2015 Oklahoma Statutes
Title 36. Insurance
§36-1109. Validity of surplus line insurance - Notice of limitations of coverage.

A. Insurance contracts procured as surplus line coverage from surplus lines insurers in accordance with this article shall be fully valid and enforceable as to all parties, and shall be given recognition in all matters and respects to the same effect as like contracts issued by admitted insurers.

B. Insurance contracts procured as surplus line coverage shall contain in bold-face type notification stamped by the surplus lines licensee or broker or surplus lines insurer on the declaration page of the policy that the contracts are not subject to the protection of any guaranty association in the event of liquidation or receivership of the surplus lines insurer. The Commissioner is hereby authorized to promulgate rules to establish further disclosure requirements for the purpose of protecting consumers of surplus line coverage.

Added by Laws 1957, p. 258, § 1109, operative July 1, 1957. Amended by Laws 1986, c. 251, § 10, eff. Nov. 1, 1986; Laws 1991, c. 146, § 3, eff. Sept. 1, 1991; Laws 2006, c. 264, § 27, eff. July 1, 2006; Laws 2010, c. 222, § 18, eff. Nov. 1, 2010; Laws 2011, c. 278, § 15; Laws 2011, c. 360, § 15; Laws 2012, c. 45, § 12, emerg. eff. April 16, 2012; Laws 2014, c. 415, § 2, emerg. eff. June 3, 2014.

NOTE: Laws 2011, c. 278, § 15 and Laws 2011, c. 360, § 15 made identical changes to this section.