{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1475","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1475","heading":"Financial examination and on-site reviews - Binding","body":"authority for contracts - Notice of appointment or termination -\n\nReview of books and records - Appointments to board.\n\nA. The insurer shall have on file an independent financial\n\nexamination, in a form acceptable to the Insurance Commissioner, of\n\neach managing general agent with which it has done business.\n\nB. The insurer shall periodically, at least semi-annually,\n\nconduct an on-site review of the underwriting and claims processing\n\noperations of the managing general agent.\n\nC. Binding authority for all reinsurance contracts or\n\nparticipation in insurance or reinsurance syndicates shall rest with\n\nan officer of the insurer, who shall not be affiliated with the\n\nmanaging general agent.\n\nD. Within thirty (30) days of entering into or termination of a\n\ncontract with a managing general agent, the insurer shall provide\n\nwritten notification of such appointment or termination to the\n\nInsurance Commissioner. Notices of appointment of a managing\n\ngeneral agent shall include:\n\n1. A statement of duties which the applicant is expected to\n\nperform on behalf of the insurer;\n\n2. The lines of insurance for which the applicant is to be\n\nauthorized to act; and\n\n3. Any other information the Commissioner may request.\n\nE. An insurer shall review its books and records each quarter\n\nto determine if any agent or broker has become a managing general\n\nagent as defined in Section 2 of this act. If the insurer\n\ndetermines that an agent or broker has become a managing general\n\nagent, the insurer shall promptly notify the agent or broker and the\n\nInsurance Commissioner of such determination, and the insurer and\n\nagent or broker shall fully comply with the provisions of this act\n\nwithin thirty (30) days of such notification.\n\nF. An insurer shall not appoint to its board of directors an\n\nofficer, director, employee, sub-agent, sub-broker or controlling\n\nshareholder of its managing general agents. This subsection shall\n\nnot apply to relationships governed by the insurance holding company\n\nact, Section 1651 et seq. of this title.","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":"cf06eeb2bf36596ad971c54c00edf6cd703298ebd54c3bf2b308c125a07db0d2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1474","next":"us-ok/okla.-stat.-tit.-36-36-1476"},"notice":"GroundRules: Original legal text. Not legal advice."}