licensing Act upon an affidavit of the licensee prescribed by the
Commissioner concerning the facts of such loss, theft or
destruction.
SECTION 7. 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
twenty (20) or more years or any other producer exempt by rule,
shall, biennially, complete not less than twenty -one (21) clock
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 producer 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
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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 courses and
providers of continuing e ducation. 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:
a. employees of the Insura nce Commissioner,
b. a continuing education advisory committee, or
c. an independent service whose normal business
activities include the review and approval of
continuing education courses and providers. The
Commissioner may negotiate agreements with suc h
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 independent service to collect the fee
charged by the independent service for reviewing
materials provided for review directly from the course
providers.
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The Insurance Commissioner has sole authority to approve courses
and providers of continuing education. If the Insurance
Commissioner uses one of t he 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 Commissioner 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 study. The Insurance Department
shall use employees of the Insurance Commissioner to review and
certify license examination study program providers and courses.
2. Each insurance company shall be allowed to provide
continuing education to insurance producers 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
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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 contin gent 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, membership, and other relevant
information, and shall provide a procedure for the Department to
disallow all or part of a presumptively approved course.
Professional association courses approved in accordance with this
paragraph shall be reviewed every three (3) years 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 organizations or
associations may be approve d 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
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written evidence acceptable to the Commissioner of such active
membership in the organiza tion 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
who fails to comply with the requireme nts 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, nonrenewal of license or a
civil penalty of up to Five Hundred Dollars ($500.00) or by both
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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 nonresident 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 8. 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
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 ter minate 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 renewal
the society shall pay to the In surance Commissioner the fee stated
in Section 321 of Title 36 of the Oklahoma Statutes this title. A
duly certified copy or duplicate of such license shall be prima
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facie evidence that the licensee is a fraternal benefit society
within the meaning of thi s article.
B. If the society fails to qualify for a renewal, the license
shall be inactive. If the license has been inactive for less than
twelve (12) months and the society meets the requirements for
renewal, the license shall be reinstated after the society pays a
fee of Two Hundred Fifty Dollars ($250.00 ) and no reexamination
shall be required. After the license has been inactive for more
than twelve (12) months, the license shall be terminated. The
Department shall only terminate a license that fail ed to renew after
the twelve-month inactive period required under this subsection and
upon notification by first -class mail ninety (90) days prior to
termination of any license. 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.
SECTION 9. AMENDATORY 36 O.S. 2011, Section 4055.4, is
amended to read as follows:
Section 4055.4 A. The Insurance C ommissioner 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;
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2. The licensee or any officer, partner, member 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 misdemeano r involving
fraud or moral turpitude, regardless 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 settlement provider has failed to honor
contractual obligations set out in a viatical settlement contract;
7. The licensee no longer meets the requirements for initial
licensure;
8. The viatical settlement provide r 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
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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 prov ision 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 Viatical
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 inactive. If the license has been inactive for less than
twelve (12) months and 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 ) and no reexamination
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shall be required. After the license has been inactive for more
than twelve (12) months, the license shall be terminated. The
Department shall only terminate a license that failed to renew after
the twelve-month inactive period required under this subsection and
upon notification by first-class mail ninety (90) days prior to
termination of any license . 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 6217, as
last amended by Section 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 p ursuant 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
assigned to the licensees by the Insurance Commissioner and by
making appropriate adjustments 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 previous twenty -four (24) months
prior to renewal of the license , provided that anyone who has
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maintained a license as an adjuster for twenty (20) 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 m ay 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 appr oval of 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 present the
Commissioner with its nonbi nding 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 p rior to renewal,
participates in an approved professional designation program shall
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be deemed to have met the biennial requirement for continuing
education. Each course in the curriculum for the program shall
total a minimum of twenty -four (24) hours. Ea ch 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 f indings of
the review. The list of professional designation programs approved
under this subsection shall be made available to producers and
providers annually.
D. The Insurance Department may promulgate rules providing that
courses or programs offered b y 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 provi de a procedure for the Department to
disallow a presumptively approved course. Professional association
courses approved in accordance with this subsection shall be
reviewed every three (3) years to determine whether they continue to
qualify for continuin g education credit.
E. The active service of a licensed adjuster as a member of a
continuing education advisory committee, 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.
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F. 1. Each provider of continuing education shall, after
approval by the Commissioner, submit an annual 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 Licensing 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 r equirements of the Insurance Adjusters
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
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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 forth 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 expi ration
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 qualify for a renewal, the license
shall be inactive. If the license has been inactive for less than
twelve (12) months and 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 ) and no reexamination
shall be required. After the license has been inactive for more
than twelve (12) months, the license shall be terminated. The
Department shall only terminate a license that failed to renew after
the twelve-month inactive period required under this subsection and
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upon notification by first -class mail ninety (90) days prior to
termination of any license. 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 11. AMENDATORY 36 O.S. 2011, Sectio n 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, suspend,
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;
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 t ransaction 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 commission to be charged;
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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, incompe tent, 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 party;
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;
12. Improperly using notes or any other reference 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;
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14. Having an insurance adjuster license or its equivalent
denied, suspended, censured, placed on probation or revoked in any
other state, province, di strict 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 license, any person violating the
provisions of the Insurance Adjusters Lic ensing 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
the Commissioner determines that the cause or causes for the
suspension, revocation, or nonrenewal of the license no longer
exist.
