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ENGROSSED SENATE
BILL NO. 1245 By: Quinn and Jett of the
Senate
and
Russ of the House
An Act relating to insurance; amending 36 O.S. 2021,
Section 302, which relates to the Insurance
Commissioner; prohibiting the Insurance Commissioner
from being financially interested in certain
entities; updating statutory language; and providing
an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2021, Section 30 2, is
amended to read as follows:
Section 302. The Insurance Commissioner of the State of
Oklahoma this state shall be at least twenty -five (25) years of age
and a resident of the State of Oklahoma this state for at least five
(5) years, and have had at least five (5) years' experience in the
insurance industry in administration, sales, servicing or
regulation. The Insurance Commissioner shall not be financially
interested, directly or indirectly, in any insu rer, agency, or
insurance transaction, or other entity that is regulated by the
Insurance Department, except as a policyholder or claimant under a
policy.
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SECTION 2. This act shall become effective Novem ber 1, 2022.
Passed the Senate the 7th day of March, 2022.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2022.
Presiding Officer of the House
of Representatives