Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB435 Compare Versions

Version 1 (Old)

Version 2 (New)

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2		-	~~SB435 HFLR Page 1~~
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	3	+	ENGR. S. B. NO. 435 Page 1 1
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28		-	HOUSE OF REPRESENTATIVES - FLOOR VERSION
29		-
30		-	STATE OF OKLAHOMA
31		-
32		-	1st Session of the 59th Legislature (2023)
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34	28		ENGROSSED SENATE
35	29		BILL NO. 435 By: Montgomery of the Senate
36	30
37	31		and
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39	33		Martinez of the House
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44	38		An Act relating to the Service Warranty A ct; amending
45	39		15 O.S. 2021, Section 141.14, which relates to
46	40		penalties, reports, and administ rative fees;
47	41		modifying administrative fee amount; providing
48	42		exclusion of certain fee ; conforming language; and
49	43		providing an effective d ate.
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54	48		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
55	49		SECTION 1. AMENDATORY 15 O.S. 20 21, Section 141.14, is
56	50		amended to read as follows:
57	51		Section 141.14. A. In addition to the li cense fees provided in
58	52		the Service Warranty Act for service warranty associ ations each
59	53		service warranty association and insurer shall annually, on or
60	54		before the first day of May, file with the Insurance Commissioner
61	55		its annual financial statement showing a ll gross written provid er
62	56		fees or assessments received by it in connection with the issuance
63	57		of service warranties in t his state during the preceding calendar
64	58		year and other relevant financial information as deemed necessary by
65		-	SB435 HFLR Page 2
66		-	BOLD FACE denotes Committee Amendments. 1
	59	+	the Commissioner. The finan cial statements require d by this
	60	+	subsection must be:
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	62	+	ENGR. S. B. NO. 435 Page 2 1
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91		-	the Commissioner. The finan cial statements require d by this
92		-	subsection must be:
93	87		1. Audited and prepar ed in accordance with statutory accounting
94	88		principles if the applicant complies with the requirements of
95	89		subsection A of Section 141.6 of this title; or
96	90		2. Verified under oath of a t least two of its prin cipal
97	91		officers and prepared in accordance with gener ally accepted
98	92		accounting principles if the a pplicant utilizes an insurance policy
99	93		which satisfies the requirements of subsection B of Section 141.6 of
100	94		this title.
101	95		B. The Commissioner may levy a fine of u p to One Hundred
102	96		Dollars ($100.00) a day for each da y an association neglects to file
103	97		its financial statement in the form and within the tim e provided by
104	98		the Service Warranty Act.
105	99		C. In addition to the annual financial statements re quired to
106	100		be filed by subsection A of this section, the Commissioner may
107	101		require of licensees, under oath and in the fo rm prescribed by it,
108	102		quarterly statements or special reports which the Commissioner deems
109	103		necessary for the proper supervision of license es under the Service
110	104		Warranty Act.
111	105		D. Provider fees and assessments receiv ed by associations and
112	106		insurers for service warranties shall not be subject to the premi um
113	107		tax provided in Section 624 of Title 36 of the Oklahoma Statutes,
114	108		but shall be subject to an administrative fee o f equal to two
115		-	SB435 HFLR Page 3
116		-	BOLD FACE denotes Committee Amendments. 1
	109	+	percent (2%) of the gross provider fe e received on the sale of all
	110	+	service warranties issued in this state during the precedi ng
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	112	+	ENGR. S. B. NO. 435 Page 3 1
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141		-	percent (2%) of the gross provider fe e received on the sale of all
142		-	service warranties issued in this state during the precedi ng
143	137		calendar quarter. The fees shall be paid quarterly to the Insurance
144	138		Commissioner. Howeve r, licensed association s, licensed insurers and
145	139		entities with applications for licensure as a service warranty
146	140		association pending with the Department that have co ntractual
147	141		liability insurance in place as of March 31, 2009, from an insurer
148	142		which satisfies the requirements of sub sections B and C of Section
149	143		141.6 of this title and which covers one hundred percent (100%) of
150	144		the claims exposure of the association or ins urer on all contracts
151	145		written may elect to shall pay an annual administrative fee of Three
152	146		Thousand Dollars ($3,000. 00) in lieu of the two-percent
153	147		administrative fee Four Thousand Two Hundred Dollars ($4,200.00).
154	148		The administrative fee set forth in this s ection shall not be
155	149		subject to subsection C of Section 307.3 of Title 36 of the Oklahoma
156	150		Statutes.
157	151		SECTION 2. This act shall become effective January 1 , 2024.
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159		-	COMMITTEE REPORT BY: COMMITTEE ON INSURANCE, dated 04/04/2023 - DO
160		-	PASS.
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	178	+	Passed the Senate the 23rd day of March, 2023.
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	182	+	Presiding Officer of the Senate
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	185	+	Passed the House of Representatives the ____ day of __________,
	186	+	2023.
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	190	+	Presiding Officer of the House
	191	+	of Representatives
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