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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 inves tigation 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, firm, association,
company or corporation to act as an adjuster without f irst 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 shall be punished as set forth
in Section 10 of Title 21 of the Oklahoma S tatutes. 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 insurance claimant or has entered into any other
agreement with an insuran ce claimant to act on the behalf of the
claimant.
G. If the licensee fails to qualify for a renewal, the license
shall be inactive. If the license has been inactive for less than
twelve (12) months and 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 ) and no reexamination
shall be required. After the license has been inactive for more
than twelve (12) months, the license shall be terminated. The
Department shall only terminate a license that failed to renew after
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the twelve-month inactive period required under this subsection and
upon notification by first -class mail ninety (90) days prior to
termination of any license. 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 12. 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 inactive 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 certi ficate expires is inactive, 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 ($500. 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;
4. Establishes and maintains a complaint system which has b een
approved by the Commissioner and which provides reasonable
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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 and 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 inactive.
If the certificate has been inactive for less than twelve (12)
months and 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 ) and no reexamination shall be
required. After the certificate has been inactive for more than
twelve (12) months, the certificate shall be terminated. The
Department shall only terminate a certificate that failed to renew
after the twelve-month inactive period required under this
subsection and upon notification by first -class mail ninety (90)
days prior to termination of any certification. The provisions of
this subsection shall not apply to an applicant that willfully and
knowingly violates any provision of this Code as to which refusal,
suspension or revocation is mandatory.
SECTION 13. 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 certifica te if the holder
does not comply with performance assurances under this section,
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 6558 of this act title;
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 review 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 c are
providers as required by this act.
C. Before denying, not renewing, or revoking a certificate, the
Commissioner shall provide the applicant or certificate holder with
reasonable time to supply additional information demonstrating
compliance with the r equirements of the Hospital and Medical
Services Utilization Review Act and the opportunity 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 the 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 inactive.
If the certificate has been inactive for less than twelve (12)
months and 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 ) and no reexamination shall be
required. After the certificate has been inactive for more than
twelve (12) months, the certificate shall be terminated. The
Department shall only terminate a certificate that failed to renew
after the twelve-month inactive period required under this
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subsection and upon notification by first -class mail ninety (90)
days prior to termination of any certification. The provisions of
this subsection shall not apply to an applicant that willfully and
knowingly violates any provision of this Code as to which refusal,
suspension or revocation is mandatory.
SECTION 14. AMENDATORY 59 O.S. 2011, Section 1304, as
amended by Section 1, Chapter 150, O.S.L. 2013 (5 9 O.S. Supp. 2020,
Section 1304), is amended to read as follows:
Section 1304. A. Each bail bondsman license issued shall
expire inactivate biennially at 12:00 o'clock midnight on the last
day of the birth month of the bondsman, unless revoked or suspend ed
prior thereto by the Insurance Commissioner.
B. If the bondsman fails to qualify for a renewal, the license
shall be inactive. If the license has been inactive for less than
twelve (12) months and the bondsman meets the requirements for
renewal, the license shall be reinstated after the bondsman pays a
fee of Two Hundred Fifty Dollars ($250.00 ) and no reexamination
shall be required. After the license has been inactive for more
than twelve (12) months, the license shall be terminated. The
Department shall only terminate a license that failed to renew after
the twelve-month inactive period required under this subsection and
upon notification by first -class mail ninety (90) days prior to
termination of any license . The provisions of this subsection shall
not apply to a bondsman that willfully and knowingly violates any
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provision of this Code as to which refusal, suspension or revocation
is mandatory.
SECTION 15. AMENDATORY 59 O.S. 2011, Section 1308.1, as
amended by Section 1, C hapter 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 (1 6) 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 complete biennially not less than
sixteen (16) clock hours of continu ing education in the subjects
prior to renewal of the license , provided that licensees that have
maintained a license as a bail bondsman for twenty (20) or more
years shall be exempt from any continuing education requirements .
Such continuing education sh all 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
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bondsman for fifteen (15) years or more shall be exempt from both
the education and continuing education requirements of this section.
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 Insurance Commissioner ,
which shall be deposited with the State T reasurer 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 this section has been met shall be
subject, after notice and hea ring, 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 16. 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 ma intained
same in effect, without further examination, upon payment of a
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renewal fee of Two Hundred Dollars ($200.00) for a cash, property,
surety, or professional bail bondsman or One Thousand Dollars
($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 accounting in this
state in accordance with the Statements on A uditing 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 of a date
not earlier than June 30. The statements shall be a ttested 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 shall be submitted annually
by the last day of September.
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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
written statement from any lien holder stating the current pa yoff
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 fee is not paid
by the last day of the birth month of the bond sman, the license
shall expire inactivate 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 rein stated, the licensee shall be
required to apply for a license as a new applicant.
E. Reinstatement fees shall be double the original fee.
SECTION 17. This act shall become effective November 1, 2021.
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Passed the House of Representatives the 11th day of March, 2021.
Presiding Officer of the House
of Representatives
Passed the Senate the ___ day of __________, 2021.
Presiding Officer of the Senate