{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1435.13a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1435.13a","heading":"Property and casualty insurance producers - Fiduciary","body":"duties - Violation - Punishment.\n\nA. The provisions of this section shall apply only to property\n\nand casualty insurance producers. All premiums belonging to\n\ninsurers and all unearned premiums belonging to insureds received by\n\nan insurance producer licensee under this article shall be treated\n\nby the insurance producer licensee in a fiduciary capacity.\n\n1. All premiums received less commissions, if authorized, shall\n\nbe remitted by the insurance producer licensee to the insurer or its\n\nagent entitled thereto on or before the contractual due date or, if\n\nthere is no contractual due date, within forty-five (45) days after\n\nreceipt.\n\n2. All returned premiums received from insurers or credited by\n\ninsurers to the account of the insurance producer licensee shall be\n\nremitted to or credited to the account of the licensee entitled\n\nthereto within thirty (30) days after receipt or credit.\n\n3. An insurer or its agent shall promptly report to the\n\nCommissioner in writing the failure of any insurance producer to\n\naccount for any collected premium to the insurer entitled to the\n\naccounting or to the insurer’s agent entitled thereto for more than\n\nforty-five (45) days after the contractual due date or, if there is\n\nno contractual due date, more than ninety (90) days after receipt.\n\nB. Every insurer shall remit unearned premiums to the insured\n\nor the proper agent or shall otherwise credit the account of the\n\nproper insurance producer licensee as soon as is practicable after\n\nentitlement thereto has been established but in no event more than\n\nforty-five (45) days after the effective date of any cancellation or\n\ntermination effected by the insurer or after the date of entitlement\n\nthereto as established by notification of cancellation or of\n\ntermination or as otherwise established. Any insurance producer\n\nlicensee having knowledge of a failure on the part of any insurer to\n\ncomply with this subsection shall promptly report such failure to\n\nthe Commissioner in writing.\n\nC. No insurance producer licensee under this article shall\n\ncommingle premiums belonging to insurers and returned premiums\n\nbelonging to insureds with the personal funds of the insurance\n\nproducer licensee or with any other funds except those directly\n\nconnected with the producer licensee’s insurance business.\n\nD. Any insurer that delivers in this state a policy of\n\ninsurance to an insurance producer licensee representing the\n\ninterest of an insured upon the application or request of the\n\ninsurance producer licensee shall be deemed to have authorized the\n\nproducer to receive any premium due upon issuance or delivery of the\n\npolicy on behalf of the insurer.\n\nE. 1. An insurance producer licensee or surplus line producer\n\nconvicted of knowingly misappropriating or knowingly converting to\n\nhis or her own use or wrongfully withholding fiduciary moneys in the\n\namount of One Hundred Fifty Dollars ($150.00) or less is guilty of a\n\nmisdemeanor punishable by a fine not to exceed One Thousand Dollars\n\n($1,000.00) or by imprisonment in the county jail for a term not to\n\nexceed one year or by both such fine and imprisonment.\n\n2. An insurance producer licensee or surplus line producer with\n\na second or subsequent conviction for knowingly misappropriating or\n\nknowingly converting to his or her own use or wrongfully withholding\n\nfiduciary moneys in the amount of One Hundred Fifty Dollars\n\n($150.00) or less or who is convicted of knowingly misappropriating\n\nor knowingly converting to his or her own use or wrongfully\n\nwithholding premiums in an amount in excess of One Hundred Fifty\n\nDollars ($150.00) is guilty of a felony punishable by a fine not to\n\nexceed Five Thousand Dollars ($5,000.00) or by imprisonment in the\n\ncustody of the Department of Corrections for a term not to exceed\n\nfive (5) years or by both such fine and imprisonment.\n\nF. The Commissioner may promulgate rules for the implementation\n\nof this section.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f2d6bc2f55e77bb7dec8fe0caa8f9affacd88e155c9559c16a4bda79225fbbe2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1435.13","next":"us-ok/okla.-stat.-tit.-36-36-1435.14"},"notice":"GroundRules: Original legal text. Not legal advice."}