§ 15-141.14 — Annual financial statement filing - Fines.

Oklahoma § 15-141.14

• Jurisdiction: Oklahoma
• Title 15: Contracts

Text

A. In addition to the license fees provided in the Service Warranty Act for service warranty associations each service warranty association and insurer shall annually, on or before the first day of May, file with the Insurance Commissioner its annual financial statement as of a date not earlier than three hundred sixty-five (365) days prior to the date submitted showing all gross written provider fees or assessments received by it in connection with the issuance of service warranties in this state during the preceding calendar year and other relevant financial information as deemed necessary by the Commissioner. The financial statements required by this subsection must be: 1. Audited and prepared in accordance with statutory accounting principles if the applicant complies with the requirements of subsection A of Section 141.6 of this title; or 2. Verified under oath of at least two of its principal officers and prepared in accordance with generally accepted accounting principles if the applicant utilizes an insurance policy which satisfies the requirements of subsection B of Section 141.6 of this title. B. The Commissioner may levy a fine of up to One Hundred Dollars ($100.00) a day for each day an association neglects to file its financial statement in the form and within the time provided by the Service Warranty Act. C. In addition to the annual financial statements required to be filed by subsection A of this section, the Commissioner may require of licensees, under oath and in the form prescribed by the Commissioner, quarterly statements or special reports which the Commissioner deems necessary for the proper supervision of licensees under the Service Warranty Act. D. Provider fees and assessments received by associations and insurers for service warranties shall not be subject to the premium tax provided in Section 624 of Title 36 of the Oklahoma Statutes, but shall be subject to an administrative fee of equal to two percent (2%) of the gross provider fee received on the sale of all service warranties issued in this state during the preceding calendar quarter. The fees shall be paid quarterly to the Insurance Commissioner. However, licensed associations, licensed insurers and entities with applications for licensure as a service warranty association pending with the Insurance Department that have contractual liability insurance in place as of March 31, 2009, from an insurer which satisfies the requirements of subsections B and C of Section 141.6 of this title and which covers one hundred percent (100%) of the claims exposure of the association or insurer on all contracts written may elect to pay an annual administrative fee of Three Thousand Dollars ($3,000.00) in lieu of the two-percent administrative fee.

Legislative History

Added by Laws 2012, c. 150, § 14, eff. Nov. 1, 2012. Amended by Laws 2017, c. 10, § 6, eff. Nov. 1, 2017; Laws 2018, c. 234, § 5, eff. Nov. 1, 2018; Laws 2024, c. 225, § 8, eff. Nov. 1, 2024.