HB3048

Oklahoma HB3048 amends the Unauthorized Insurers and Surplus Lines Insurance Act, modifying definitions and regulations for surplus lines insurers.

Oklahoma HB3048 amends the Unauthorized Insurers and Surplus Lines Insurance Act by modifying definitions and regulations for surplus lines insurers, brokers, and producers. It expands the definition of nonadmitted insurance to include independently procured insurance and surplus lines insurance. The act prohibits representing or assisting nonadmitted insurers without a surplus lines license and requires surplus lines brokers to deliver policies or evidence of insurance within 30 days.