Qualifications - Issuance of certificates - Expiration date.
A.No company shall sell, or offer for sale, any motor club service without first having deposited with the Commissioner the sum of Fifty Thousand Dollars ($50,000.00), in cash or securities approved by the Commissioner, or, in lieu thereof, a corporate surety bond, approved by the Commissioner, in the form described by the Commissioner, payable to the State of Oklahoma, in the sum of One Hundred Thousand Dollars ($100,000.00), and conditioned upon the faithful performance in the sale or rendering of motor club service and payment of any fines or penalties levied against it for failure to comply with the provisions of Section 3101 et seq. of this title. Provided, however, that the aggregate liability of the surety for all breache
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Qualifications - Issuance of certificates - Expiration date. A. No company shall sell, or offer for sale, any motor club service without first having deposited with the Commissioner the sum of Fifty Thousand Dollars ($50,000.00), in cash or securities approved by the Commissioner, or, in lieu thereof, a corporate surety bond, approved by the Commissioner, in the form described by the Commissioner, payable to the State of Oklahoma, in the sum of One Hundred Thousand Dollars ($100,000.00), and conditioned upon the faithful performance in the sale or rendering of motor club service and payment of any fines or penalties levied against it for failure to comply with the provisions of Section 3101 et seq. of this title. Provided, however, that the aggregate liability of the surety for all breaches of the conditions of the bond and for the payment of all fines and penalties shall, in no event, exceed the amount of the bond. B. No Certificate of Authority shall be issued by the Commissioner until the company has filed with him the following: 1. A formal application for the certificate in such form and detail as the Commissioner requires, executed under oath by its president or another principal officer of the company; 2. A certified copy of its charter or articles of incorporation and its bylaws, if any; 3. A certificate from the Secretary of State, State of Oklahoma, in the event that it is a domestic corporation, signifying that the company is in compliance with the corporation laws of the State of Oklahoma; 4. A copy of its latest financial statement, or report of independent audit, as the Commissioner may require; or, in the event that neither is available, its most recent audited and certified operating statement and balance sheet. Any such certified operating statement, audit or audited and certified operating statement and balance sheet shall be verified by the person compiling or making the same and by an executive officer of the applicant; 5. A certificate from its domiciliary state regulatory authority, in the event that it is a foreign corporation, to be executed not more than thirty (30) days before the filing of its application, signifying that it is duly authorized to do motor club business in that state; 6. An explanation of its plan of doing business and copies of the following: a. its application for membership, b. the proposed membership certificate or identification card and any proposed addendum thereto, c. any individual insurance policy and any group master policy and individual certificates thereunder to be offered, and d. any service contract to be issued; and 7. Such other information as the Commissioner may find necessary in order to determine the applicant's qualifications. C. No Certificate of Authority shall be issued by the Commissioner until the company has: 1. Paid an initial filing fee of Two Hundred Fifty Dollars ($250.00) to the State Insurance Commissioner Revolving Fund, pursuant to Section 307.3 of this title; 2. Paid an annual license fee of One Hundred Dollars ($100.00) to the State Insurance Commissioner Revolving Fund, pursuant to Section 307.3 of this title; 3. Had its name approved by the Commissioner under the provisions of Sections 620 and 2104 of this title, the provisions of which are hereby made applicable to motor clubs, after electronic submission of its name request on a form prescribed by the Commissioner; 4. Proved by affidavits of its officers, directors, managers and individual owners of more than ten percent (10%), on a form prescribed by the Commissioner, that it is not disqualified under any provisions contained in Section 3101 et seq. of this title or contained in the Insurance Code; and 5. Proved to the Commissioner's satisfaction that it is a separate legal entity capable of being examined by the Commissioner as provided in Section 3101 et seq. of this title. D. Certificates of Authority issued hereunder shall expire annually on July 1, unless sooner revoked or suspended, as hereinafter provided.